Taking a road trip over the Labor Day weekend? If so, you might be interested in an analysis of the Strictest and Most Lenient States on High-Risk Drivers by WalletHub, a personal finance website.
The report focuses on comparing insurance premiums for high-risk drivers, DUI laws, and penalties for various driving violations in the 50 states and the District of Columbia.
And since many consumers will be driving a new car off the dealer’s lot on Labor Day, WalletHub also analyzed auto loan and lease offers from more than 150 financiers to help consumers find the best car deals.
Below are some of the key findings:
High-risk drivers report
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Strictest states on high-risk drivers |
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Most lenient states on high-risk drivers |
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1 |
Arizona |
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T-41 |
District of Columbia |
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2 |
Alaska |
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T-41 |
Kentucky |
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3 |
Virginia |
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43 |
Wisconsin |
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4 |
West Virginia |
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T-44 |
Mississippi |
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5 |
Delaware |
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T-44 |
New Jersey |
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6 |
Colorado |
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T-44 |
Ohio |
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T-7 |
Connecticut |
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47 |
Michigan |
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T-7 |
Illinois |
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48 |
North Dakota |
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9 |
Iowa |
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49 |
Montana |
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T-10 |
Kansas |
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50 |
Pennsylvania |
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T-10 |
Washington |
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51 |
South Dakota |
Auto financing report
- Interest rates for new cars are close to reaching their lowest point in the past three years, with the average new-car loan now charging 19 percent less interest than the average used-car loan.
- Overall, buyers with fair credit will end up spending about six times more to finance a vehicle – about $6,100 in additional interest payments over the life of a $20,000, five-year loan – than consumers with excellent credit.
- People in the market for a new car should begin their search for financing with car manufacturers, rates at 61 percent below average, and credit unions, at 30 percent below average. Secondary options include national banks, at 10 percent above average, and regional banks, at 43 percent above average.
Car manufacturers continue to lack transparency when it comes to leasing offers, with the average auto maker receiving a WalletHub Transparency Score of 4/10.
