Top 10 states with highest average APR for used vehicles
This week, Edmunds reported that the average interest rate for used vehicles financed in April came in at 9.16%, which was the same reading analysts spotted during the previous month.
Edmunds broke down the data further to pinpoint the top 10 states with the highest average APR for used vehicles delivered last month. Turns out the leader in this metric is ahead of the next one by more than 3%.
The rundown is as follows:
1. Alaska: 13.79%
2. Montana: 10.54%
3. New Mexico: 10.52%
4. Mississippi: 9.79%
5. Alabama: 9.73%
6. Oklahoma: 9.51%
7. Arkansas: 9.37%
8. West Virginia: 9.35%
9. Indiana: 9.14%
10. Georgia: 9.06%
For new vehicles, Edmunds reported the average APR for models financed in April to be 5.43%, which was 18 basis points higher than the previous month.
Among the top 10 states with the highest average ARP for those new vehicles, several locations were the same as the used-car list. The new-car rundown included:
1. New Mexico: 6.32%
2. Georgia: 5.44%
3. Alaska: 5.26%
4. Alabama: 5.21%
5. Arkansas: 4.85%
6. Florida: 4.85%
7. Mississippi: 4.80%
8. North Carolina: 4.77%
9. Texas: 4.73%
10. South Carolina: 4.62%
Rates for both used and new transations for the entire nation can be viewed on this website.