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 121–135 of 138 in Michigan · median 5.00% APR
- 5.75%APRas low as
Terms
APR as low as stated. Annual Percentage Rates may be higher or lower depending on credit history. Loans are subject to underwriting.
Auto loan score 65 · Carrot Score 73
Rate checked · Auto loans rates on its site
More details - 5.81%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 with an interest rate of 5.49% yielding 5.810% APR. Actual interest rate and APR may vary.
Auto loan score 69 · Carrot Score 80
Rate checked · Auto loans rates on its site
More details - 5.99%APRas low as
Terms
New vehicles only.
Auto loan score 87 · Carrot Score 92
Rate checked · Auto loans rates on its site
More details - 5.99%APRas low as
Terms
Model year 2021 and newer. Rate is as low as. New Untitled Vehicles Only, $7,500 minimum balance.
Auto loan score 82 · Carrot Score 85
Rate checked · Auto loans rates on its site
More details - 5.99%APRas low aswith conditions
This rate needs a checking account, direct deposit or relationship with the lender.
Terms
Relationship APR. Requires participation in multiple CFCU products/services (checking account, share certificate, active VISA account, mortgage/home equity loan, and/or electronic service package).
Auto loan score 67 · Carrot Score 80
Rate checked · Auto loans rates on its site
More details - Northern Lights Community Federal Credit UnionNew Vehicles 2026- 2027 · up to 60 months
Credit union · 1 branch
5.99%APRas low asAuto loan score 67 · Carrot Score 61
Rate checked · Auto loans rates on its site
More details - Montcalm Public Employees Credit UnionNew Vehicles (2024 & newer) · 49–60 months
Credit union · 1 branch
6.00%APRas low asAuto loan score 63 · Carrot Score 62
Rate checked · Auto loans rates on its site
More details - 6.15%APRas low as
Terms
Rates as low as stated. 48 Months; longer terms available. Rate based on term and credit worthiness.
Auto loan score 65 · Carrot Score 89
Rate checked · Auto loans rates on its site
More details - 6.19%APRas low as
Terms
Rate based on term and credit worthiness. Must qualify for membership.
Auto loan score 63 · Carrot Score 81
Rate checked · Auto loans rates on its site
More details - 6.24%APRas low as · up to 16.49%with conditions
6.24% APR, up to 16.49%
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Lowest rate includes automatic payment and electronic document discount.
Auto loan score 63 · Carrot Score 82
Rate checked · Auto loans rates on its site
More details - 6.40%APRas low as
Terms
Rates shown reflect lowest APR available and may not be available for all loan terms; longer repayment terms may result in higher APRs. Rate depends on credit qualifications, collateral, term selected, and other factors. 90-day payment deferral available subject to credit approval for applicants with credit score of 690+ and vehicle collateral model year 2018 or newer; interest accrues from disbursement date.
Auto loan score 64 · Carrot Score 74
Rate checked · Auto loans rates on its site
More details - 6.49%APRas low as
Terms
Longer terms may be available for highly qualified borrowers with adequate collateral.
Auto loan score 63 · Carrot Score 89
Rate checked · Auto loans rates on its site
More details - 6.69%APRas low as
Terms
Rates as low as 6.69% APR. New (2025 & Newer). Monthly payment estimate per $10,000 borrowed $197.06. Actual APR will vary based on borrower's credit worthiness and underwriting factors. Fees may apply.
Auto loan score 62 · Carrot Score 92
Rate checked · Auto loans rates on its site
More details - 6.74%APRas low as
Terms
Auto Secured - 2016 and Older. APR subject to change.
Auto loan score 63 · Carrot Score 70
Rate checked · Auto loans rates on its site
More details - 6.99%APRas low aswith conditions
This rate needs autopay and a checking account, direct deposit or relationship with the lender.
Terms
Minimum loan $50,000. As low as rate includes 0.25% autopay discount.
Auto loan score 64 · Carrot Score 72
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