20 Cities Where Gen Z Has the Most Car Loan Debt

Angela Mae
4-min read
RyanJLane / Getty Images
RyanJLane / Getty Images

Earlier this month, LendingTree conducted a study across 100 of the largest U.S. metros to determine how much debt people carry across different generations — Gen Z, millennials, Gen X and baby boomers.

According to the study, 47.5% of Gen Zers have an auto loan. For those who do, the median car loan debt is $17,402.

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While debt amounts vary by location, these are the top 20 metropolitan areas where Gen Z has the most auto loan debt (ranging from lowest to highest). You can also find this info about Gen X here.

Phoenix

  • Median balance: $19,226

  • Percentage of Gen Zers with debt: 53.0%

San Diego

  • Median balance: $19,314

  • Percentage of Gen Zers with debt: 45.5%

Baton Rouge, Louisiana

  • Median balance: $19,433

  • Percentage of Gen Zers with debt: 45.2%

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Riverside, California

  • Median balance: $19,464

  • Percentage of Gen Zers with debt: 48.2%

Los Angeles

  • Median balance: $19,623

  • Percentage of Gen Zers with debt: 46.0%

Seattle

  • Median balance: $19,900

  • Percentage of Gen Zers with debt: 48.9%

Miami

  • Median balance: $19,915

  • Percentage of Gen Zers with debt: 46.4%

Dallas

  • Median balance: $20,044

  • Percentage of Gen Zers with debt: 49.3%

San Francisco

  • Median balance: $20,070

  • Percentage of Gen Zers with debt: 37.4%

Houston

  • Median balance: $20,206

  • Percentage of Gen Zers with debt: 49.8%

El Paso, Texas

  • Median balance: $20,294

  • Percentage of Gen Zers with debt: 60.3%

Greenville, South Carolina

  • Median balance: $20,598

  • Percentage of Gen Zers with debt: 41.2%

Cape Coral, Florida

  • Median balance: $20,681

  • Percentage of Gen Zers with debt: 58.1%

Bakersfield, California

  • Median balance: $20,760

  • Percentage of Gen Zers with debt: 46.0%

Austin, Texas

  • Median balance: $20,847

  • Percentage of Gen Zers with debt: 51.7%

Oxnard, California

  • Median balance: $21,028

  • Percentage of Gen Zers with debt: 42.4%

San Jose, California

  • Median balance: $21,127

  • Percentage of Gen Zers with debt: 47.1%

Scranton, Pennsylvania

  • Median balance: $21,132

  • Percentage of Gen Zers with debt: 35.5%

Memphis, Tennessee

  • Median balance: $22,060

  • Percentage of Gen Zers with debt: 43.9%

McAllen, Texas

  • Median balance: $29,421

  • Percentage of Gen Zers with debt: 59.2%

Ways To Pay Off Auto Loan Debt Sooner

Born between 1997 and 2012, many Gen Zers are still in the early stages of their careers. Many have moved away from home and have their own financial obligations like rent, student loans and other debts.

For those who might be struggling with an auto loan — or who simply want to pay it off sooner — here are a few options:

  • Create or adjust your budget. If you don’t have a budget yet, it’s never too late to make one. If you do have one, look it over and see if you can cut back on spending to put more money toward auto loan payments.

  • Automate your payments. Assuming you get paid before your loan’s due date, automating your payments can be a great way to keep you on track — and avoid late fees. If it works with your budget, set up extra payments (even if they’re smaller) to pay down your debt sooner.

  • Consider refinancing. Depending on your credit score and current loan term and interest rate, you may want to refinance. This could get you a lower interest rate. It could also get you a smaller monthly payment. Rather than pay the minimum, however, make larger payments to pay off your debt.

  • Consider downsizing the vehicle. If you have a loan that’s too expensive right now, see if you can trade it in for a cheaper — but still reliable — option. Calculate the total costs and savings potential before doing this.

If you’re in a position to pay off your auto loan early, that’s great. Just make sure you’re not going to get hit with a prepayment penalty for doing so.

If you’re OK with your current monthly payment and the interest rate is reasonable, consider prioritizing other debts first — specifically those that are affecting your monthly finances the most. Once you’ve tackled some of those, you can always focus on your auto loan.

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This article originally appeared on GOBankingRates.com: 20 Cities Where Gen Z Has the Most Car Loan Debt