One bad purchase decision is all it takes to squander years of financial discipline. That’s what Scott from Baltimore, Maryland discovered when he signed up for an auto loan to buy his dream vehicle: a Harley Davidson motorcycle. On a recent episode of , Scott told Dave Ramsey he owes $20,000 on an unnecessary auto loan — nearly as much as his $25,000 mortgage.
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“That’s weird,” Ramsey responded. “You did so good on the house and so poorly on the motorcycle. That was a weak moment.
” Like Scott, many Americans find themselves squeezed by their auto loans. Aggregate auto loan debt across America stood at $1.63 trillion during the second quarter of 2024, according to the Fed’s .
That makes it the largest source of non-mortgage debt, bigger than credit cards or student loans. Meanwhile, the rising cost of vehicles and interest rates have squeezed American families further. A survey by found that nearly half of all drivers say they can’t save or invest money because of the financial strain of their cars; 10% of drivers are spending over 30% of their monthly income on auto loans.
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