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10 States With the Lowest Auto Loan Rates

Michigan, Oregon lead the pack


A new study looked at the auto loan rates of all 50 states and it revealed that the cheapest rates can be found in the West Coast. performed the study which revealed that the average interest rate for a new vehicle in the U.S. is 3.6%. However, that number varied quite a bit from state to state with Michigan boasting a 3.03% APR, the lowest rate in the country.

Here is’s list of the 10 states with the lowest average auto loan rates in the country.

  1. Michigan: 3.03%
  2. Oregon: 3.04%
  3. Alaska: 3.04%
  4. New Hampshire: 3.08%
  5. South Carolina: 3.15%
  6. Vermont: 3.17%
  7. Oklahoma: 3.23%
  8. Utah: 3.28%
  9. Washington: 3.29%
  10. North Carolina: 3.31%

The study revealed that Rhode Island is on the other side of the spectrum, boasting an average auto loan rate of 5.11%. This data is based on loan rates compiled on July 24.

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