Compare Bank & Credit Union Rates
Best auto loan rates, new and used
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 1–14 of 14 in Michigan · median 6.54% APR
- 5.34%APRas low as · up to 20.69%with conditions
5.34% APR, up to 20.69%
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Available to well-qualified applicants. Includes a 0.25% discount for automated payment from a PNC checking account set up at loan closing; rate increases 0.25% if automated payment is discontinued. Available for 2018-2027 model year non-commercial vehicles with up to 80,000 miles (up to 100,000 miles based on credit qualifications).
Auto loan score 72 · Carrot Score 75
Rate checked · Auto loans rates on its site
More details - 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
More details - 5.82%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
60-month term example on a $40,000 loan amount on a 2025 or newer model year vehicle at 5.64% interest rate (5.822% APR) resulting in a monthly payment of $766.63, including 0.25% autopay discount and $175 processing fee financed into the loan. Highest credit tier.
Auto loan score 69 · Carrot Score 61
Rate checked · Auto loans rates on its site
More details - 6.09%APRas low as
Terms
Based on 60 months and $45,000 financing amount with $0 down payment for online applicants with excellent credit ($870.81 monthly payment). Rate discount of 0.25% may be available for Chase customers maintaining an average daily combined balance of $150,000 or more across eligible accounts. May not include a $195 loan origination fee for Indiana applications.
Auto loan score 66 · Carrot Score 60
Rate checked · Auto loans rates on its site
More details - 6.26%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Interest as low as 5.99%. Rate based on automatic withdrawal of payment from ChoiceOne account. APR based on $20,000 loan with 84 monthly payments of $294.63.
Auto loan score 64
Rate checked · Auto loans rates on its site
More details - 6.32%APRas low as
Auto loan score 64 · Carrot Score 73
Rate checked · Auto loans rates on its site
More details - 6.49%APRas low as
Terms
6.49% APR is based on 60-month term, 2022 or newer vehicle, with a minimum credit score of 740. Subject to credit approval; rates subject to change.
Auto loan score 63
Rate checked · Auto loans rates on its site
More details - 6.60%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
For 2024 & Newer model years. Stated APR is based on a credit score of 720+ and requires automatic payment from a Highpoint Community Bank account (otherwise 0.50% is added).
Auto loan score 63 · Carrot Score 75
Rate checked · Auto loans rates on its site
More details - 6.60%APRas low as
Terms
Rate is as low as 6.60% APR for terms up to 84 months. Monthly payment is $221.22 assuming a $15,000 loan amount. Based on 730+ credit score. Rate may be reduced by 0.25% with automatic payment from an Eaton Community Bank checking or savings account setup at closing. Processing fee is $149.
Auto loan score 63
Rate checked · Auto loans rates on its site
More details - 6.63%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Model Years 2022 – 2026. Credit score of 720 or greater. Includes 0.25% autopay discount for loan payments made automatically from a Bank of Ann Arbor checking or savings account. Max term 72 months. Impacted by $100 processing fee on sample $25,000 balance.
Auto loan score 62 · Carrot Score 79
Rate checked · Auto loans rates on its site
More details - 6.64%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Model Year: 2025 or Newer. Annual Percentage Rate with Automatic Payment. Varies on term with rates as low as 6.64%. Lowest APR assumes excellent credit history, automatic loan payment from a FSB account, 10% down payment on a new car financed for 60 months.
Auto loan score 63 · Carrot Score 63
Rate checked · Auto loans rates on its site
More details - 6.67%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
2026 model year. 10% down required.
Auto loan score 63
Rate checked · Auto loans rates on its site
More details - 7.12%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Rate includes discount for auto pay through Independent Bank checking or savings account (6.99% interest rate / 7.12% APR). Available for credit score 750 or greater, automobiles 2023 and newer, and loan amounts greater than $1,000. Standard processing fee of $175.00 applies.
Auto loan score 61 · Carrot Score 61
Rate checked · Auto loans rates on its site
More details - 7.51%APRas low as
Terms
Rates as low as 7.51% APR based upon loan amount and creditworthiness. Advertised APR assumes excellent credit history, is based on an average loan amount of $40,000 borrowed over 60 months, includes $257 in account opening fees, and equates to a monthly payment of $799.87. Some loans may be eligible for additional relationship-based account benefits for checking account clients.
Auto loan score 61
Rate checked · Auto loans rates on its site
More details
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
14 banks and credit unions · checked Oct 22–Nov 6
- Typical
- 6.54%
- Top 10% up to
- 5.69%
- Banks, typical
- 6.54%
How does your bank’s rate compare?
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Michigan
Top Carrot institutions
Ranked across their CDs, savings, auto loans and credit cards. How scores work
- Settlers Federal Credit UnionCredit union · 2 branches
- Great Lakes First Federal Credit UnionCredit union · 2 branches
- Dow Credit UnionCredit union · 2 branches