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Hialeah, FL - A recent WalletHub study shows Hialeah is experiencing one of the steepest increases in auto loan debt in the country, reflecting either a rise in borrowing power or growing financial strain among residents.
The report, released by personal finance platform WalletHub, ranks Hialeah fourth among the 100 largest U.S. cities with the highest increases in auto loan debt from the fourth quarter of 2024 to the first quarter of 2025.
The top three cities ahead of Hialeah are Irvine, California; Irving, Texas; and Fort Wayne, Indiana.
According to the study, the average American household currently owes close to $14,000 in auto loans, with the nationwide total nearing $1.64 trillion.
WalletHub analysts examined auto loan trends across major cities using three metrics: changes in the average auto loan balance, current average monthly auto loan payments, and total auto debt.
Each factor was scored on a 100-point scale to determine the rankings.
WalletHub analysts noted that rising auto loan debt in a city can indicate one of two things, either residents are financially stable enough to take on larger loans, or they’re increasingly relying on credit to cover basic transportation needs.
In most of the top-ranking cities, high debt levels coincide with elevated delinquency rates, suggesting financial instability.
To help consumers manage their auto debt, WalletHub recommends paying extra when possible, refinancing for better terms, setting up automatic payments, maintaining a strict budget, and exploring ways to increase household income.
These steps, they say, can reduce long-term interest costs and help avoid default.