20 Cities Where Gen Z Has the Most Car Debt

Earlier this month, LendingTree conducted a survey of 100 of the largest U.S. metropolitan areas to determine how much debt people from different generations have: Gen Z, millennials, Gen X and baby boomers.

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

While debt levels vary by location, these are the top 20 metro areas where Gen Z has the most car debt (from lowest to highest). You can find this information for Gen X here.

phoenix

• Median Balance: $19,226
• Percentage of Gen Z with debt: 53.0%

San Diego

• Median Balance: $19,314
• Percentage of Gen Z with debt: 45.5%

Baton Rouge, Louisiana

• Median Balance: $19,433
• Percentage of Gen Z with debt: 45.2%

Riverside, California

• Median Balance: $19,464
• Percentage of Gen Z with debt: 48.2%

Los Angeles

• Median Balance: $19,623
• Percentage of Gen Z with debt: 46.0%

Seattle

• Median Balance: $19,900
• Percentage of Gen Z with debt: 48.9%

Miami

• Median Balance: $19,915
• Percentage of Gen Z with debt: 46.4%

Valleys

• Median Balance: $20,044
• Percentage of Gen Z with debt: 49.3%

San Francisco

• Median balance: $20,070
• Percentage of Gen Z with debt: 37.4%

Houston

• Median Balance: $20,206
• Percentage of Gen Z with debt: 49.8%

El Paso, Texas

• Median Balance: $20,294
• Percentage of Gen Z with debt: 60.3%

Greenville, South Carolina

• Median Balance: $20,598
• Percentage of Gen Z with debt: 41.2%

Cape Coral, Florida

• Median balance: $20,681
• Percentage of Gen Z with debt: 58.1%

Bakersfield, California

• Median Balance: $20,760
• Percentage of Gen Z with debt: 46.0%

Austin, Texas

• Median Balance: $20,847
• Percentage of Gen Z with debt: 51.7%

Oxnard, California

• Median Balance: $21,028
• Percentage of Gen Z with debt: 42.4%

San Jose, California

• Median Balance: $21,127
• Percentage of Gen Z with debt: 47.1%

Scranton, Pennsylvania

• Median Balance: $21,132
• Percentage of Gen Z with debt: 35.5%

Memphis, Tennessee

• Median Balance: $22,060
• Percentage of Gen Z with debt: 43.9%

McAllen, Texas

• Median Balance: $29,421
• Percentage of Gen Z with debt: 59.2%

Ways to Pay Off Car Debt Faster

Born between 1997 and 2012, many Gen Zers are still in the early stages of their careers. Many have left home and have their own financial obligations such as rent, student loans, and other debt.

For those struggling with a car loan, or simply wanting to pay it off sooner, here are a few options:

• Create or change your budget. If you don’t have a budget yet, it’s never too late to create one. If you do, take a look at it and see if you can cut back on expenses to put more money toward car loans.
• Automate your payments. Assuming you get paid by your loan’s due date, automating your payments can be a great way to stay on track — and avoid late fees. If it’s in your budget, schedule extra payments (even smaller ones) to pay off your debt faster.
• 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 lower monthly payment. However, instead of paying the minimum, you can make larger payments to pay off your debt.
• Consider purchasing a smaller vehicle. If you have a loan that is currently too expensive, see if you can trade it in for a cheaper — but still reliable — option. Calculate the total cost and potential savings before you do this.

If you are in a position to pay off your car loan early, that is great. Just make sure you don’t get hit with a prepayment penalty.

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

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