Who Pays the Highest APR?
The map above shows the average APR in loans to consumers among the 50 largest markets in the country, according to Bankrate, a Cars.com partner.
It’s interesting that the highest rates are concentrated on the West Coast, with Los Angeles residents seeing an average of 9.55% APR and Las Vegas residents paying the highest APR in the country at 9.58%.
It pays to live in sleepier areas like Memphis, Tenn., at 3.97% or the metro areas of Norfolk, Va., and Hartford, Conn., which have the lowest APR in the country at 3.49%.
Rates are based on a $22,000 loan with a term of 60 months with a down payment of 10% provided to a consumer with no other relationship to the lender, who has average income and a FICO score of 700 or higher for the purchase a new car.