Why are the national auto loan rates different from the state auto loan rates?
In banking, these are broadly defined terms and are subjective. Loan rates are set based on the market conditions, the lenders desire to capture those loans and their need for a certain return, based on their costs, so while there is an average, and some loans have investors which help set rates, loan rates for cars and anything else can vary from state to state, county to county and bank to bank whether these lenders are 1,000 miles apart, or just one block.
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In banking, these are broadly defined terms and are subjective. Loan rates are set based on the market conditions, the lenders desire to capture those loans and their need for a certain return, based on their costs, so while there is an average, and some loans have investors which help set rates, loan rates for cars and anything else can vary from state to state, county to county and bank to bank whether these lenders are 1,000 miles apart, or just one block.
