Mississippi has highest interest rates on car loans

Seven of the top 10 states for highest auto loan interest rates are in the South, according to a study by Personal finance website NerdWallet, and Mississippi is highest at 11.47 percent.

The study examined data from credit agency Experian to analyze car loan trends across the nation and among the other Southern states with high interest rates are South Carolina, Alabama, Georgia, Florida, Louisiana and Texas.

In Mississippi the average used car loan is $18,967 and the average auto loan interest rate is 11.47 percent, according to NerdWallet.

The average loan term in Mississippi is just over 5 years at 61.7 months.

Residents of some states pay more due to the type of vehicle financed, its cost, the length of the loan, the interest rate and the credit history of the borrower.

Louisiana residents have the highest average loan amounts at $22,445. Michigan sees the lowest average figure at $15,959.

Read the report at: nerdwallet.com/blog/loans/auto-loans/car-loans-by-state-2015

This story was originally published December 9, 2015 at 2:08 PM with the headline "Mississippi has highest interest rates on car loans ."