Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Full Bio →

Written by

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Full Bio →

Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jan 31, 2012

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

With an outstanding average balance of $16,128, Orange County residents owe more on their auto loans than any other county in the nation, reports CreditKarma.com.

 

The national average of individual outstanding car loan debt rests at $15,504, but Orange County exceeds that average by over $600. However, despite the higher balance, CreditKarma.com says that O.C. residents are better at managing it. The average O.C. resident’s credit score in December was 691—which is 31 points higher than the national average’s rating of 660.

 

Larger debts and a higher cost of living is nothing new to O.C. residents—as their homes cost, on average, $200,000 more than the nationwide average of $173,876. Average debt for education debt also rests more than $2,000 above the national average.

 

But despite the fact that Orange County takes the gold for the county with the highest outstanding auto loan debt, the same doesn’t hold true for the state it resides in. Rather, Alabama’s residents lead the country with an average of $20,996 in outstanding car loan debt.

 

According to CreditKarma, that state’s credit score is significantly lower than its county-leading counterpart. In December, Alabama residents were reported to have the third lowest average credit score in the nation with a low 645.

 

Since there’s a direct correlation between credit rating and offered interest rates, Alabama’s high vehicle financing debt may be attributed to their resident’s low credit score. Those curious about their individual credit scores can acquire one free annual report from AnnualCreditReport.com, and can compare that to their state’s average credit trends

 

The top five highest credit score states are:

  1. Wisconsin — 690
  2. Minnesota — 685
  3. Hawaii — 684
  4. Massachusetts — 681
  5. New Jersey — 681

 

The top five lowest credit score states are:

  1. Mississipi — 632
  2. South Carolina — 640
  3. Louisiana — 640
  4. Arkansas — 641
  5. Alabama — 642