Texas — Updated for 2026

Texas Car Payment Calculator

Calculate your Texas car payment with the state's flat 6.25% motor vehicle tax — the same rate in every Texas county, with no city or local add-ons. Includes registration fees, the $200 EV surcharge, and 2026 APR rates from Experian's Q4 2025 report. Built for buyers in Houston, Dallas, San Antonio, Austin, and Fort Worth.

Texas Inputs
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14.3%
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Texas allows trade-in deduction (per Tex. Tax Code §152.002(b)(5)). The 6.25% tax applies only to the price difference.
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Q4 2025 Experian data · adjust if you have a quote
Tax rate:
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flat statewide
Texas motor vehicle tax is a flat 6.25% — the same rate in every Texas county. Unlike general sales tax (which can reach 8.25% with local add-ons), the motor vehicle tax under Tex. Tax Code §152.021 has no city or county additions.
Estimated Monthly Payment
$0
per month for 60 months
Vehicle price $35,000
Down payment −$5,000
TX motor vehicle tax (6.25%) +$2,188
Loan amount $32,188
Total interest $5,600
Total cost $40,600
+ Estimated annual registration: ~$80–$110 base reg ($50.75 + $7.50 inspection + local fee + child safety fee). EVs add $200/year per Tex. Transp. Code §502.360.

Why Texas's Motor Vehicle Tax Is Simpler Than Most States

Texas has one of the simplest motor vehicle sales tax structures in the United States: a flat 6.25% rate that applies to every vehicle purchase, in every county, with no city or county add-on. This rate has been unchanged since September 1, 1991, codified in Tex. Tax Code §152.021(b). While general retail sales tax in Texas can climb to 8.25% with combined state and local components, motor vehicles are governed by a separate chapter (Tax Code Chapter 152) and are exempt from local sales tax stacking.

For comparison: in California, the same $35,000 vehicle could face anywhere from 7.25% (state base) to 11.25% (Lancaster, Palmdale) depending on the city. In Texas, the tax is identical whether you register in Houston, Dallas, San Antonio, Austin, El Paso, or any rural county — $35,000 × 6.25% = $2,187.50 every time. This predictability makes Texas especially attractive for buyers comparing across cities or for businesses operating fleets across the state.

Trade-In Reduces Your Texas Taxable Amount

Unlike California, Hawaii, Maryland, Virginia, and Washington DC, Texas allows a trade-in deduction on the motor vehicle sales tax. Per Tex. Tax Code §152.002(b)(5), the value of a vehicle traded to the seller is excluded from "total consideration" — meaning you pay 6.25% only on the difference, not the full new vehicle price.

Example from Texas Comptroller Publication 96-254: if you trade in a $15,000 vehicle toward a $42,000 new purchase, your taxable amount drops to $27,000, and tax owed is $1,687.50 instead of $2,625 — a savings of $937.50 in tax. The trade-in must be a motor vehicle (not a boat, plane, or livestock), must be transferred directly to the seller as part of the same transaction, and is based on the vehicle's actual value, not your equity in it.

Manufacturer and dealer rebates also reduce your taxable amount. If a $42,000 vehicle has a $3,000 manufacturer rebate, the taxable consideration drops to $39,000 — another structural advantage over California, where rebates do not lower taxable price.

Standard Presumptive Value (SPV): The Private-Sale Tax Trap

If you're buying from a private party (not a licensed dealer), Texas applies a special rule called Standard Presumptive Value (SPV). Per Tex. Tax Code §152.0412, the county tax assessor-collector calculates motor vehicle tax on the greater of (a) your purchase price, OR (b) 80% of the vehicle's SPV — whichever is higher.

SPV is a market-derived value maintained by the Texas Department of Motor Vehicles using Black Book regional pricing data. Values are updated weekly and reflect average wholesale used vehicle prices in the Texas region. The condition of the specific vehicle is not factored in — SPV is purely market average.

Why this matters: a buyer and seller can't simply write a low price on the title to dodge tax. If you pay $5,000 for a truck the SPV pegs at $12,000, you'll owe tax on 80% × $12,000 = $9,600, not $5,000. Tax due: $600 instead of $312.50. Always check a used vehicle's SPV at txdmv.gov before negotiating a private sale.

What If the SPV Is Wrong? The 20-Day Appraisal Window

If you genuinely paid less than 80% of SPV — say, the vehicle has hidden damage or high mileage — you can challenge the SPV with a certified appraisal. Per Tex. Tax Code §152.0412(d-1)(2), the appraisal must be:

Appraisal fees typically run $100–$300. If the appraised value is lower than 80% SPV, your tax is computed on the appraised value instead. Note: SPV does not apply to dealer purchases, government auctions, gifts (which use the $10 gift tax flat fee), even-trade exchanges (which use the $5 even-exchange tax under §152.024), or vehicles 25+ years old.

Texas Vehicle Registration Fees Breakdown

Texas registration is comparatively affordable. Beyond the one-time 6.25% sales tax, annual costs include a base registration fee (by vehicle weight), a state inspection program replacement fee, county-level local fees, and — for fully electric vehicles — a $200 annual surcharge. Here's the breakdown for 2026:

Fee ComponentAmountNotes
Base Registration$50.75Cars and light trucks ≤ 6,000 lbs
Pickup Trucks (heavier)$54.006,001–10,000 lbs
Mopeds / Motorcycles$30.00
Title Fee$28 or $33$33 in 17 emissions counties; $28 elsewhere
Inspection Replacement Fee$7.50All non-commercial vehicles (HB 3297, 2025)
New Vehicle Initial Inspection Fee$16.75One-time, covers two years
Local Fee (county)$0–$31.50Set by county Commissioner's Court
Child Safety Fee$0–$1.50Optional county program
Emissions Inspection Fee$11.50–$18.50Only in 17 emissions counties (18 from Nov 1, 2026)
Electric Vehicle Fee$200/yearPer Tex. Transp. Code §502.360 (S.B. 505, 2023)
New EV Initial Fee$400First registration, covers two years

Sample total for a typical Houston buyer of a $35,000 gas-powered car at first registration: $50.75 (base) + $33 (title, Harris County) + $16.75 (new vehicle inspection) + $10 (Harris County local) + $1.50 (child safety) ≈ $112 in registration-related fees, plus $2,187.50 in motor vehicle sales tax. Total drive-off above the vehicle price: roughly $2,300.

The $200 EV Fee — Pure Electric Only

Per Tex. Transp. Code §502.360, fully electric vehicles with a gross weight of 10,000 lbs or less pay an additional $200 annual fee at registration renewal — or $400 at initial registration for a new EV (covering two years). Important exclusions, as defined in the statute itself:

Funds collected go to the state highway fund (§502.360(c)) — the same fund gas tax revenue supports. The fee is Texas's way of compensating for road maintenance funding lost to vehicles that buy no gasoline.

Inspection Changes Under HB 3297 (Effective January 1, 2025)

Texas dramatically simplified vehicle inspections in 2025. House Bill 3297, signed by Governor Greg Abbott in 2023 and effective January 1, 2025, abolished the Vehicle Safety Inspection Program for non-commercial vehicles statewide. If you drive a personal car, SUV, pickup, or motorcycle in Texas, you no longer need an annual safety inspection before registering.

What Got Eliminated

Pre-2025, every Texas registered vehicle (commercial and non-commercial) had to pass a multi-point safety inspection annually — checking brakes, tires, lights, mirrors, horn, windshield wipers, and other components. Under HB 3297, the safety inspection requirement is gone for non-commercial vehicles. The Department of Public Safety estimates this saves Texas drivers approximately 10 minutes and the cost of the safety inspection per year.

What's Still Required

Bexar County Joins the Emissions List on November 1, 2026

San Antonio drivers, take note: starting November 1, 2026, Bexar County will require a passing emissions test before vehicle registration renewal — joining the 17 existing emissions counties. The change comes from the Texas Commission on Environmental Quality (TCEQ) and EPA following San Antonio's reclassification as a Moderate ozone nonattainment area under the Clean Air Act.

Key details for Bexar County drivers:

The 18 emissions counties as of November 1, 2026 are: Bexar (new), Brazoria, Collin, Dallas, Denton, El Paso, Ellis, Fort Bend, Galveston, Harris, Johnson, Kaufman, Montgomery, Parker, Rockwall, Tarrant, Travis, and Williamson.

New Resident Tax: $90 vs 6.25% — When You Just Moved to Texas

Texas's net population gain has exceeded one million people since 2020, and many new residents bring vehicles with them. If you've just moved to Texas and are bringing a vehicle previously registered in your name in another state or country, Tex. Tax Code §152.023 imposes a flat $90 New Resident Tax in lieu of the 6.25% use tax. This applies whether the vehicle is paid off or financed.

The savings are dramatic. Consider a new resident bringing a $50,000 car previously registered in California:

Tax TypeCalculationTax Due
Standard Texas use tax (§152.022)$50,000 × 6.25%$3,125
New Resident Tax (§152.023)Flat fee$90
Savings$3,035

To qualify, you must (1) genuinely become a Texas resident — establishing a fixed dwelling, registering to vote, or other indicia of intent to remain — (2) have the vehicle previously registered in your own name in the prior state or country, and (3) bring the vehicle into Texas within 30 days of becoming a resident (60 days for active-duty military). Pay the $90 within 30 calendar days of first use in Texas, or face penalty (5% if 1–30 days late, 10% if >30 days).

Important caveats: the $90 is in lieu of, not in addition to, the use tax — and you cannot apply credit for tax paid to another state on top of the $90. Vehicles purchased after establishing Texas residency, or vehicles never previously registered in your name, owe the standard 6.25% use tax instead. Active-duty military whose home of record is Texas don't qualify for the new resident rate (they're already considered Texas residents).

TERP Surcharge for Diesel Trucks Over 14,000 lbs

If you're buying a heavy diesel work truck, an additional surcharge applies. The Texas Emissions Reduction Plan (TERP) Surcharge under Tex. Tax Code §152.0215 imposes:

The surcharge is calculated on the same taxable consideration as the 6.25% sales tax (so trade-in deduction applies). It does NOT apply to gasoline, CNG, LNG, or hybrid vehicles, nor to recreational vehicles over 14,000 lbs that aren't held for income production. SPV rules also apply to TERP — private-party purchases use the same 80%-of-SPV floor.

For a $80,000 used 2020 diesel work truck: 6.25% sales tax = $5,000, plus 1% TERP = $800. Total tax: $5,800. Most personal pickup truck buyers (F-150, Silverado 1500, Ram 1500) are under 14,000 lbs GVWR and don't owe TERP — but heavy-duty work trucks (F-350+, Ram 3500+) and commercial fleets often do.

Inheritance Is Tax-Free in Texas (New as of September 1, 2025)

One of the most underreported recent changes in Texas tax law: vehicles inherited from a decedent's estate are now completely exempt from all motor vehicle taxes. Senate Bill 2064, signed in 2025, added Tex. Tax Code §152.094 effective September 1, 2025:

"The taxes imposed by this chapter do not apply to the transfer of a motor vehicle: (1) from an estate to a distributee; or (2) under a rights of survivorship agreement described by Section 501.031, Transportation Code."

Before SB 2064, an inherited vehicle was taxed under the gift tax framework — typically a $10 flat fee, but with administrative complications and ambiguity in some estate situations. Now, no Chapter 152 tax applies at all when a vehicle transfers from a decedent's estate to a distributee under a will, the laws of descent and distribution, or a rights of survivorship agreement.

This change matters most when:

The change applies to transfers occurring on or after September 1, 2025. Transfers before that date follow the previous gift tax rules. As of 2026, virtually no other car payment calculator on the web reflects this change — most still mention the $10 gift tax for inheritance scenarios.

2026 Auto Loan Rates for Texas Buyers

Per Experian's State of the Auto Finance Market Q4 2025 report (released March 2026), the gap between excellent-credit and subprime borrowers has continued to widen. Experian's published Q4 2025 figures for the two endpoints of the credit spectrum:

Credit TierNew Car APRSource
Super Prime (781+)4.66%Experian Q4 2025
Deep Subprime (≤500)16.01%Experian Q4 2025

Mid-tier rates (Prime, Near Prime, Subprime) fall between these endpoints. For your specific tier, get a free pre-approval from your credit union or bank — they'll quote you a real rate based on your actual credit profile, more useful than any published average.

For context: Experian Q4 2025 reports the average new-car loan APR at 6.37% (up slightly from 6.34% in Q4 2024) and the average new-car monthly payment at $767 (up from $746). Used-car APR averaged 11.26% (down from 11.63%). The FOMC's federal funds rate sits at 3.50%–3.75% with potential for one more cut later this year. Lock in current rates if you need a vehicle now — refinancing later is straightforward if rates drop.

The Q4 2025 average new-car loan amount was $43,582 over 68.9 months; used was $27,528 over 67.7 months. Subprime borrowers' share of new-car financing rose from 5.74% (Q4 2024) to 6.61% (Q4 2025).

Texas buyers have strong credit union options that often beat dealer financing: Texas Trust Credit Union, Randolph-Brooks Federal Credit Union (RBFCU), and Security Service Federal Credit Union are common starting points. National lenders like PenFed and Navy Federal also serve Texas. Get pre-approved before walking into a dealership — even if you ultimately take dealer financing, the credit union quote becomes leverage.

Texas's Top-Selling Vehicles in 2025

Per Edmunds 2025 new vehicle registration data, the Ford F-Series is Texas's best-selling vehicle — leading the same way it does in 28 other U.S. states, but with particular dominance in Texas given the state's deep affinity for full-size pickups. Greater Houston Partnership data (via TexAuto Facts / InfoNation) shows trucks and SUVs accounted for 81.9% of new vehicle sales in metro Houston in early 2026, with the remaining 18.1% split among sedans and other passenger cars.

Houston-area dealers sold 385,835 new cars, trucks, and SUVs in the 12 months ending February 2026 — a 6.8% year-over-year increase, driven entirely by a 9.7% surge in truck and SUV sales while car sales fell 4.3%.

Average new vehicle prices in metro Houston (February 2026):

SegmentAvg Transaction Pricevs Year Prior
All new vehicles$51,886−$627
Trucks and SUVs$54,539−$215
Cars (sedans)$41,127−$1,504

Sample monthly payments for popular Texas vehicles at $5,000 down, 60-month term, 6.5% APR (excellent credit), and the flat 6.25% Texas motor vehicle tax:

ModelAvg MSRPExcellent (6.5%)Good (7.9%)Fair (11.5%)
Ford F-150 XLT$48,000$900/mo$931/mo$1,012/mo
Toyota RAV4$33,000$588/mo$608/mo$661/mo
Chevrolet Silverado 1500$45,000$838/mo$866/mo$942/mo
Toyota Camry$30,000$526/mo$544/mo$591/mo
Honda Civic$26,000$443/mo$458/mo$498/mo

Numbers reflect $5,000 down, 60-month term, 6.25% Texas motor vehicle tax, no trade-in. Texas's flat tax rate means these payments are identical whether you register in Houston, Dallas, Austin, San Antonio, Fort Worth, or any other Texas county.

Texas-Specific Buying Tips

Documentation Fees: $225 Threshold Under OCCC Rules

Texas regulates dealer documentation fees through 7 Tex. Admin. Code §84.205, administered by the Office of Consumer Credit Commissioner (OCCC). The framework:

In practice, most Texas dealers charge between $150 and $225 to avoid the OCCC filing burden. The good news for Texas buyers: separately stated doc fees are excluded from the 6.25% tax base under Tex. Tax Code §152.002(b) — so a $200 doc fee doesn't increase your tax bill, only your out-of-pocket. Always ask for the doc fee to be itemized on your bill of sale.

Hydrogen-Powered Vehicles Are 100% Tax-Exempt

An obscure but real provision: under Tex. Tax Code §152.090, qualified hydrogen-powered motor vehicles are exempt from all Chapter 152 taxes — that is, the 6.25% sales tax doesn't apply at all. To qualify, the vehicle must meet California Air Resources Board ULEV II standards and be either fully hydrogen-powered or capable of running on hydrogen with at least 45 mpg fuel economy.

The Toyota Mirai is the most prominent vehicle that qualifies. While Texas's hydrogen refueling network is limited (mostly concentrated in California), buyers in select urban areas can take advantage of this exemption. Purchase a $50,000 Mirai in Texas, save $3,125 in state tax outright.

EV Incentives in 2026 — What Changed

The federal EV landscape changed dramatically in 2025–2026:

If your dealer mentions any "current" $7,500 federal credit, push back — that program is over. The OBBBA did create a new car loan interest deduction (described below), but it's not specifically for EVs.

OBBBA Federal Tax Benefits for Texas Buyers

The One Big Beautiful Bill Act (OBBBA, Public Law 119-21, signed July 4, 2025) created two federal tax benefits that significantly help Texas vehicle buyers:

1. SALT Cap Increased to $40,000 (2025–2029)

Before OBBBA, the federal cap on state and local tax deductions was $10,000 (TCJA 2017). OBBBA raised it to $40,000 for tax years 2025–2029 ($20,000 if Married Filing Separately), with a 1% annual increase through 2029, then reverting to $10,000 in 2030. The cap phases down for taxpayers with MAGI over $500,000 but never falls below $10,000.

For Texas residents this is especially impactful: Texas has no state income tax, so the SALT deduction is taken via the state and local sales tax route on Schedule A. Per IRS rules (Schedule A 2025 instructions), Texas residents can deduct sales tax paid on motor vehicles in addition to general sales tax estimated from the IRS Optional Sales Tax Tables. With the $40K cap (up from $10K), most Texas families can fully deduct their motor vehicle sales tax plus property tax plus base sales tax.

Real-world example for a Texas family of four (MFJ, 2 dependents) buying a $40,000 new vehicle in 2025:

Item$50K AGI Family$100K AGI Family$150K AGI Family
IRS Optional Sales Tax Table (Houston ZIP 77002)$1,294.92$1,672.44$1,881.00
+ Motor vehicle sales tax ($40K × 6.25%)$2,500$2,500$2,500
= Total sales tax deduction$3,794.92$4,172.44$4,381.00
+ Property tax (Texas avg ~1.7% on $300K home)$5,100$5,100$5,100
= Total SALT deduction (within $40K cap)$8,894.92$9,272.44$9,481.00

(IRS table values from apps.irs.gov/app/stdc for ZIP 77002, MFJ, 2 dependents, full year 2025; combined sales tax rate 8.25% applied to general purchases. Property tax estimate based on Texas average effective rate.) For most middle-income Texas families, even a major car purchase combined with property tax stays well under the $40K SALT cap.

2. Car Loan Interest Deduction — $10,000/year (2025–2028)

OBBBA also created a new above-the-line deduction (no itemizing required) for interest on qualifying vehicle loans, claimed on the new Schedule 1-A. You can deduct up to $10,000 of vehicle loan interest per tax year. To qualify:

Phase-out: MAGI over $100,000 (single) or $200,000 (MFJ) reduces the deduction by $200 per $1,000 of excess income. Fully phased out at $150,000 (single) or $250,000 (MFJ). The deduction sunsets December 31, 2028 unless Congress extends it.

Practical impact: a Texas buyer financing $35,000 at 6.5% APR over 60 months pays roughly $2,200 in interest the first year alone. At a 22% federal tax bracket, the deduction saves about $484 in federal tax the first year. Cumulative over the life of a typical 60-month loan, the savings can reach $1,400–$1,800.

Your lender will issue Form 1098-VLI starting tax year 2026 (TY 2025 uses transitional reporting per IRS Notice 2025-57). Texas's high pickup truck adoption — combined with U.S. assembly of the F-150 and Silverado at plants like Dearborn (MI), Kansas City (MO), and Arlington (TX) itself — means most popular Texas vehicles qualify.

Where Texas Sales Tax Money Goes

Per Tex. Tax Code §152.122, motor vehicle sales tax revenue is allocated 25% to the Foundation School Fund (Texas public schools) and 75% to the General Revenue Fund. So when you pay $2,187.50 on a $35,000 vehicle, $546.88 goes directly to Texas K–12 education.

Dealer Plates and Temporary Tags (HB 718, Effective July 1, 2025)

House Bill 718 (88th Legislature, signed 2023) eliminated paper temporary tags and replaced them with metal license plates issued at point of sale, effective July 1, 2025. Dealer license plates now cost $25 each under the amended Tex. Tax Code §152.027. The change addressed widespread fraud with paper temp tags. If you bought a vehicle in Texas before July 2025, you may remember the paper temp tag system — it's gone.

Texas Car Payment FAQ

What is the motor vehicle sales tax in Texas?
Texas charges a flat 6.25% motor vehicle sales tax on the purchase price (less trade-in value), per Tex. Tax Code §152.021. Unlike general sales tax (which can reach 8.25% with city and county add-ons), the motor vehicle tax has no local additions — the rate is identical in every Texas county, whether you register in Houston, Dallas, San Antonio, Austin, or anywhere else.
Does Texas allow a trade-in tax credit?
Yes. Texas allows the value of a traded-in vehicle to be deducted from the taxable price under Tex. Tax Code §152.002(b)(5). For example, if you buy a $30,000 car and trade in a $10,000 vehicle, you pay 6.25% on $20,000 — saving $625 in tax. The trade-in must be a motor vehicle (not boat, plane, or other property), transferred directly to the seller in the same transaction. This deduction also applies to private-party trade-in scenarios, though the SPV rule still sets a tax floor.
What is Standard Presumptive Value (SPV) and when does it apply?
SPV is Texas's anti-undervaluation rule for private-party vehicle sales. Per Tex. Tax Code §152.0412, when buying a used vehicle from a private seller, you pay 6.25% on the greater of (a) your actual purchase price, or (b) 80% of the vehicle's SPV — whichever is higher. The SPV is calculated by TxDMV using Black Book regional pricing data, updated weekly. Check any vehicle's SPV at txdmv.gov before negotiating. SPV does not apply to dealer purchases, gifts, even-trade exchanges, or vehicles 25+ years old.
Do I need a vehicle safety inspection in Texas?
Not for non-commercial vehicles. House Bill 3297 (effective January 1, 2025) abolished the Vehicle Safety Inspection Program for personal vehicles. However, all non-commercial vehicles still pay a $7.50 Inspection Program Replacement Fee at registration. Vehicles in 17 emissions counties (rising to 18 with Bexar County joining November 1, 2026) still need an annual emissions inspection. Commercial vehicles still require a passing safety inspection.
How much is the Texas EV registration fee?
Fully electric vehicles with gross weight 10,000 lbs or less pay a $200 annual fee per Tex. Transp. Code §502.360 (added by S.B. 505, effective September 1, 2023). New EVs pay $400 at initial registration to cover two years. Hybrids and plug-in hybrids (PHEVs) are NOT subject to this fee — only vehicles using "electricity as the only source of motor power" qualify. Motorcycles, mopeds, autocycles, and neighborhood electric vehicles are exempt.
I just moved to Texas with my car — what tax do I pay?
New residents who bring a vehicle previously registered in their name in another state owe a flat $90 New Resident Tax (Tex. Tax Code §152.023), payable to the county tax assessor-collector within 30 days of first use in Texas (60 days for active-duty military). This is in lieu of — not in addition to — the standard 6.25% use tax. The savings can be substantial: a $50,000 car saves roughly $3,035 vs. the use tax. Vehicles purchased after establishing Texas residency owe the standard 6.25% use tax instead.
Are inherited vehicles taxed in Texas?
Not since September 1, 2025. Senate Bill 2064 added Tex. Tax Code §152.094, which exempts vehicles transferred from a decedent's estate to a distributee — whether under a will, the laws of descent and distribution, or a Rights of Survivorship Agreement — from all Chapter 152 motor vehicle taxes. Before September 1, 2025, inherited vehicles followed gift tax rules ($10 flat). Now there's no tax on a vehicle you inherit. The Comptroller's office references this directly in Publication 96-254.
Can I deduct my Texas car loan interest under OBBBA?
Likely yes, if you qualify. The One Big Beautiful Bill Act (OBBBA, Public Law 119-21) created an above-the-line deduction of up to $10,000/year on Schedule 1-A for vehicle loan interest, available for tax years 2025–2028. Requirements: loan originated after December 31, 2024; vehicle is new (not used); final assembly in the United States; GVWR under 14,000 lbs; secured by a first lien; used personally. Phase-out begins at $100K MAGI single ($200K MFJ) and fully phases out at $150K/$250K. You don't have to itemize to claim this. Verify U.S. final assembly via VIN at nhtsa.gov/vin-decoder.
What is the average car payment in Texas in 2026?
Per Experian's Q4 2025 State of the Auto Finance Market report, the national average new-car monthly payment is $767, with the average loan amount $43,582 over 68.9 months. Texas payments closely track the national average — the state's flat 6.25% tax is below California's combined rates, but Texas's truck-heavy buying mix (Houston-area trucks/SUVs averaged $54,539 transaction price in early 2026) pushes payments up. Example: a $40,000 vehicle with $5,000 down, 6.25% Texas tax, and 6.5% APR over 60 months calculates to roughly $742/month.