A Fredericksburg-area bank had the lowest interest rates in the country on both new and used auto loans for the three months ending June 30, according to a Charlottesville-based research firm.
Montross-based Peoples Community Bank topped the list for low auto loans in a recent article[* Refer to PDF below] by SNL Financial. The bank’s average interest rate for new and used car loans averaged 1.9 percent in the second quarter. That was almost 0.5 percentage points lower than the next bank on the list.
The national average was about 4.4 percent, according to SNL Financial.
[*] Read the SNL Financial article ““Lowest auto loan rates across US” below.