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Best bets for financing a new car

GoBankingRates.com looked into which states had the lowest financing options available for a new car and created a top 10 list. New York did not make the cut, finishing instead in the middle of the pack.

The state with the lowest aggregate average loan rate on new cars was Michigan, at 3.03 percent. GoBankingRates.com said credit unions "dominate" for the lowest rates offered in that state.

New York's rate was 3.51 percent. Meanwhile, seven states came in at 4.01 percent or higher, with Rhode Island the highest, at 5.11 percent.

GoBankingRates.com said its study looked at base rates offered by banks and credit unions on new car loan products, using a statewide average of rates to determine the rankings.

The study says car buyers who don't live in one of the top 10 states should not despair: "When it comes to affordable financing, there are always great options available on the local level, and it's up to the borrower to find them."

-- Matt Glynn

 

 

 

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