RAPID CITY, S.D. – Auto loan interest rates in South Dakota saw one of the nation’s largest increases during the third quarter of 2024.
The state ranked 15th nationwide for the greatest quarter-over-quarter increase in average auto loan interest rates, according to a recent analysis by WalletHub.
Data from the financial services firm showed that from the second quarter to the third quarter of 2024, the average auto loan rate in South Dakota rose by 1.26%. This sharp increase resulted in an average auto loan interest rate of 10.52% for the state during the third quarter. The report noted that nationally, Americans hold more than $1.6 trillion in auto loan debt, with average rates for new car loans exceeding 8% at commercial banks.
Source: https://wallethub.com/edu/states-auto-loan-interest-rates-change/142747