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 16–30 of 138 in Michigan · median 5.00% APR
- 4.49%APRas low as
Terms
Rates are determined by credit score, term and age of the collateral. Example: finance $10,000 at 4.49% for 48 months has payment of $228.01.
Auto loan score 90 · Carrot Score 93
Rate checked · Auto loans rates on its site
More details - 4.49%APRas low as
Terms
Flexible terms available. Rate subject to credit approval; terms and conditions subject to change.
Auto loan score 90 · Carrot Score 87
Rate checked · Auto loans rates on its site
More details - 4.49%APRas low as
Terms
Model Year 2022-2027. Estimated monthly payment $29.75 per $1,000. Rate subject to risk adjustment; credit restrictions apply; other rates & terms available.
Auto loan score 90 · Carrot Score 87
Rate checked · Auto loans rates on its site
More details - Electrical Workers Local 58 Credit UnionNew Vehicles / Motorcycles · 37–60 months
Credit union · 1 branch
4.49%APRas low asAuto loan score 89 · Carrot Score 82
Rate checked · Auto loans rates on its site
More details - 4.49%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Model Years 2021-2024. Quoted rates include a member discount for an active checking account with direct deposit and automatic payment of loan.
Auto loan score 88 · Carrot Score 88
Rate checked · Auto loans rates on its site
More details - 4.50%APRas low as
Terms
Rates as low as 4.5%. Actual APR based upon individual credit worthiness, year of vehicle, term of loan, and applicable prepaid items. Some restrictions may apply.
Auto loan score 87 · Carrot Score 86
Rate checked · Auto loans rates on its site
More details - 4.50%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Auto loan score 86 · Carrot Score 92
Rate checked · Auto loans rates on its site
More details - 4.50%APRas low as
Terms
For 2024 and newer vehicles. Rates are lowest possible rates based on credit score.
Auto loan score 86 · Carrot Score 85
Rate checked · Auto loans rates on its site
More details - 4.50%APRas low as
Terms
Rate stated is 'as low as' and assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted.
Auto loan score 87 · Carrot Score 87
Rate checked · Auto loans rates on its site
More details - 4.55%APRas low as
Terms
New vehicle. APR as low as. Rate as low as 4.50%.
Auto loan score 87 · Carrot Score 89
Rate checked · Auto loans rates on its site
More details - 4.59%APRas low as
Terms
As low as rate for 37-60 months on new vehicles (2025 and newer model years). Assumes excellent credit.
Auto loan score 86 · Carrot Score 86
Rate checked · Auto loans rates on its site
More details - Cornerstone Community Financial Credit UnionAuto Loans - New & Used · 40–64 months
Credit union · 7 branches
4.69%APRas low asTerms
Minimum loan amount $7,500. Approval and actual rate offered are based on overall creditworthiness factors and collateral. Mileage and model year restrictions may apply. Rate discounts of up to 1% APR may be available.
Auto loan score 89 · Carrot Score 93
Rate checked · Auto loans rates on its site
More details - 4.70%APRas low as
Terms
2025-2026 Auto/Truck. Offered to members with good credit. Estimated monthly payment $18.74 per $1,000 borrowed.
Auto loan score 89 · Carrot Score 89
Rate checked · Auto loans rates on its site
More details - 4.71%APRas low as
Terms
Rate is 'as low as'. APR based on a sample loan of $20,000 with a $100 processing fee. Subject to credit approval.
Auto loan score 87 · Carrot Score 89
Rate checked · Auto loans rates on its site
More details - Gerber Federal Credit UnionVehicle Loans - Automobiles, Trucks and Street Motorcycles · up to 72 months
Credit union · 3 branches
4.74%APRas low aswith conditionsThis rate needs a checking account, direct deposit or relationship with the lender.
Terms
Model years 2016 - 2026. New & Used. APR as low as after maximum Loyal Member Discounts rate reduction of .75%. Based on individual member credit history.
Auto loan score 88 · Carrot Score 88
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
138 banks and credit unions · checked Nov 6–7
- Typical
- 5.00%
- Top 10% up to
- 4.42%
- Credit unions, typical
- 5.00%
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
- Great Lakes First Federal Credit UnionCredit union · 2 branches
- Dow Credit UnionCredit union · 2 branches