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 151–156 of 156 in Michigan · median 4.99% APR
- 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
Rates and branches - 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 62
Rate checked · Auto loans rates on its site
Rates and branches - 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
Rates and branches - 7.75%APRas low as
Terms
Rates as low as 7.75% for 60 months term. Lowest rate possible based on credit score. Some restrictions apply. Membership eligibility required.
Auto loan score 61 · Carrot Score 86
Rate checked · Auto loans rates on its site
Rates and branches - 9.50%APRas low aswith conditions
This rate needs a checking account, direct deposit or relationship with the lender.
Terms
Rate includes Loan Rebate Benefit of 1.50% APR; restrictions apply. Vehicle must be 10 years old or newer with less than 100,000 miles. Requires 1 year on job, active checking/debit, direct deposit, e-statements, and e-notices.
Auto loan score 60 · Carrot Score 75
Rate checked · Auto loans rates on its site
Rates and branches - 9.95%APRas low as · up to 18.45%
9.95% APR, up to 18.45%
Terms
Minimum Amount to Finance: $5,000.
Auto loan score 60
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
156 banks and credit unions · checked Oct 16–23
- Typical
- 4.99%
- Top 10% up to
- 4.34%
- 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
- Meijer Credit UnionCredit union · 3 branches
- Dow Credit UnionCredit union · 2 branches