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With President’s Day approaching and the combination of rising auto sales and low interest rates encouraging more lending to subprime borrowers, the personal-finance website WalletHub today released the first-quarter installment of its Auto Financing Report in conjunction with its in-depth analysis of 2017’s Cities that Overspend on Cars.

Below are some of our key findings from each of the two reports:

Source: WalletHub

Auto Financing Report:

  • Interest rates for new cars are near their lowest point in three years, with the average new-car loan today charging 16 percent less interest than the average used-car loan.
  • Compared with buyers who have excellent credit, those with fair credit will spend about six times more, or about $6,403, in interest over the life of a five-year, $20,000 loan when financing a vehicle.
  • The best options for financing a new car include car manufacturers (rates at 43 percent below average) and credit unions (rate at 25 percent below average). Secondary options include national banks (rates at 2 percent above average) and regional banks (rates at 29 percent above average).
  • Car manufacturers continue to lack transparency when it comes to leasing offers, with the average automaker receiving a WalletHub Transparency Score of 4.68 out of 10.

Cities that Overspend on Cars:

  • Ruston, LA
  • Williamsburg, VA
  • Ellensburg, WA
  • Morgantown, WV
  • College Station, TX
  • Rio Grande City, TX
  • Kingsville, TX
  • Warrensburg, MO
  • Milledgeville, GA
  • Mercedes, TX
  • Deming, NM
  • Stillwater, OK
  • Murray, KY
  • Newark, DE
  • Bloomington, IN
  • Stephenville, TX
  • San Marcos, TX
  • San Luis, AZ
  • Delano, CA
  • Dahlonega, GA

Cities that Spend the Least on Cars:

  • Scarsdale, NY
  • Cupertino, CA
  • Hoboken, NJ
  • Saratoga, CA
  • Chevy Chase, MD
  • Bronxville, NY
  • Lexington, MA
  • Los Altos, CA
  • McLean, VA
  • Manhattan Beach, CA
  • Palo Alto, CA
  • Foster City, CA
  • Ridgewood, NJ
  • Westport, CT
  • Powell, OH
  • Winchester, MA
  • Westfield, NJ
  • Garden City, NY
  • Birmingham, MI
  • Plainview, NY

We recommend prospective car buyers check their credit scores for free on WalletHub and leverage a Car Payment Calculator to determine an auto-loan payment and timeline they can afford.

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