For individuals residing in Wyoming, they’re having to “cowboy up” for their auto financing, according to new research shared on Thursday by WalletHub.

WalletHub recently reported average interest rates on auto loans aren’t rising evenly across the country.

To identify where consumers “are feeling the pinch the most,” WalletHub analyzed proprietary data from the first and second quarters to rank the 50 states by how significantly interest rates increased for auto financing.

Pacing the top 10 of WalletHub’s list was Wyoming, where consumers have experienced a 2.26% increase in average rates for auto financing.

Landing second on the list was Vermont with a rise of 2.13%, followed by Washington at 2.02%.

Overall Rank  State Average Auto Loan Rate
in Q2 2025 		 Change in Average Auto Loan Rate
(Q2 2025 vs. Q1 2025) 
1 Wyoming 9.48% 2.26%
2 Vermont 8.73% 2.13%
3 Washington 9.46% 2.02%
4 Minnesota 9.92% 1.94%
5 South Dakota 10.94% 1.85%
6 South Carolina 12.10% 1.77%
7 Colorado 9.60% 1.76%
8 Mississippi 12.83% 1.76%
9 Nevada 10.93% 1.75%
10 Pennsylvania 10.44% 1.59%

Source: WalletHub

In analysis that accompanied the entire list, WalletHub elaborated about what’s happening in those top three locations, beginning with the Cowboy State.

“Residents of Wyoming saw the biggest increase in auto loan interest rates from Q1 2025 to Q2 2025, with the average rising by around 2.3%. That brought the average interest rate overall to around 9.5%,” WalletHub said.

“The good news is that even with the large increase, Wyoming residents pay much less on their auto loans than people in many other states. In fact, their average interest rate in Q2 2025 was the 13th-lowest in the nation,” analysts continued.

“Wyomingites have been borrowing less to buy vehicles with the state ranking first among the states where auto loan debt is decreasing the most,” WalletHub went on to say. “Yet, even as interest rates climb, Wyoming still holds the third-smallest increase in auto loan delinquency rate, showing that borrowers are keeping their finances in check.”

Meanwhile, Vermont might produce maple syrup, but what the rates for auto finance residents are getting nowadays isn’t quite as sweet as it was previously.

“Vermont residents experienced the second-biggest increase in auto loan interest rates from Q1 2025 to Q2 2025. The average interest rate rose by around 2.1%, reaching over 8.7%. Luckily for Vermonters, that’s still the second-lowest interest rate in the country,” WalletHub said.

“While rates have gone up, Vermont residents haven’t cut back on borrowing as much as those in other states. In fact, Vermont ranks last in the nation, with the smallest decrease in auto loan debt. Fortunately, though, Vermont has the seventh-smallest increase in auto loan delinquency rate. Even with interest rates rising, residents appear to be managing their payments better than most states,” analysts continued.

Finally, WalletHub wondered if there might be turbulence developing in the Northwest.

“Washington residents had to deal with the third-biggest increase in auto loan interest rates from Q1 2025 to Q2 2025, at roughly 2%. As a result, the average interest rate rose to around 9.5%. But the good news is that it’s still the 12th-lowest in the country. For more context, the highest interest rate for any state is about 12.8%, and the lowest is around 8.4%,” WalletHub said.

“Washington ranks 23rd among states with the largest decrease in auto loan debt. Even with this moderate reduction, rising interest rates mean borrowers may still see higher interest payments. That’s concerning when Washington already has the seventh-highest auto loan delinquency in the nation,” analysts went on to say.