Welcome! Login | Register
 

Worcester Police Sergeant Roche Cleared of Excessive Force Allegations—Worcester Police Sergeant Roche Cleared of Excessive Force…

Ware Man Pleads Guilty to 2011 Murder of 84-Year-Old Man—Ware Man Pleads Guilty to 2011 Murder of…

Worcester Center for Crafts to Host Pasta Dinner—Worcester Center for Crafts to Host Pasta Dinner

Winter Weather Advisory Issued for Worcester Starting at 7 p.m.—Winter Weather Advisory Issued for Worcester Starting at…

Worcester Man Dies Following Rollover Crash in Auburn—Worcester Man Dies Following Rollover Crash in Auburn

Nichols Men’s Basketball Climbs to #15 in DIII Hoops Poll—Nichols Men’s Basketball Climbs to #15 in DIII…

Chanel Fashion Designer Lagerfeld Passes Away at 85—Chanel Fashion Designer Lagerfeld Passes Away at 85

Worcester Man Arrested After Robbing Multiple Subway Stores—Worcester Man Arrested After Robbing Multiple Subway Stores

Interactive Curling Demonstration to be Held at Worcester Common Oval—Interactive Curling Demonstration to be Held at Worcester…

Horowitz: McConnell Influenced by Less Favorable 2020 Senate Map—Horowitz: McConnell Influenced by Less Favorable 2020 Senate…

 
 

NEW: Massachusetts Ranks 47th in Auto Loans

Wednesday, August 21, 2013

 

For Massachusetts auto buyers, the news is bad. According to GoBankingRates.com, it costs more to finance a car in Massachusetts than almost any other state.

The impact is significant. "Residents of states that ranked poorly for affordable interest rates shouldn’t necessarily give up the search for competitive financing options. Interestingly, credit unions consistently offered the lowest base rates in each state, mirroring the top rates in states that ranked well for low rates overall. These financial not-for-profits should be any car loan applicant’s go-to source of financing if interest rates are a concern," said GoBankingRates.com.

Massachusetts 47th

Massachusetts banks and credit unions offer an average 4.21% new car loan rate with all terms considered. That rate placed it as #47 nationwide in terms of affordability.

Best Local Auto Loan Rates for Popular Terms

36-month: Navy Federal Credit Union – 1.49%
48-month: USAA FSB – 2.24%
60-month: Navy Federal Credit Union – 1.79%

MA State Demographics

Population: 6,646,144
Number of Registered Autos: 3,122,244
Per Capita Personal Income: $54,687
Unemployment Rate: 7.2%

Methodology:

Auto loan rate data was compiled using the GoBankingRates interest rate database. GoBankingRates partners with Informa Research Services, Inc. (www.informars.com) in aggregating up-to-date rate information belonging to thousands of local, national and online U.S. banks and credit unions. Although the information has been obtained from the various financial institutions, the accuracy cannot be guaranteed.

 

Enjoy this post? Share it with others.

 
Delivered Free Every
Day to Your Inbox