LOS ANGELES -

With an average of tax refund of more than $3,000 coming to consumers, GOBankingRates analysts sought out to find the states and cities that boast the lowest interest rates on new-vehicle loans this month.

The site’s study determined the five cheapest states for financing a new vehicle include:

— Hawaii: four-year loan at 1.9 percent

— Delaware: five-year loan at 2.34 percent

— Rhode Island: five-year loan at 2.34 percent

— Washington, D.C.: five-year loan at 2.34 percent

— Virginia: five-year loan at 2.44 percent

Meanwhile, the site found the five cities with the lowest new-model loan rates for a three-year contract to be:

— Detroit: 2.67 percent

— Long Beach, Calif.: 2.71 percent

— Oakland, Calif.: 2.72 percent

— Portland, Ore: 2.80 percent

— New York: 2.81 percent

This study surveyed base auto loan rates for three-, four- and five-year terms from banks and credit unions located in the United States as of March 3. Data was compiled from the GOBankingRates interest rate database, which in partnership with Informa Research Services, aggregates interest rates from more than 6,000 financial institutions.

GOBankingRates managing editor Casey Bond explained why these rates are no noteworthy in connection with the height of tax season currently ongoing.

“As the Fed rolls back on its quantitative easing initiative, which kept interest rates artificially low for more than five years, rates will begin to rise again, making the cost of borrowing increase as well,” Bond said.

“The average tax refund is equivalent to a 20 percent down payment on a $15,000 auto loan; combined with today’s very low interest rates, it is a great time to buy a car,” Bond continued. “In fact, qualified car buyers can expect to find a three-year loan around just 3 percent. Three years ago, you’d pay double.

“Car loan rates won’t stay this low for too much longer. Eventually, auto lenders will need to increase the cost of borrowing to match the national rising rate trend. For anyone considering a vehicle purchase, this tax season might be the last chance to get in on an auto loan at a rock-bottom rate,” Bond went on to say.