The most popular cars people are financing in every state
Last year, Americans in almost every state took out loans to purchase SUVs and trucks more than any other type of vehicle, further confirming their desire for greater comfort and prominence on the road.
This is according to Experian, which analyzed its auto financing data for January through September 2022 to find the five most popular cars people financed in each state. States are listed in alphabetical order and vehicles are listed in descending order of popularity.
Consumers have options when buying a vehicle, but there are several reasons a consumer may choose to finance their vehicle with a loan. Rarely do consumers have enough cash on hand to purchase a vehicle outright—the average cost of a new vehicle in fall 2022 was more than $48,000, according to Kelley Blue Book. In today's high interest rate environment, financing a vehicle can add considerable cost to the overall payment of a vehicle, but it can also offer affordable monthly car payments that work for a consumer's immediate budget and needs.
Among new vehicles purchased in 2022, 4 in 5 were bought with financing in place, according to Experian. SUVs and wagons made up the largest proportion of vehicles financed in the U.S. at 60% of all financing. SUVs and pickups also grew as a proportion of all vehicles financed in 2022 compared with the year before.
The Toyota RAV4 appeared in more states' top five than any other vehicle. The sought-after compact SUV first became available in North America in 1995, and has topped the list of bestselling SUVs several times since.
The Japanese automaker's continued dominance in the U.S. car market is apparent, according to Experian auto loan data from 2022. Toyota was the most popular car brand to appear among states' top-financed list. Toyota represents nearly 20% of the cars appearing on this list, and at least one Toyota model made the top five in all but five states. Consumer Reports rates Toyota as "superb" in overall reliability.
