NEW: Rhode Island Ranks 50th in Auto Loans

NEW: Rhode Island Ranks 50th in Auto Loans

For Rhode Island auto buyers the news is bad. According to GoBankingRates.com, it costs more to finance a car in Rhode Island than 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.

Rhode Island Last

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

The nation’s smallest state is home to the highest car loan rates on average, and the only one to break 5%.

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%

State Demographics

Population: 1,050,292
Number of Registered Autos: 473,647
Per Capita Personal Income: $44,990
Unemployment Rate: 8.9%

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.