Michigan Among Best States for Auto Loans

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Michigan, a state known for the auto industry, it turns out is also number one for least expensive auto loans. GoBankingRates.com is out with a new study and Michigan is ranked number one with the lowest interest rates in the nation averaging at 3.03%.

"A car will only go down in value, so it's always best for the borrower to pay as little in interest as possible," said Casey Bond, GoBankingRates.com managing editor. "Even half a percentage point can add hundreds of dollars to the total cost of a vehicle -- money that person will never get back," Bond added.

Coming up tonight at 5 p.m. on WILX News Tens, we'll have more on what's driving the low rates.

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