Who Pays the Highest APR?

Automakers are increasingly using low APR financing deals to get buyers to sign on the dotted line. Compared to the lump sum of a cash incentive, low APR deals often equal a lower monthly payment. But did you know that APR can vary depending on where you live?

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.