When it comes to financing vehicles, some states’s residents are developing debt more quickly than others. Americans have $1.6 trillion total in auto loan debt. WalletHub, the personal finance company, compared all 50 states based on two factors — their change in auto loan debt from the third quarter of  2023 to the last quarter and their average auto loan balance and monthly payment. It found Wyoming is the state where auto loan debt is increasing the most, followed by South Dakota and Texas. New Jersey ranks 14 on the list of states with the largest increases in auto loan debt.

Having multiple jobs or a higher income, budgeting monthly, setting up automatic payments, refinancing auto loans, accelerating payments and making extra payments are all ways to pay off auto loan debt faster and more efficiently, according to WalletHub.

From the third quarter of 2023 to the fourth quarter, “A few states had more dramatic increases, as high as around 3%, which suggests that people in some states are more affected by inflation in car prices or are biting off more than they can chew when it comes to loans,” said John Kiernan, a WalletHub editor.