NEW: Massachusetts Ranks 47th in Auto Loans

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Wednesday, August 21, 2013

GoLocalWorcester Business Team

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.

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