Michigan, which is most associated with the booming U.S. auto industry, tops the list of states with the lowest average loan rates on new cars at 3.03 percent, according to GoBankingRates.com.
The rest of the top 5: Oregon (3.04 percent); Alaska (3.04 percent); New Hampshire (3.08 percent); and South Carolina (3.15 percent).
The site aggregated base interest rates on every new car loan product in the United States, then averaged them all by state to come up with a top 10 ranking of the states with lowest rates overall.
Additionally, GoBankingRates.com identified the financial institutions in each state providing the lowest interest rate for a handful of common loan terms.
Here are the U.S. cities with the lowest average new car loan rates (APR):
1: St. Louis, 2.95
2: Detroit, 3.20
3: Pittsburgh, 3.20
4: Los Angeles, 3.25
5: Philadelphia, 3.26
6: Baltimore: 3.28
7: Louisville, 3.34
8: Seattle, 3.36
9: New York, 3.39
10: Cincinnati, 3.40
See the infographic below.
