Connecticut auto loans rates are the second-highest expensive in the country behind Rhode Island, according to a survey by GoBankingRates.com
Connecticut financing rates averaged 4.82 percent as of July 24, the website said. Rhode Island’s average was 5.11 percent. New Jersey and Massachusetts took third and fourth place with 4.47 percent and 4.21 percent, respectively.
“Cars are depreciating assets, which means it’s never smart to overpay in interest when purchasing one,” Casey Bond, GoBankingRates.com’s managing editor, said in a statement. “Anyone paying upwards of 5 percent or higher on a car loan is getting a bad deal.”
The website aggregated base rates from more than 4,000 U.S. financial institutions.
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