Prospective Used Car Buyers Stretching Their Finances to Purchase Dodges/Rams, Nissans and GMCs, While Mini, Volvo and Audi Shoppers Can Best Afford Theirs
As with many facets of today’s economy, consumers seeking auto financing are feeling monetary strain. In fact, consumers on the LendingTree platform in the six months ending March 2023 looked to borrow a median of 36.0% of their annual salary to purchase a new car.
We looked at which used car makes and models potential buyers are stretching their finances most to afford — here’s what we found.
Key findings
- Prospective used vehicle buyers shopping for auto loans planned to borrow more than a third of their annual salary. Used car shoppers on the LendingTree platform in the six months ending March 2023 looked to borrow a median of 36.0% of their annual salary. Meanwhile, 5.8% hoped to borrow more than their annual income.
- West Virginia consumers were least able to afford their prospective auto loans. Residents here searched for auto loans equal to a median of 42.5% of their annual income. Arkansas, Mississippi and New Mexico tied for the second-highest at 42.2%, while Louisiana trailed as the only other state at 42.0% or above.
- Those five states were the only ones where at least 8.0% of prospective borrowers hoped to borrow more than their annual income to buy a used car. The order saw one swap: West Virginia (9.9%), Arkansas (8.8%), Mississippi (8.5%), Louisiana (8.4%) and New Mexico (8.1%).
- Prospective buyers of used Dodges/Rams, Nissans and GMCs planned to borrow the most compared to their incomes. They planned to borrow a median of 41.5%, 41.3%, and 40.1%, respectively, of their annual salaries. Meanwhile, Mini, Volvo and Audi buyers were most able to afford their prospective vehicles, with requested loan amounts that were 24.2%, 26.3% and 29.6%, respectively, of their annual incomes. This portion of the rankings was limited to the 30 most popular makes on our platform.
- At the model level, budgets were stretched the most by a Jeep and two Dodges. Prospective buyers of Jeep Gladiators sought to borrow a median of 45.9% of their annual salary. Dodge Challengers (45.0%) and Dodge Chargers (44.7%) followed.
How did we determine affordability?
Using a random selection of 500,000 loan inquiries submitted on the LendingTree platform in the fourth quarter of 2022 and first quarter of 2023 (October 2022 through March 2023), researchers calculated the median percentage of annual income that people sought to borrow.
For example, someone in Utah who reported an annual income of $100,000 and requested $25,000 to buy a 3-year-old Nissan Rogue would have a requested loan amount-to-annual income ratio of 25%. Researchers then calculated the percentage of prospective buyers looking to borrow more than they earn in a year.
To keep sample sizes reasonable, the makes that researchers analyzed were limited to the 30 most popular on the LendingTree platform. See the methodology for more details, including how we created annualized incomes.
Consumers looking to buy used cars planned to borrow more than a third of their annual income
Prospective used car buyers are stretching themselves financially for auto loans. In fact, shoppers on the LendingTree platform in the six months ending March 2023 hoped to borrow a median of 36.0% of their annual salary. Plus, 5.8% looked to borrow more than their annual incomes.
According to LendingTree chief credit analyst Matt Schulz, these numbers are terrifying, but they aren’t surprising given how crazy-expensive it has gotten to buy a car.
“Lingering inventory issues are reportedly subsiding, but sticker prices and financing rates remain high,” he says. “Add it all up and you get a situation where people have to pony up far more than they’d like to get that used car.”
Where residents are most likely to borrow more than they can afford for a used car
By state, potential used car shoppers in West Virginia were least able to afford their prospective auto loans. In West Virginia, consumers shopped for loans equal to a median of 42.5% of their annual income.
Not far behind, Arkansas, Mississippi and New Mexico tied for the second-highest at 42.2%. Next was Louisiana at 42.0% — the only other state at 42.0% or above.
Plenty of factors are likely at play, but Schulz believes that the three biggest are low incomes, low credit scores and the need for vehicles in these states.
Where residents are most likely to borrow more than they can afford for a used car
| Rank | State | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | West Virginia | $20,000 | 42.5% |
| 2 | Arkansas | $20,000 | 42.2% |
| 2 | Mississippi | $19,426 | 42.2% |
| 2 | New Mexico | $18,320 | 42.2% |
| 5 | Louisiana | $20,000 | 42.0% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023.
And that’s not where the financial strain ends for these states — they were also the only ones where at least 8.0% of prospective borrowers hoped to borrow more than their annual income to buy a used car. West Virginia led again, with 9.9% of prospective borrowers seeking to borrow more than their annual salary. Here, those looking to borrow more than their annual salary earn a median of $22,506.
Where residents are most likely to borrow more than their annual income for a used car
| Rank | State | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | West Virginia | 9.9% | $22,506 |
| 2 | Arkansas | 8.8% | $23,706 |
| 3 | Mississippi | 8.5% | $21,306 |
| 4 | Louisiana | 8.4% | $23,106 |
| 5 | New Mexico | 8.1% | $23,706 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023.
West Virginia is followed by Arkansas (8.8%) and Mississippi (8.5%). Meanwhile, Louisiana (8.4%) and New Mexico (8.1%) swapped rankings from our prior look.
The median salaries for potential borrowers seeking more than 100% of their annual income are below $24,000 in all but three states (Hawaii, Nevada and Delaware).
Full rankings
Where residents are most/least likely to borrow more than they can afford for a used car
| Rank | State | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | West Virginia | $20,000 | 42.5% |
| 2 | Arkansas | $20,000 | 42.2% |
| 2 | Mississippi | $19,426 | 42.2% |
| 2 | New Mexico | $18,320 | 42.2% |
| 5 | Louisiana | $20,000 | 42.0% |
| 6 | Oklahoma | $20,000 | 40.9% |
| 7 | Alabama | $20,000 | 40.6% |
| 8 | Montana | $20,000 | 39.4% |
| 8 | Nevada | $21,990 | 39.4% |
| 10 | Alaska | $20,000 | 38.8% |
| 11 | Texas | $23,725 | 38.7% |
| 12 | South Dakota | $18,000 | 38.6% |
| 13 | Tennessee | $20,000 | 38.5% |
| 13 | Georgia | $21,000 | 38.5% |
| 15 | Wyoming | $20,000 | 38.4% |
| 16 | South Carolina | $20,000 | 38.3% |
| 17 | Florida | $23,000 | 38.2% |
| 18 | North Carolina | $21,209 | 38.0% |
| 19 | Maine | $20,000 | 37.6% |
| 19 | Delaware | $21,999 | 37.6% |
| 21 | Hawaii | $20,392 | 37.5% |
| 22 | Arizona | $21,000 | 37.4% |
| 23 | Kentucky | $18,000 | 37.3% |
| 24 | North Dakota | $19,000 | 37.2% |
| 25 | Vermont | $20,000 | 37.1% |
| 26 | Idaho | $18,700 | 36.6% |
| 26 | Indiana | $18,873 | 36.6% |
| 26 | Ohio | $20,000 | 36.6% |
| 29 | Iowa | $18,000 | 36.5% |
| 30 | Missouri | $18,000 | 36.3% |
| 31 | Kansas | $18,000 | 35.8% |
| 32 | Pennsylvania | $20,000 | 35.6% |
| 33 | Michigan | $20,000 | 35.3% |
| 34 | Maryland | $23,000 | 34.7% |
| 34 | Virginia | $20,100 | 34.7% |
| 36 | Wisconsin | $20,000 | 34.6% |
| 36 | Nebraska | $19,014 | 34.6% |
| 38 | New Hampshire | $21,000 | 34.3% |
| 39 | Illinois | $20,331 | 34.0% |
| 40 | Oregon | $19,000 | 33.5% |
| 41 | Utah | $20,000 | 32.9% |
| 42 | New York | $22,000 | 32.7% |
| 43 | Colorado | $21,254 | 32.6% |
| 44 | California | $22,000 | 32.2% |
| 45 | Minnesota | $20,000 | 32.1% |
| 46 | Rhode Island | $20,000 | 31.5% |
| 47 | Washington | $21,000 | 31.4% |
| 48 | District of Columbia | $20,000 | 31.1% |
| 49 | Massachusetts | $22,000 | 30.2% |
| 50 | Connecticut | $21,000 | 29.6% |
| 51 | New Jersey | $23,000 | 29.2% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023.
Where residents are most/least likely to borrow more than their annual income for a used car
| Rank | State | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | West Virginia | 9.9% | $22,506 |
| 2 | Arkansas | 8.8% | $23,706 |
| 3 | Mississippi | 8.5% | $21,306 |
| 4 | Louisiana | 8.4% | $23,106 |
| 5 | New Mexico | 8.1% | $23,706 |
| 6 | Oklahoma | 7.7% | $21,306 |
| 7 | Alabama | 7.5% | $20,706 |
| 7 | Montana | 7.5% | $20,706 |
| 9 | Wyoming | 7.2% | $22,506 |
| 10 | North Dakota | 6.7% | $20,106 |
| 11 | Alaska | 6.6% | $23,706 |
| 11 | Texas | 6.6% | $23,706 |
| 13 | Hawaii | 6.5% | $27,906 |
| 13 | South Carolina | 6.5% | $20,106 |
| 15 | Nevada | 6.4% | $24,906 |
| 16 | Idaho | 6.3% | $19,806 |
| 17 | Tennessee | 6.2% | $20,706 |
| 17 | Delaware | 6.2% | $24,906 |
| 17 | Florida | 6.2% | $23,706 |
| 17 | North Carolina | 6.2% | $21,306 |
| 21 | Georgia | 6.1% | $23,706 |
| 22 | Kentucky | 5.9% | $20,106 |
| 23 | South Dakota | 5.8% | $14,406 |
| 24 | Michigan | 5.6% | $18,306 |
| 25 | District of Columbia | 5.5% | $14,706 |
| 25 | Vermont | 5.5% | $16,806 |
| 25 | Pennsylvania | 5.5% | $21,306 |
| 28 | Ohio | 5.4% | $20,106 |
| 28 | California | 5.4% | $21,306 |
| 28 | Missouri | 5.4% | $20,106 |
| 28 | Kansas | 5.4% | $20,706 |
| 32 | Arizona | 5.3% | $21,906 |
| 32 | Nebraska | 5.3% | $22,806 |
| 32 | New York | 5.3% | $20,106 |
| 32 | Iowa | 5.3% | $23,406 |
| 36 | Maine | 5.1% | $20,406 |
| 36 | Wisconsin | 5.1% | $17,706 |
| 36 | Virginia | 5.1% | $21,306 |
| 36 | Illinois | 5.1% | $20,106 |
| 40 | Oregon | 4.9% | $20,106 |
| 41 | Utah | 4.8% | $20,106 |
| 41 | Colorado | 4.8% | $20,106 |
| 43 | Maryland | 4.7% | $20,406 |
| 43 | Washington | 4.7% | $20,106 |
| 45 | Indiana | 4.3% | $20,706 |
| 45 | New Hampshire | 4.3% | $17,106 |
| 47 | Connecticut | 4.2% | $17,706 |
| 48 | Minnesota | 4.1% | $20,106 |
| 48 | New Jersey | 4.1% | $22,506 |
| 50 | Rhode Island | 3.7% | $20,706 |
| 51 | Massachusetts | 3.6% | $19,206 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023.
Which car makes are consumers most willing to stretch their budgets for?
Delving into the 30 most popular makes on the LendingTree platform, we found that prospective Dodge/Ram buyers planned to borrow the most for their used cars — a median of 41.5% of their annual salary. That’s followed by Nissan (41.3%) and GMC (40.1%).
While it’s difficult to pinpoint a specific factor, Schulz believes affordability may play a role. “Many of these brands are among the most affordable on the market and would be some of the brands likely to be considered by lower-income, budget-conscious consumers,” he says. “But while they aren’t BMW or Mercedes, they’re still expensive and a challenge to afford for many, many Americans. Their prices add up to a significant chunk of the average American’s income.”
Consumers are most likely to borrow more than they can afford for these auto makes
| Rank | Auto make | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | Dodge/Ram | $24,000 | 41.5% |
| 2 | Nissan | $16,900 | 41.3% |
| 3 | GMC | $27,000 | 40.1% |
| 4 | Mitsubishi | $18,000 | 39.1% |
| 5 | Tesla | $40,000 | 38.5% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
On the other end of the list, Mini (24.2%), Volvo (26.3%) and Audi (29.6%) buyers were most able to afford their prospective vehicles — all cars that are generally more expensive on the used car market. While the median requested loan amounts are similar to the makes in the top three, the median requested loan amount-to-annual income ratios are much lower — indicating that higher-income consumers may be shopping for these cars.
As for those looking to borrow more than they make, Dodge/Ram still held the top position — 7.9% of prospective buyers looked to borrow more than their annual income to buy this make. Dodge/Ram is followed by Mitsubishi at 6.8%. Chevrolet made its first appearance in the top five here, with 6.7% of prospective buyers looking to borrow more than they make — tying with Kia and GMC.
Consumers are most likely to borrow more than their annual income for a used car from these auto makes
| Rank | Auto make | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | Dodge/Ram | 7.9% | $24,000 |
| 2 | Mitsubishi | 6.8% | $18,000 |
| 3 | Chevrolet | 6.7% | $20,000 |
| 3 | Kia | 6.7% | $19,000 |
| 3 | GMC | 6.7% | $27,000 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
Among the top five here, those looking to borrow more than they can afford all had annual salaries equal to or below a median of $27,000.
Full rankings
Consumers are most/least likely to borrow more than they can afford for these auto makes
| Rank | Auto make | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | Dodge/Ram | $24,000 | 41.5% |
| 2 | Nissan | $16,900 | 41.3% |
| 3 | GMC | $27,000 | 40.1% |
| 4 | Mitsubishi | $18,000 | 39.1% |
| 5 | Tesla | $40,000 | 38.5% |
| 6 | Chevrolet | $20,000 | 38.3% |
| 7 | Kia | $19,000 | 38.1% |
| 8 | Jeep | $23,000 | 37.8% |
| 9 | Ford | $21,000 | 36.8% |
| 10 | Toyota | $21,642 | 36.2% |
| 11 | Buick | $17,000 | 36.0% |
| 12 | Cadillac | $23,000 | 35.4% |
| 13 | Hyundai | $18,000 | 35.3% |
| 14 | Lincoln | $24,057 | 33.7% |
| 14 | Chrysler | $16,200 | 33.7% |
| 16 | Honda | $17,995 | 33.2% |
| 17 | Jaguar | $28,000 | 32.6% |
| 18 | Infiniti | $22,000 | 32.5% |
| 19 | Land Rover | $33,000 | 32.1% |
| 20 | Mercedes-Benz | $28,999 | 31.9% |
| 21 | Subaru | $20,000 | 31.7% |
| 22 | Acura | $20,334 | 31.0% |
| 23 | BMW | $26,950 | 30.7% |
| 23 | Porsche | $40,000 | 30.7% |
| 25 | Lexus | $25,000 | 30.6% |
| 26 | Volkswagen | $18,800 | 30.1% |
| 27 | Mazda | $18,630 | 30.0% |
| 28 | Audi | $25,987 | 29.6% |
| 29 | Volvo | $29,500 | 26.3% |
| 30 | Mini | $15,000 | 24.2% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
Consumers are most/least likely to borrow more than their annual income for a used car from these auto makes
| Rank | Auto make | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | Dodge/Ram | 7.9% | $24,000 |
| 2 | Mitsubishi | 6.8% | $18,000 |
| 3 | Chevrolet | 6.7% | $20,000 |
| 3 | Kia | 6.7% | $19,000 |
| 3 | GMC | 6.7% | $27,000 |
| 6 | Jeep | 6.4% | $23,000 |
| 7 | Nissan | 6.3% | $16,900 |
| 7 | Tesla | 6.3% | $40,000 |
| 9 | Toyota | 6.0% | $21,642 |
| 9 | Ford | 6.0% | $21,000 |
| 11 | Buick | 5.8% | $17,000 |
| 12 | Hyundai | 5.4% | $18,000 |
| 12 | Honda | 5.4% | $17,995 |
| 14 | Cadillac | 5.3% | $23,000 |
| 15 | Lincoln | 5.1% | $24,057 |
| 15 | Chrysler | 5.1% | $16,200 |
| 17 | Mercedes-Benz | 4.5% | $28,999 |
| 18 | Subaru | 4.3% | $20,000 |
| 19 | Land Rover | 4.2% | $33,000 |
| 20 | Lexus | 4.1% | $25,000 |
| 21 | Mazda | 4.0% | $18,630 |
| 22 | BMW | 3.9% | $26,950 |
| 22 | Infiniti | 3.9% | $22,000 |
| 22 | Acura | 3.9% | $20,334 |
| 25 | Volkswagen | 3.6% | $18,800 |
| 26 | Jaguar | 3.4% | $28,000 |
| 27 | Audi | 3.3% | $25,987 |
| 28 | Porsche | 2.9% | $40,000 |
| 29 | Mini | 2.6% | $15,000 |
| 30 | Volvo | 2.3% | $29,500 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
By model, consumers consider breaking the bank for Jeep Gladiators the most
To break it down even further, a Jeep model and two Dodge models topped the list for consumers looking to borrow more than they can afford. Jeep Gladiators took the No. 1 spot, with prospective buyers seeking to borrow a median of 45.9% of their annual salary for this model. That’s followed by Dodge Challengers (45.0%) and Dodge Chargers (44.7%).
Consumers are most likely to borrow more than they can afford for these vehicle models
| Rank | Make and model | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | Jeep Gladiator | $40,000 | 45.9% |
| 2 | Dodge Challenger | $24,993 | 45.0% |
| 3 | Dodge Charger | $20,000 | 44.7% |
| 4 | GMC Sierra 2500HD | $35,370 | 44.1% |
| 5 | Jeep Renegade | $20,000 | 43.7% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
When it comes to the models where consumers are most likely to borrow more than they make to buy, the two Dodge models rise to the top. More specifically, 11.0% of prospective Dodge Charger buyers and 10.7% of prospective Dodge Challenger buyers sought to borrow more than their annual income to buy.
It’s also worth noting that consumers interested in these models made marginally less than those looking to borrow more than they make for other models. Consumers interested in Chargers made a median of $20,000 annually, while those interested in Challengers made a median of $24,993 annually. Comparatively, those interested in a GMC Yukon XL — the No. 3 model — made a median income of $33,000 annually.
Consumers are most likely to borrow more than their annual income for a used car from these vehicle models
| Rank | Make and model | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | Dodge Charger | 11.0% | $20,000 |
| 2 | Dodge Challenger | 10.7% | $24,993 |
| 3 | GMC Yukon XL | 9.1% | $33,000 |
| 4 | Kia Telluride | 8.9% | $35,000 |
| 5 | GMC Yukon | 8.9% | $33,292 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
Full rankings
Consumers are most/least likely to borrow more than they can afford for these vehicle models
| Rank | Make and model | Median requested loan amount | Median requested loan amount-to-annual income ratio |
|---|---|---|---|
| 1 | Jeep Gladiator | $40,000 | 45.9% |
| 2 | Dodge Challenger | $24,993 | 45.0% |
| 3 | Dodge Charger | $20,000 | 44.7% |
| 4 | GMC Sierra 2500HD | $35,370 | 44.1% |
| 5 | Jeep Renegade | $20,000 | 43.7% |
| 6 | Subaru WRX | $25,000 | 43.6% |
| 7 | Ford Super Duty F-250 SRW | $35,000 | 42.8% |
| 8 | Dodge Durango | $23,499 | 42.2% |
| 8 | Nissan Altima | $15,000 | 42.2% |
| 10 | Dodge/Ram 2500 | $32,500 | 42.0% |
| 11 | Chevrolet Camaro | $20,000 | 41.9% |
| 11 | Toyota Tacoma 4WD | $31,000 | 41.9% |
| 13 | Toyota Tundra 4WD | $36,000 | 41.5% |
| 14 | Chevrolet Trax | $17,000 | 41.4% |
| 15 | GMC Yukon | $33,292 | 41.3% |
| 15 | GMC Sierra 1500 | $31,000 | 41.2% |
| 15 | Chevrolet Colorado | $25,000 | 41.2% |
| 15 | Dodge/Ram 3500 | $32,000 | 41.2% |
| 19 | Chevrolet Silverado 2500HD | $28,000 | 40.9% |
| 20 | Kia Telluride | $35,000 | 40.7% |
| 21 | Ford Mustang | $22,500 | 40.5% |
| 22 | Chevrolet Silverado 1500 | $26,000 | 40.4% |
| 23 | Dodge/Ram 1500 | $29,500 | 40.1% |
| 24 | Tesla Model Y | $50,000 | 40.0% |
| 25 | Ford Super Duty F-350 SRW | $30,000 | 39.9% |
| 26 | Kia Sorento | $20,000 | 39.7% |
| 27 | Chevrolet Tahoe | $25,000 | 39.6% |
| 28 | Tesla Model 3 | $36,000 | 39.5% |
| 29 | Chevrolet Traverse | $24,000 | 39.3% |
| 29 | Jeep Compass | $20,000 | 39.3% |
| 31 | GMC Yukon XL | $33,000 | 39.0% |
| 32 | Chevrolet Corvette | $28,000 | 38.7% |
| 33 | Jeep Wrangler Unlimited | $28,000 | 38.6% |
| 34 | Ford Expedition | $31,000 | 38.4% |
| 35 | Kia Sportage | $19,000 | 38.3% |
| 35 | Chevrolet Equinox | $18,000 | 38.3% |
| 37 | GMC Terrain | $19,995 | 38.1% |
| 38 | Dodge Journey | $15,233 | 38.0% |
| 39 | Kia Forte | $16,000 | 37.6% |
| 40 | Jeep Grand Cherokee | $24,000 | 37.5% |
| 40 | Ford F-150 | $26,000 | 37.5% |
| 42 | GMC Acadia | $22,500 | 37.4% |
| 43 | Honda Accord | $20,000 | 37.3% |
| 44 | Ford Explorer | $24,444 | 37.2% |
| 44 | Toyota Camry | $18,000 | 37.2% |
| 46 | Chevrolet Malibu | $15,000 | 37.1% |
| 47 | Hyundai Tucson | $20,000 | 37.0% |
| 48 | Nissan Rogue | $18,500 | 36.7% |
| 48 | Infiniti Q50 | $22,000 | 36.7% |
| 48 | Jeep Cherokee | $20,000 | 36.7% |
| 48 | Kia Soul | $15,000 | 36.7% |
| 52 | Chrysler 300 | $15,000 | 36.6% |
| 53 | Buick Enclave | $19,168 | 36.4% |
| 54 | Toyota Highlander | $27,000 | 36.3% |
| 55 | Nissan Pathfinder | $20,000 | 36.1% |
| 56 | Toyota RAV4 | $21,771 | 35.9% |
| 57 | Nissan Sentra | $15,000 | 35.8% |
| 57 | Nissan Murano | $20,000 | 35.8% |
| 57 | Toyota Tacoma | $20,000 | 35.8% |
| 60 | Chevrolet Suburban | $29,000 | 35.8% |
| 60 | Toyota 4Runner | $28,500 | 35.8% |
| 62 | Toyota Corolla | $15,581 | 35.6% |
| 63 | Nissan Maxima | $15,000 | 35.4% |
| 64 | Ford Escape | $16,000 | 35.3% |
| 65 | Kia Optima | $15,000 | 35.0% |
| 66 | Hyundai Santa Fe | $20,904 | 34.9% |
| 67 | Jeep Wrangler | $24,005 | 34.7% |
| 67 | Hyundai Elantra | $15,000 | 34.7% |
| 69 | Honda Civic | $16,000 | 34.6% |
| 70 | Chrysler Pacifica | $25,000 | 34.5% |
| 71 | Ford Ranger | $24,000 | 34.4% |
| 72 | Hyundai Sonata | $15,325 | 34.3% |
| 73 | Ford Edge | $18,000 | 34.2% |
| 74 | Chevrolet Impala | $11,000 | 33.8% |
| 75 | Chevrolet Cruze | $11,814 | 33.6% |
| 76 | Subaru Crosstrek | $20,000 | 33.4% |
| 77 | Dodge Grand Caravan | $15,000 | 33.2% |
| 78 | Ford Fusion | $14,000 | 33.0% |
| 79 | Toyota Sienna | $24,000 | 32.7% |
| 80 | Honda Pilot | $23,807 | 32.1% |
| 81 | Honda CR-V | $18,700 | 31.9% |
| 81 | Volkswagen Jetta | $16,338 | 31.9% |
| 81 | Acura RDX | $25,000 | 31.9% |
| 84 | Mercedes-Benz C-Class | $25,000 | 31.7% |
| 85 | Volkswagen Atlas | $28,000 | 31.5% |
| 86 | Lexus RX | $32,000 | 31.1% |
| 87 | Volkswagen Tiguan | $20,000 | 31.0% |
| 88 | Mercedes-Benz GLC | $32,573 | 30.6% |
| 89 | Mercedes-Benz E-Class | $25,000 | 30.0% |
| 90 | Mazda CX-5 | $20,000 | 29.9% |
| 91 | Acura MDX | $25,800 | 29.5% |
| 92 | BMW X5 | $33,188 | 29.4% |
| 93 | Ford Focus | $11,000 | 29.2% |
| 94 | BMW 3 Series | $19,000 | 29.0% |
| 95 | Subaru Forester | $18,700 | 28.9% |
| 96 | BMW 5 Series | $24,088 | 28.6% |
| 97 | Subaru Outback | $20,000 | 28.0% |
| 98 | Honda Odyssey | $20,737 | 27.9% |
| 99 | BMW X3 | $29,000 | 27.0% |
| 100 | Audi Q5 | $26,000 | 25.4% |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
Consumers are most likely to borrow more than their annual income for a used car from these vehicle models
| Rank | Make and model | Percentage seeking loans of more than 100% of their annual income | Median annual income of those seeking to borrow more than their salary |
|---|---|---|---|
| 1 | Dodge Charger | 11.0% | $20,000 |
| 2 | Dodge Challenger | 10.7% | $24,993 |
| 3 | GMC Yukon XL | 9.1% | $33,000 |
| 4 | Kia Telluride | 8.9% | $35,000 |
| 4 | GMC Yukon | 8.9% | $33,292 |
| 6 | Dodge Durango | 8.7% | $23,499 |
| 7 | Chevrolet Camaro | 8.3% | $20,000 |
| 7 | Chevrolet Corvette | 8.3% | $28,000 |
| 9 | Jeep Gladiator | 8.0% | $40,000 |
| 10 | Ford Expedition | 7.9% | $31,000 |
| 11 | Subaru WRX | 7.8% | $25,000 |
| 12 | Chevrolet Tahoe | 7.7% | $25,000 |
| 12 | Chevrolet Trax | 7.7% | $17,000 |
| 12 | Chevrolet Suburban | 7.7% | $29,000 |
| 15 | Jeep Renegade | 7.6% | $20,000 |
| 16 | Kia Sportage | 7.5% | $19,000 |
| 16 | Ford Super Duty F-250 SRW | 7.5% | $35,000 |
| 16 | Dodge/Ram 3500 | 7.5% | $32,000 |
| 19 | Chevrolet Traverse | 7.2% | $24,000 |
| 20 | Kia Sorento | 7.1% | $20,000 |
| 20 | Dodge/Ram 2500 | 7.1% | $32,500 |
| 20 | Nissan Murano | 7.1% | $20,000 |
| 20 | Chevrolet Silverado 2500HD | 7.1% | $28,000 |
| 24 | Ford Super Duty F-350 SRW | 7.0% | $30,000 |
| 24 | Toyota Camry | 7.0% | $18,000 |
| 24 | Ford Mustang | 7.0% | $22,500 |
| 27 | Chevrolet Colorado | 6.9% | $25,000 |
| 28 | Ford Edge | 6.8% | $18,000 |
| 29 | GMC Sierra 2500HD | 6.7% | $35,370 |
| 29 | Toyota Tundra 4WD | 6.7% | $36,000 |
| 31 | Honda Accord | 6.6% | $20,000 |
| 32 | Jeep Compass | 6.5% | $20,000 |
| 32 | Jeep Wrangler Unlimited | 6.5% | $28,000 |
| 34 | Dodge/Ram 1500 | 6.4% | $29,500 |
| 34 | Chevrolet Malibu | 6.4% | $15,000 |
| 34 | Chevrolet Silverado 1500 | 6.4% | $26,000 |
| 34 | Nissan Altima | 6.4% | $15,000 |
| 34 | Jeep Cherokee | 6.4% | $20,000 |
| 34 | Kia Forte | 6.4% | $16,000 |
| 40 | Tesla Model 3 | 6.3% | $36,000 |
| 40 | Nissan Sentra | 6.3% | $15,000 |
| 42 | Nissan Pathfinder | 6.2% | $20,000 |
| 43 | Dodge Journey | 6.1% | $15,233 |
| 43 | Hyundai Tucson | 6.1% | $20,000 |
| 45 | Jeep Grand Cherokee | 6.0% | $24,000 |
| 45 | Toyota Sienna | 6.0% | $24,000 |
| 45 | GMC Sierra 1500 | 6.0% | $31,000 |
| 45 | Kia Soul | 6.0% | $15,000 |
| 45 | Toyota Tacoma 4WD | 6.0% | $31,000 |
| 50 | Toyota Corolla | 5.9% | $15,581 |
| 50 | Toyota 4Runner | 5.9% | $28,500 |
| 52 | Tesla Model Y | 5.8% | $50,000 |
| 52 | GMC Acadia | 5.8% | $22,500 |
| 52 | Nissan Rogue | 5.8% | $18,500 |
| 55 | Jeep Wrangler | 5.7% | $24,005 |
| 55 | Toyota Highlander | 5.7% | $27,000 |
| 55 | Ford Ranger | 5.7% | $24,000 |
| 55 | Chevrolet Equinox | 5.7% | $18,000 |
| 55 | Ford Escape | 5.7% | $16,000 |
| 60 | Toyota RAV4 | 5.6% | $21,771 |
| 60 | Dodge Grand Caravan | 5.6% | $15,000 |
| 62 | Ford Explorer | 5.5% | $24,444 |
| 62 | Buick Enclave | 5.5% | $19,168 |
| 62 | Ford F-150 | 5.5% | $26,000 |
| 65 | Chrysler 300 | 5.4% | $15,000 |
| 66 | Honda Pilot | 5.3% | $23,807 |
| 66 | Chevrolet Impala | 5.3% | $11,000 |
| 66 | Hyundai Elantra | 5.3% | $15,000 |
| 66 | Kia Optima | 5.3% | $15,000 |
| 70 | GMC Terrain | 5.2% | $19,995 |
| 70 | Honda Civic | 5.2% | $16,000 |
| 70 | Toyota Tacoma | 5.2% | $20,000 |
| 70 | Infiniti Q50 | 5.2% | $22,000 |
| 74 | Nissan Maxima | 4.9% | $15,000 |
| 74 | Chrysler Pacifica | 4.9% | $25,000 |
| 76 | Subaru Crosstrek | 4.8% | $20,000 |
| 77 | Hyundai Santa Fe | 4.7% | $20,904 |
| 77 | Ford Fusion | 4.7% | $14,000 |
| 77 | Honda CR-V | 4.7% | $18,700 |
| 80 | Lexus RX | 4.5% | $32,000 |
| 81 | Hyundai Sonata | 4.4% | $15,325 |
| 81 | Mercedes-Benz E-Class | 4.4% | $25,000 |
| 83 | Mazda CX-5 | 4.1% | $20,000 |
| 84 | Chevrolet Cruze | 4.0% | $11,814 |
| 84 | Volkswagen Tiguan | 4.0% | $20,000 |
| 84 | Mercedes-Benz GLC | 4.0% | $32,573 |
| 84 | Honda Odyssey | 4.0% | $20,737 |
| 88 | Mercedes-Benz C-Class | 3.9% | $25,000 |
| 88 | Subaru Forester | 3.9% | $18,700 |
| 88 | Volkswagen Atlas | 3.9% | $28,000 |
| 91 | Acura RDX | 3.8% | $25,000 |
| 92 | BMW 5 Series | 3.7% | $24,088 |
| 93 | Ford Focus | 3.6% | $11,000 |
| 94 | Volkswagen Jetta | 3.3% | $16,338 |
| 95 | Subaru Outback | 3.2% | $20,000 |
| 96 | BMW 3 Series | 3.0% | $19,000 |
| 97 | Acura MDX | 2.8% | $25,800 |
| 97 | BMW X5 | 2.8% | $33,188 |
| 99 | Audi Q5 | 2.3% | $26,000 |
| 100 | BMW X3 | 2.2% | $29,000 |
Source: LendingTree analysis of 500,000 randomized loan inquiries on the LendingTree platform from the fourth quarter of 2022 through the first quarter of 2023. Note: Limited to the 30 most popular makes on the LendingTree platform.
Taking out a loan for a used car: What to know
Buying a used car is costly, particularly when you’re taking out a loan. In fact, the average car payment for a used vehicle grew by 7.3% between the fourth quarters of 2021 and 2022, according to Experian. For those looking to take out a loan for a used car, Schulz recommends the following:
- Shop around. “Vehicles are expensive enough,” he says. “Don’t make them even more so by settling for the interest rates offered by your dealership. Shop around at sites like LendingTree or at online lenders or at your local bank or credit union to potentially find far better interest rates and save yourself some real money.”
- Save, save, save. “If you don’t have to buy that vehicle today, it may make sense for you to take your time and try to save some money to put toward a bigger down payment,” he says. “With interest rates as high as they are today, the less of that car that you have to finance, the better. It may be easier said than done, but try to set a little bit of extra money aside from each paycheck and put it in a high-yield savings account until you’re ready to buy. The returns on those accounts are the best they’ve been in many, many years and can help your savings grow faster than you realize. And don’t get discouraged if you can’t put a ton away. It’s OK. Every little bit helps.”
Methodology
LendingTree researchers analyzed 500,000 randomly selected auto loan inquiries submitted on the LendingTree platform in the fourth quarter of 2022 (October through December) and the first quarter of 2023 (January through March) to calculate the percentage of annualized income that was requested as a loan amount.
Researchers then determined the median percentage of income and the median of the loan amount requested by state of residence and the make and model of the vehicle prospective borrowers hoped to finance. Analysts further calculated the percentage of those prospective borrowers who requested loan amounts in excess of their annual incomes — as well as their median incomes — by state of residence and the make and model of the vehicle they hoped to finance.
Comparisons were limited to the 30 makes most inquired about on our platform during that period, as well as the 100 most common models (irrespective of the make’s popularity).
Because incomes were reported in $50 ranges of monthly income, analysts used the midpoint of each range multiplied by 12 to create an annualized income. Inquiries with reported incomes of less than $100 a month or more than $42,000 a month were excluded, as were recreational vehicles.