Most Expensive Auto Loans in Connecticut, New Jersey, Rhode Island: Report
Auto loans with the highest rates are likely to be found in Connecticut, New Jersey, Rhode Island, according to rate tracking firm GoBankingRates.com.
Alaska, Michigan and Oregon had the lowest rates, the Los Angeles-based company said.
The data was compiled using the its interest rate database and aggregates rates from more than 4,000 U.S. financial institutions, GoBankingRates.com said. The report examined base rates offered by banks and credit unions on new car loan products, using a statewide average of rates to determine ranking.
The states with the highest average auto loan rates ranked as follows:
- Rhode Island: 5.11%
- Connecticut: 4.82%
- New Jersey: 4.47%
- Massachusetts: 4.21%
- Louisiana: 4.20%
- West Virginia: 4.16%
- Delaware: 4.14%
- Washington, D.C.: 3.95%
- Mississippi: 3.91%
- Pennsylvania: 3.84%
Auto loan rates were current as of July 24, the firm noted.
Two credit unions had the lowest rates in the country: the $251 million Burbank City Federal Credit Union in Burbank, Calif., and the $768 million First Community Credit Union in Coquille, Ore., with both offering a 0.99% annual percentage rate base rate for a 36-month term, according to GoBankingRates.com.
The highest new auto loan base rate in the country was 12.5% annual percentage yield for a 48-month term, the report noted.
The data also revealed that the states with the best average auto loan rates were Alaska, Michigan, New Hampshire, North Carolina, Oklahoma, Oregon, South Carolina, Utah, Vermont and Washington.