If you happen to reside in Boston, MA and are in the market for a new or used car loan (or if you’d simply like to refinance your existing auto loan) you may want to stop by one of the institutions mentioned below. We’ve seen a few noteworthy auto loan rates come our way out of Boston, Massachusetts, so we thought we’d dedicate an entire post to finding today’s best rates in that region.
Auto loan rates in general have dropped drastically over the last year and large numbers of vehicle owners have opted to refinance their car loan to take advantage of current interest rate levels. You may find better rates through dealer financing on new vehicles, but with an auto loan from a bank or credit union you will be treated as a cash buyer by the dealer. This could lead to greater leverage in the negotiation process.
Boston, MA Auto Loan Rates (Top 3):
(Rates accurate as of March 2011. Please visit the individual institution’s website for updated rate information if you believe this article to be out dated.)
- Eastern Bank, based out of Boston, MA, has a 60 month new car loan going for 4.99% APR.
- TD Bank’s Boston based branches have a 60 month new car loan going for 5.74% APR.
- Salem Five Bank has a 60 month new car loan going for 6.74% APR.
To put the offers above in perspective, the national average for 36 month auto loans and 48 month auto loans sits at roughly 5.49% APR and 4.91% APR respectively.
If you live in the greater Boston area and know of a better auto loan rate being offered through your local bank or credit union, please share by leaving a comment!