Maine Drivers Face Skyrocketing Auto Loan Interest Rates

Unless you are a financial nerd, there is a good chance that you have never really taken a close look at your auto loan statement.  Most of us just take a quick look at the total amount due, make the payment, and move on.

Actually, for the first time in years, I took a look at my most recent auto loan statement and I was shocked at the amount left in the principal.  Yes, for the last few years, much of what I was paying each month was just going to interest.

After seeing that with my own eyes, this news was not all that shocking to me.

Apparently, Maine sees some of the fastest growing auto loan interest rates.

Maine Drivers Deal With Rapidly Growing Auto Loan Interest Rates

According to a new study done by WalletHub, Maine has the second fastest increasing auto loan interest rates in the country.

As of the fall of 2026, the average interest rate for an auto loan in Maine is 9.66%.  That has increased by 1.4% between the spring and summer of 2026.

The only state that has a faster increasing interest rate is North Dakota.

The study explains the Americans owe more than $1.7 trillion in auto loan debt, averaging over $14,000 per household.  The average interest rate on new-car loans is nearly 8% through commercial banks and more than 6% through other lenders.

Auto loan rates are rising faster in some states than others.  WalletHub compared all 50 states using data from the first and second quarters of 2026 to find where rates increased the most.

Rates rose nationwide in Q2, and the Federal Reserve’s 25-basis-point rate hike could make it harder for borrowing costs to fall in the near future.

It is important to note that, even though Maine sees rapidly increasing auto loan interest rates, our current rates are far lower than some states.  The average rate in Mississippi is over 13% and both Louisiana and Arkansas have an average rate that is over 12%.

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