Compare Bank & Credit Union Rates
Best auto loan rates in Michigan
Compare the lowest advertised APRs for new and used vehicle loans from banks and credit unions, with terms, conditions and original sources.
Top new-car loan rates
Showing 106–120 of 155 in Michigan · median 4.99% APR
- 5.49%APRas low as
Terms
Vehicle model years 2021-2026. Actual loan rate determined by creditworthiness.
Auto loan score 73 · Carrot Score 92
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low as
Terms
Rates as low as 5.49% APR with max terms up to 84 months.
Auto loan score 73 · Carrot Score 76
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Up to 75 months (61 – 75 month term only for requested amount of min. $15K or greater, based on MSRP). 5.49% rate requires automatic payment and 60-month max term (otherwise add 0.25% for coupon payment).
Auto loan score 70 · Carrot Score 83
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
With qualifying Direct Deposit (at least $1,000/mo) and Auto Pay discount. Applicable to new and used vehicles.
Auto loan score 69 · Carrot Score 89
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low aswith conditions
This rate needs a checking account, direct deposit or relationship with the lender.
Terms
With VIP Perks Discount. The discount is applied to the loan as a rebate to the loan balance each month that VIP Perks status is maintained. Rate determined by credit experience.
Auto loan score 69 · Carrot Score 75
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low as
Terms
New: 2026 vehicles; Up to 66 Months
Auto loan score 69 · Carrot Score 85
Rate checked · Auto loans rates on its site
Rates and branches - 5.49%APRas low as
Terms
Terms up to 84 Months. Rates listed are estimates, and may vary by term selected.
Auto loan score 69 · Carrot Score 74
Rate checked · Auto loans rates on its site
Rates and branches - 5.50%APRas low as
Terms
Rate shown is before discount is applied (New & Used Autos APR as low as 5.50%). Take 1.00% APR off standard rates for new 2025/2026 models, or 0.25% APR off standard rates for used models (2021 or newer). Floor rate is 5.50% APR.
Auto loan score 72 · Carrot Score 85
Rate checked · Auto loans rates on its site
Rates and branches - ELGA Credit UnionNew Auto Loan Rates & Used Auto Loan Rates (By Model Year) · up to 72 months
Credit union · 16 branches
5.50%APRas low aswith conditionsThis rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Model Years 2021 – 2026. Includes 0.50% rate reduction for direct deposit and automatic payments from ELGA Credit Union account.
Auto loan score 72 · Carrot Score 78
Rate checked · Auto loans rates on its site
Rates and branches - 5.50%APRas low as
Terms
APR as low as stated
Auto loan score 72 · Carrot Score 88
Rate checked · Auto loans rates on its site
Rates and branches - 5.50%APRas low as
Terms
Rates are as low as stated and depend on evaluation of applicant credit, term, and loan to value.
Auto loan score 72 · Carrot Score 68
Rate checked · Auto loans rates on its site
Rates and branches - 5.56%APRas low as
Terms
Example based on borrowing $30,000 with a $249 loan processing fee (total loan amount $30,249) on a 5-year loan at an interest rate of 5.24% yielding 5.558% APR. Actual interest rate and APR may vary.
Auto loan score 71 · Carrot Score 81
Rate checked · Auto loans rates on its site
Rates and branches - 5.59%APRas low as
Terms
Up to $15k loan amount. 60 month maximum term. Rates as low as stated; APR can vary based on creditworthiness.
Auto loan score 71 · Carrot Score 74
Rate checked · Auto loans rates on its site
Rates and branches - 5.60%APRas low as
Terms
For new and used vehicles. Available to members with qualifying credit scores.
Auto loan score 71 · Carrot Score 63
Rate checked · Auto loans rates on its site
Rates and branches - 5.64%APRas low as
Terms
Advertised as-low-as APR assumes excellent borrower credit history and is specific to VA. Advertised rate does not include additional BofA Rewards interest rate discount of 0.10% to 0.50%. Rate guaranteed for 30 days from application approval.
Auto loan score 66 · Carrot Score 65
Rate checked · Auto loans rates on its site
Rates and branches
Each institution’s lowest advertised APR for the vehicle, at terms that reach 60 months: usually its best-credit rate, so yours depends on your credit, the term and the vehicle. A rate that needs autopay, a checking account or similar says “with conditions”; More filters can leave those out. Refinance, lease buyout, recreational and promotional rates that have ended are left out, and a rate far below what other lenders advertise is listed lower down until it’s checked. Carrot Score rates each institution on all its CD, savings, auto loan and credit card rates. How we rank
What new auto loans cost in Michigan
155 banks and credit unions · checked Oct 16–22
- Typical
- 4.99%
- Top 10% up to
- 4.27%
- Banks, typical
- 6.54%
- Credit unions, typical
- 4.99%
How does your bank’s rate compare?
Find your bank or credit union to see all its rates and how they compare near you.
Michigan
Top Carrot institutions
Ranked across their CDs, savings, auto loans and credit cards. How scores work
- Settlers Federal Credit UnionCredit union · 2 branches
- Chief Financial Credit UnionCredit union · 4 branches
- Meijer Credit UnionCredit union · 3 branches