Auto Loan
Best Auto Loan Rates in Michigan
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There are a couple of factors, including the credit score rates, that influence the auto loan rates in Michigan. The length of the loan term and your car model are all key factors in determining the loan rates. To finalize the organization that can fetch you low APRs, research needs to be done.
Here are the current auto loan rates in Michigan, along with details on the best rates available from banks, credit unions, and other national institutions.
The average auto loan rate in Michigan starts at 4.31%. There are banks, credit unions, and other national institutions that offer auto loans at good rates. Proper research will help you find one that suits your needs and budget. Here is a list of banks, credit unions, and other national institutions that provide the best auto loan rates in Michigan.
When it comes to the banks for auto loans in Michigan, the rates are surprisingly lower than in other states. It ranges from 4.31% for 36 months and goes up to 4.81% for 72 months for most banks, while it can be as high as 5.05% for banks like First State Bank of Decatur. The banks that offer the best auto loan rates in Michigan include Lotus Bank, Level One Bank, Ann Arbor State Bank, and State Savings Bank.
| Banks | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Ann Arbor State Bank | 4.55% | 4.55% | 4.55% | 4.75% |
| Bank of Michigan | 4.55% | 4.55% | 4.55% | 4.75% |
| Central State Bank | 4.31% | 4.31% | 4.31% | 4.31% |
| First Bank, Upper Michigan | 4.31% | 4.31% | NA. | NA |
| First National Bank & Trust Company of Iron Mountain | 4.81% | 4.48% | 4.62% | 4.73% |
| First State Bank of Decatur | 4.81% | NA | 5.05% | NA. |
| Level One Bank | 4.55% | 4.55% | 4.55% | 4.75% |
| Monroe Bank and Trust | 4.55% | 4.45% | 4.45% | 4.75% |
| State Savings Bank | 4.31% | 4.31% | 4.31% | 4.31% |
| Lotus Bank | 4.55% | 4.55% | 4.52% | 4.75% |
Credit unions are a great choice for affordable auto loans, especially if you are a member of the credit union. Some of the best credit unions in Michigan that give the best interest rates include the Austin Federal Credit Union, Government Employees Federal Credit Union, and United Heritage Credit Union. So, with a good credit score, there are chances for you to lock in the best auto loan rates.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | NA |
| Penfed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Arbor Financial Credit Union | 6.55% | 6.80% | NA. | NA |
| Alliance Catholic Credit Union | 5.85% | 5.85% | 6.05% | 6.05% |
| American 1 Credit Union | 6.30% | 6.30% | 6.30% | 6.30% |
| Cornerstone Community Financial Credit Union | 5.55% | 6.05% | 6.05% | 6.25% |
| Lenco Credit Union | 6.25% | 6.25% | 6.25% | 6.25% |
| LOC Federal Credit Union | 6.31% | 6.31% | 6.31% | NA. |
| Northwood Credit Union | 5.85% | 6.05% | 6.05% | 6.25% |
| Shore to Shore Community Federal Credit Union | 5.80% | 5.80% | 6.30% | 6.55% |
| Unify Financial Credit Union | NA | NA | 6.80% | 6.80% |
Depending on nationalized institutions is another option when it comes to auto loans. In Michigan, several national institutions offer the best auto loan rates. This includes Chartway Federal Credit Union, PenFed Credit Union, and Affinity Plus Federal Credit Union.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Bank of America | 6.05% | 6.05% | 6.05% | 6.32% |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA. | NA | NA |
| USAA | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA. | NA. | NA |
For used cars, the lowest APR rates are found with Central State Bank, State Savings Bank, and Bank of Michigan, with APR as low as 4.31% for 36 months. However, the APRs can be as high as 7.05% for 72 months with banks like Hastings City Bank.
| Banks | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Ann Arbor State Bank | 4.55% | 4.55% | 4.55% | 4.75% |
| Bank of Michigan | 4.55% | 4.55% | 4.55% | 4.75% |
| Central State Bank | 4.31% | 4.31% | 4.31% | 4.31% |
| First Bank, Upper Michigan | 4.31% | NA. | NA | NA |
| First National Bank & Trust Company of Iron Mountain | 4.76% | 4.98% | 5.11% | NA |
| First State Bank of Decatur | 4.81% | 5.05% | 5.05% | NA. |
| Level One Bank | 4.55% | 4.55% | 4.55% | 4.75% |
| Hastings City Bank | NA | NA | NA | 7.05% |
| Monroe Bank and Trust | 4.55% | 4.55% | 4.55% | 4.75% |
| State Savings Bank | 4.31% | 4.31% | 4.31% | NA. |
| Lotus Bank | 4.55% | 4.55% | 4.55% | 4.75% |
When it comes to used cars, the APRs are on the higher end. It starts at 5.85% for 36 months and can go up to 7.25%. Credit unions that offer the best rates for used cars in Michigan include Alliance Catholic Credit Union, Northwood Credit Union, and Cornerstone Community Financial Credit Union.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| Penfed Credit Union | 6.85% | 6.95% | 7.00% | 7.05% |
| Arbor Financial Credit Union | 6.80% | 6.80% | NA. | NA |
| Alliance Catholic Credit Union | 6.05% | 6.05% | 6.05% | 6.85% |
| American 1 Credit Union | 6.30% | 6.30% | 6.30% | 6.30% |
| Cornerstone Community Financial Credit Union | 5.81% | 6.05% | 6.05% | 6.25% |
| Lenco Credit Union | 6.35% | 6.35% | 6.35% | 6.55% |
| LOC Federal Credit Union | 6.31% | 6.31% | 6.31% | 7.25% |
| Northwood Credit Union | 5.85% | 6.05% | 6.05% | 6.25% |
| Shore to Shore Community Federal Credit Union | 6.55% | 6.55% | 6.55% | NA. |
| Unify Financial Credit Union | NA | 6.80% | 6.80% | 6.80% |
JP Morgan Chase Bank is a good option for your used car loan if you are opting for a national institution in Michigan, with rates starting at 3.60% for 36 months and 3.45% for 72 months. Chartway Federal Credit Union is also a good option, with APR as low as 6.31% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.00% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Bank of America | NA | 6.45% | 6.45% | 6.82% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | NA | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Truist | 6.31% | 6.31% | 6.31% | 6.31% |
There are several factors you need to consider while researching your car loan rates.
The current auto loan rates in Michigan start at 4.31% if you are looking at banks and can be as low as 3.60% if you are considering other nationalized institutions or credit unions. The APRs can increase with the loan term and can range up to 7.25% for 72 months. Similarly, comparing offers from lenders will help you to understand the rates in the state.
Both banks and credit unions offer the best auto loan rates in Michigan. Lotus Bank, Level One Bank, Ann Arbor State Bank, State Savings Bank, Austin Federal Credit Union, Government Employees Federal Credit Union, and United Heritage Credit Union are some of the credit unions and banks that offer good options for auto loans in the state.
Lotus Bank, Level One Bank, Ann Arbor State Bank, State Savings Bank, Austin Federal Credit Union, Government Employees Federal Credit Union, and United Heritage Credit Union are the credit unions and banks that offer good options for auto loans in Michigan.
If you have an excellent credit score, then the best rates for auto loans start at 4.31% in the state.
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and the lender and the criteria they weigh for providing loans. In Michigan, Lotus Bank, Level One Bank, Ann Arbor State Bank, and State Savings Bank offer competitive rates.
Austin Federal Credit Union, Government Employees Federal Credit Union, and United Heritage Credit Union are the credit unions that provide the best auto loan rates in Michigan.
The average auto loan interest rate for used cars starts at 4.31%.