Auto Loan
Best Auto Loan Rates in MA
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
The auto loan rates in MA will vary depending on your credit score, loan term, and the lender you choose. While you have options to choose from banks, credit unions, or online lenders, you should compare rates before finalizing the lender.
The APRs in Massachusetts start from 3.46%. However, rates as low as this is usually provided by credit unions or other national institutions. So, the average car loan rate in MA would be close to 5.9%. Based on your lender, the loan term, and the kind of vehicle, it can hit a maximum of 7.25% in the state.
Here, we look at some of the best auto loan rates available in MA that offer competitive rates that suit your budget.
In MA, the average APR rates range from 5.81 % to 7.06%. While Western Alliance and East Cambridge Savings Bank have the lowest APR of 5.81 % for 36 months, Berkshire Bank offers around 6.31% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of America | 6.45% | 6.45% | 6.45% | NA |
| Berkshire Bank | 6.11% | 6.11% | 6.11% | 6.31% |
| Colonial Federal Bank | 7.05% | 7.05% | 7.05% | NA |
| East Cambridge Savings Bank | 5.81% | 6.85% | NA | NA |
| Bank of Easton | 5.81% | 5.96% | 5.96% | NA |
| People's United Bank | 6.85% | 5.06% | 6.82% | 6.85% |
| Pittsfield Co-operative Bank | 6.62% | 6.56% | 6.81% | 7.06% |
| Southbridge Savings Bank | 6.81% | 6.81% | 7.06% | NA |
| Western Allinace Bank | 5.81% | 5.81% | 5.81% | NA |
Being a member of the credit union comes with its perks. For instance, you might be eligible for the best auto loan rates in MA if you are a member of a credit union, then for lower APR rates. Some of the best credit unions in MA that give the best interest rates include Transportation Federal Credit Union and PenFed Credit Union. So, with a good credit score, you can get the best auto loan rates through credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.60% | 5.60% | 5.65% | 5.95% |
| Boston Firefighters Credit Union | 6.55% | 6.55% | 6.55% | 7.05% |
| Bridgewater Credit Union | 7.05% | 7.05% | 7.05% | NA |
| Brotherhood Credit Union | 5.81% | 5.81% | 5.81% | 6.36% |
| Digital Federal Credit Union | 6.05% | 6.05% | 6.05% | 6.55% |
| Greater Springfield Credit Union | 6.40% | 6.90% | 6.90% | NA |
| Hanscom Credit Union | 6.30% | 6.30% | 6.50% | 7.00% |
| Liberty Bay Credit Union | 6.55% | 6.80% | 6.80% | 7.05% |
| Transportation Federal Credit Union | 5.05% | 5.50% | 5.80% | 6.05% |
National institutions may offer lower rates but often have stricter credit score requirements. This can make them a good option for borrowers with excellent credit. Navy Federal Credit provides good rates in the states. Similarly, PenFed Credit Union and Chartway Federal Credit Union offer auto loans in MA from 5.50% to 6.31%.
While comparing the offers from different lenders, you can also see that Wells Fargo Bank offers APR as low as 3.43% for 36 months. So, you must choose the one that best fits your financial and credit situation.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Motorola Employees Credit Union | NA | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.60% | 5.05% | 5.05% | 5.35% |
| USAA Federal Savings Bank | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA | NA |
For used cars, the lowest APR rates are found with Western Alliance Bank, with an APR as low as 6.06% for 36 months. Similarly, Berkshire Bank and Pittsfield Co-operative Bank also provide similar APRs below 7%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of America | 6.75% | 6.45% | 6.75% | NA |
| Abington Bank | NA | 4.81% | NA | NA |
| Berkshire Bank | 6.11% | 6.11% | 6.11% | 6.31% |
| Pentucket Bank | 7.31% | 7.31% | 7.31% | NA |
| People's United Bank | 6.85% | 6.85% | 6.85% | 6.85% |
| Pittsfield Co-operative Bank | 6.56% | 6.56% | 6.81% | 7.06% |
| Southbridge Savings Bank | 6.81% | 6.81% | 7.06% | NA |
| Western Allinace Bank | 6.06% | NA | 6.06% | NA |
Credit unions that offer the best rates in MA for used cars include PenFed Credit Union, Brotherhood Credit Union, and Boston Firefighters Credit Union. The used car loan rate in MA ranges between 5.60 % and 7.25% for most credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.60% | 5.60% | 7.00% | 7.05% |
| Boston Firefighters Credit Union | 5.56% | 6.50% | 6.05% | 7.05% |
| Bridgewater Credit Union | 7.05% | 7.05% | 7.05% | NA |
| Brotherhood Credit Union | 5.81% | 5.81% | 5.81% | NA |
| Digital Federal Credit Union | 6.05% | 6.05% | 6.05% | 6.55% |
| Greater Springfield Credit Union | 6.40% | 6.90% | 6.90% | NA |
| Hanscom Credit Union | 6.30% | 6.30% | 6.50% | 7.00% |
| Liberty Bay Credit Union | 6.55% | 6.80% | 6.80% | 7.06% |
| Transportation Federal Credit Union | 5.80% | 6.05% | 6.30% | 6.80% |
Motorola Employees Credit Union, JP Morgan Chase Bank, and Chartway Federal Credit Union are good options for your used car loan if you are opting for a national institution. The lowest used car loan rate in MA for 36 months is 3.60%, and the highest is 7.25% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.01% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.85% | 5.91% | 6.31% |
| Motorola Employees Credit Union | 6.60% | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.50% | 6.05% | 6.05% | 6.15% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
Improve Your Credit Score
A strong credit history will automatically translate to good car loan rates. Paying your bills on time is the key to this.
Loan Term and Down Payment
It is better to choose a shorter loan term to secure lower interest rates, even though this will result in higher monthly payments. So, if your budget permits, opt for a shorter loan term and a larger down payment, which reduces the amount you need to borrow, leading to lower monthly payments.
Shop Around
Getting pre-approved by multiple lenders helps you understand the rates you qualify for without impacting your credit score. This will also help you to compare and negotiate better.
There are several factors you need to consider while researching your car loan rates.
A good car loan interest rate varies based on your credit score and other factors. Typically, rates begin around 5.81% for new cars in MA. However, some banks, like JP Morgan Chase Bank, offer APR rates as low as 3.60%. By checking the average interest rates for your specific credit score category, you will help you compare offers from lenders and determine if you're getting a good deal.
Maintaining credit scores is the best way to secure a good loan rate, may it be new or used cars. JP Morgan Chase Bank, Chartway Federal Credit Union, Western Alliance, and East Cambridge Savings Bank are some of the national institutions that offer the best auto loan rates in MA.
JP Morgan Chase Bank, Western Alliance, and East Cambridge Savings Bank are some of the banks and unions that offer the best car loan rates in MA.
If you have an excellent credit score, then the best rates for auto loans now stand at 3.60% in MA. Lenders like JP Morgan Chase Bank Motorola Employees Credit Union offer auto loan rates in the range of 3.60% for 32 months. However, the rates generally start at 5.81% for new cars.
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and the lender and the criteria they weigh for providing loans.
JP Morgan Chase Bank, Chartway Federal Credit Union, and Digital Federal Credit Union are the credit unions that provide the best auto loan rates in MA.
The range of auto loan interest rates for used cars in MA is between 3.43% and 7.25%.