Fair Lawn Ranked Among Towns That Spend Least On Cars

FAIR LAWN, NJ – When it comes to cars, Fair Lawn residents aren't breaking the bank.

The borough was ranked by consumer finance website WalletHub as having residents who demonstrate frugal spending habits when purchasing a car.

Fair Lawn ranked in the third percentile for car loan debt with a median debt of $10,800 on an income of $76,696, making its debt to income ratio 14%, WalletHub found.

Click here to see WalletHub's 2020 Cities that Overspend on Cars report.

Only two towns in New Jersey cracked WalletHub's top 20 for spending the least on cars -

• Ridgewood: ranked in the first percentile for car loan debt with a median debt of $12,394 on an income of $123,168.
• Hoboken: ranked in the first percentile for car loan debt with a median debt of $9,764 on an income of $92,374.

According to WalletHub's findings, auto sales in the U.S. were down slightly in 2019 but car manufacturers still sold over 17 million vehicles for the fifth consecutive year. According to the Federal Reserve Bank of New York's latest report on household indebtedness, auto loan balances have grown steadily over the past eight years, increasing by another $18 billion in Q3 2019.

Wallet Hub found that interest rates for new cars are at one of their lowest points in three years, with the average new-car loan today charging 14 percent less interest than the average used-car loan.

WalletHub analysts looked at the average auto loan balance of residents in more than 2,500 cities nationwide to determine where Americans are overspending on cars.