Auto Loan
Best Auto Loan Rates in Minnesota
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There are a lot of factors that affect the auto loan rates in MN. Like any other state, if you need a good auto loan rate in Minnesota, then a good credit history and top-tier credit scores are essential to lock in the best loan rates in the state. In other words, the higher the credit score, the lower your APRs will be.
Here are the current auto loan rates in MN, along with the details of the best auto loan rates in MN and the banks, credit unions, and other national institutions that offer them.
The average auto loan rate in MN starts at 4.56%. There are banks, credit unions, and other national institutions that offer auto loans at good rates in MN. Proper research will help you find the one that suits your budget. Here is a list of banks, credit unions, and other national institutions that provide the best auto loan rates in MN.
When it comes to the banks that offer the best rates in MN, the best rates are offered by Citizen's Community Federal National Association, Bank of Maple Plain, and Wells Federal Bank. The APRs for most banks that offer auto loans in Minnesota are below 7%, except for when the loan term is longer. For instance, the APR for a loan term of 72 months is above 7.35% for Think Mutual Bank.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of Maple Plain | 4.56% | 4.56% | 4.56% | NA |
| Citizen's Community Federal National Association | 4.30% | 4.60% | 4.80% | 5.00% |
| First National Bank of Coleraine | 4.96% | 4.96% | 4.96% | 4.96% |
| Minnstar Bank, National Association | 5.06% | 6.82% | NA | 5.06% |
| Think Mutual Bank | 6.85% | 6.85% | 6.85% | 7.35% |
| United Community Bank | 4.51% | 4.76% | 5.01% | 6.75% |
| Wells Federal Bank | 4.30% | 4.60% | 4.80% | 5.00% |
| Woodland Bank | 4.56% | 4.56% | 4.56% | 4.56% |
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 MN that give the best interest rates include the Deer River Cooperative Credit Union, NorthRidge Community Credit Union, Penfed Credit Union, and NorthRidge Community Credit Union. So, if you have a good credit score, then credit unions can provide 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% |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| Altra Federal Credit Union | 6.55% | 6.55% | 6.55% | 6.55% |
| Deer River Cooperative Credit Union | 4.06% | 4.31% | 4.81% | 5.05% |
| Golden 1 Credit Union | 6.72% | 6.85% | 6.85% | 6.85% |
| North Shore Federal Credit Union | 5.81% | 6.05% | 6.31% | NA |
| NorthRidge Community Credit Union | 4.36% | 4.36% | 4.56% | 5.06% |
| Novation Credit Union Inc | 6.05% | 6.30% | 6.30% | 6.81% |
| Sharepoint Credit Union | 6.55% | 6.55% | 6.55% | 7.05% |
PenFed Credit Union and Affinity Plus Federal Credit Unions are some of the national institutions that offer the best auto loan rates in MN.
| 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% |
| GTE Federal Credit Union | 6.05% | 6.05% | NA | NA |
| Affinity Plus Federal Credit Union | NA | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.60% | 5.05% | 5.05% | 5.35% |
| USAA Federal Savings Bank | 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 First National Bank of Coleraine, with an APR as low as 5.31% for 36 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Citizen's Community Federal National Association | 4.60% | 4.80% | 5.00% | NA |
| First National Bank of Coleraine | 4.96% | 4.96% | 4.96% | NA |
| First Minnesota Bank | 5.31% | 5.31% | 5.31% | 5.31% |
| Think Mutual Bank | 7.05% | 7.06% | 7.06% | 7.06% |
| United Community Bank | 4.51% | 4.76% | 5.05% | 5.26% |
| Wells Federal Bank | 4.60% | 4.80% | 5.06% | NA |
Credit unions that offer the best rates for used cars in MN include Deer River Cooperative Credit Union, Novation Credit Union Inc., and Altra Federal Credit Union. The APR rate ranges between 5.30% and 7% for most credit unions.
| 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 | 6.85% | 6.95% | 7.00% | 7.05% |
| Altra Federal Credit Union | 6.55% | 6.55% | 6.55% | 6.55% |
| Deer River Cooperative Credit Union | 5.31% | 5.31% | 5.31% | NA |
| Golden 1 Credit Union | 7.00% | 7.00% | 7.00% | 7.00% |
| North Shore Federal Credit Union | 5.81% | 6.05% | NA | NA |
| Novation Credit Union Inc | 6.05% | 6.30% | 6.81% | 6.81% |
| Sharepoint Credit Union | 6.55% | 6.55% | 6.55% | 7.05% |
Chartway Federal Credit Union is a good option for your used car loan if you are opting for a national institution. JP Morgan Chase Bank is also a good option, with APR as low as 3.45% 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 | 5.85% | 5.85% | 5.91% | 6.31% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | NA | NA |
| JP Morgan Chase Bank National Association | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.50% | 6.05% | 6.05% | 6.15% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
| Truist Bank | NA | 6.43% | 6.43% | 6.43% |
There are several factors you need to consider while researching your car loan rates.
The current auto loan rates in MN start at 4.56%. Suppose you are looking at nationalized institutions or credit unions, and it can be as low as 3.60% if you are considering other nationalized institutions or credit unions. Similarly, comparing offers from lenders will help you to understand the rates in the state.
The best auto loan rates in MN are offered across banks and credit unions. Deer River Cooperative Credit Union, Novation Credit Union Inc., Altra Federal Credit Union, Bank of Maple Plain, and Wells Federal Bank are some of the credit unions and banks that offer good options for auto loans in the state.
Deer River Cooperative Credit Union, Novation Credit Union Inc., Altra Federal Credit Union, Bank of Maple Plain, and Wells Federal Bank are some of the banks and unions that offer the best car loan rates in MN.
If you have an excellent credit score, then the best rates for auto loans now stand at 4.56% 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 with the lender and the criteria they weigh for providing loans. In MN, the Bank of Maple Plain and Wells Federal Bank offer competitive rates.
Deer River Cooperative Credit Union, Novation Credit Union Inc., and Altra Federal Credit Union are the credit unions that provide the best auto loan rates in MN.
The auto loan interest rate for used cars is 5.31% for 36 months.