Auto Loan Rates in NJ Among Highest in Nation [AUDIO]
Auto loan rates in New Jersey rank among the highest in the nation, according to a new study.In the study by GoBankingRates.com, New Jersey came in third highest for auto loan rates. The lowest rates were found on the West Coast.
GoBankingRates.com took its database of auto loan rates in the United States by aggregating every single rate available on new loan products from banks and credit unions across the entire nation. Then it averaged all of those rates by state, and came up with a ranking where its on average, most expensive and least expensive to finance a car.
Bond said consumers should not automatically assume they cannot get a bargain here.
"We found that even in some of the worst states for loan rates, there were a number of local institutions, especially credit unions, that were offering really really really low base rates," said Casey Bond, managing editor of GoBankingRates.com
Among the factors the study considered were the number of high credit risks in an area and state laws regulating how high lenders rates can go for loans.
Michigan came in first with the lowest rates, and Oregon followed closely behind.