Navigating the auto loan market in Massachusetts can be complex. WiseIQ provides you with up-to-date information on average rates, top lenders, and key factors to consider when financing your next vehicle in the Bay State.
Get pre-approved for an auto loan before visiting a dealership. Pre-approval gives you negotiating power and protects you from dealer financing markups that can add $1,000–$3,000 to your total cost.
Massachusetts, known as the Bay State, has a population of 7.0M with a median household income of approximately $89,000. The current unemployment rate stands at 3.5%, which lenders consider when evaluating applications from Massachusetts residents.
Major financial hub: Boston is the primary financial center for Massachusetts residents, with access to both national and regional lenders.
Avg. New Car APR (Prime)
Avg. Used Car APR (Prime)
MA Sales Tax on Vehicles
Massachusetts offers a dynamic auto market with various financing options. Understanding the local landscape, including average interest rates and sales tax, is crucial for securing a favorable auto loan. The state 's 6.25% sales tax on vehicles significantly impacts the total cost of ownership, making competitive financing even more important.
Bank of America
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| Lender | Loan Type | Min. APR | Max. Term | Min. Credit Score |
|---|---|---|---|---|
| Bank of America | New/Used/Refinance | 5.99% | 72 Months | 600 |
| Metro Credit Union | New/Used | 6.74% | 84 Months | Not Disclosed |
| Capital One | New/Used/Refinance | 6.50% | 84 Months | 500 |
| Rockland FCU | New/Used | 5.50% | 72 Months | Not Disclosed |
| LightStream | New/Used/Refinance | 7.49% | 84 Months | 660 |
| PenFed Credit Union | New/Used/Refinance | 5.24% | 84 Months | 650 |