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GoBankingRates.com: Rhode Island Tops 10 Worst States for Financing a New Car

August 22, 2013

LOS ANGELES — According to a study from GoBankingRates.com, Rhode Island boasts the highest auto finance rates for new-vehicle purchases. The finance-tracking firm found that the highest financing rates were discovered in the East Coast states and in the South.

According to GoBankingRates.com’s “10 Worst States for Financing a New Car” study, Rhode Island recorded an average rate of 5.11 percent for consumers purchasing a new vehicle. Rounding out the Top 5 spots were Connecticut (4.82 percent), New Jersey (4.47 percent), Massachusetts (4.21 percent) and Louisiana (4.2 percent).

The No. 6 spot went to West Virginia with an average 4.16 percent finance rate, followed by Delaware at 4.14 percent. Washington, D.C. landed at No. 8 with a 3.95 auto finance rate, while Mississippi and Pennsylvania rounded out the Top 10 with rates of 3.91 percent and 3.84 percent, respectively.

For more details on the study and findings on each state, click here.

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