Purchasing a used car is usually cheaper than buying a new one. If you finance the vehicle, you’ll generally pay less per month, and it won’t depreciate as quickly as a new car fresh off the dealer’s lot. It’s a great way to save money, which is important for anyone on a strict budget.
If you’re considering buying a used car on the East Coast, you might wonder about average loan prices. GOBankingRates did a study to evaluate loan terms across East Coast states, including Connecticut, Delaware, Florida, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Virginia.
GOBankingRates sourced average interest rates on auto loans, assumed buyers chose a five-year term and made a 20% down payment. Based on these parameters, here are the average loan rates, total costs and monthly payments for used auto loans on the East Coast.
