Michigan Best Auto Loan Rates - September 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Current auto loan rates in Michigan include LOC Credit UnionLOC Credit Union6246 Chase Rd, Dearborn, MI, 48126A+5.0 ★Texas Ratio: 0.89% offering New & Used Auto Loans at 2.99%, United Federal Credit UnionUnited Federal Credit Union808 E Front St, Buchanan, MI, 49107 1444A+5.0 ★Texas Ratio: 3.23% offering Auto Loan at 2.99%, ABD Federal Credit UnionABD Federal Credit Union27850 MOUND RD, WARREN, MI, 48092A+5.0 ★Texas Ratio: 2.42% offering New and Used Auto Loans at 3.25%, Diversified Members Credit UnionDiversified Members Credit Union1480 E Jefferson Ave, Detroit, MI, 48207A+5.0 ★Texas Ratio: 4.56% offering Auto Loan at 3.50%, People Driven Credit UnionPeople Driven Credit Union24333 Lahser Rd, Southfield, MI, 48033 6041A+5.0 ★Texas Ratio: 4.08% offering New & Used Auto Loan at 3.74%. Auto loan rates as of September 21, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare auto loan rates across Michigan side-by-side. Michigan auto loan rates currently start as low as 2.99% APR from LOC Credit Union at 6246 Chase Rd, Dearborn, MI, 48126. Rates are continually updated, so we recommend checking back frequently.
Auto loan rates reflect recent market quotes and representative offers available to borrowers in Michigan. Auto Loan Rates Last Updated and Verified: September 21, 2026
Compare Auto Loan Rates Today in Michigan
Michigan Auto Loan Rates
No payments for the first 90 days*; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting; Financing options for vehicles located in the state of Michigan.
with autopay from a United checking account.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As low as; Auto loan rates for cars, trucks, SUVs, & vans five years old or newer: Rates effective as of: A 0.25% rate discount is included in the rates shown for members who enroll in AutoPay with direct deposit from a PDCU checking or savings account.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As Low As
Minimum Loan Amount: Min $5k
As Low As
Term: 12 - 36 months* Limited-Time Offer; As Low As; Limited-Time Offer
As Low As; apr = annual percent rate
As low as
Advertised rate is the lowest rate available. Rates and terms may vary depending on credit qualifications, direct deposit and auto pay from a DMCU checking or savings account. Offer may end at any time without notice. Interest and payment protection fees will accrue during the no payment period. Only applicable to new loans and loans not currently financed through DMCU. Interest accrues during period of no payment. Credit report and/or any other documents must prove that you do not have prior history of an auto loan.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As Low As; Rates are based on credit score.
Vehicle Model Years: All Years**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
As Low As; Rate reflects additional .25% APR reduction that is available when you sign up for automatic payment of your loan from a CASE checking account (must be requested at the time of loan closing, excludes pledge loans, real estate loans, lines of credit, Home Equity Lines of Credit, business loans and VISA's).
As low as
2026-2022. Vehicles with over 100,000 miles are subject to an additional .50% rate increase. Certain loans may have more requirements.
APR varies based on model year, term, and credit score. Rates and terms may vary depending on credit qualifications, direct deposit, and automatic payments from a 1DCU Checking or Savings account.
Loan Amount: n/a; APR* as low as
Relationship Rate
As Low As; Consumer Loans Special 0.26 basis points off with automatic transfer of payments. (Discount already applied).
As Low As; Some restrictions may apply.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As low as
As Low As; Year/Amount: 2021 - 2027
As Low As
As Low As
Model Year: 2022-2026
Minimum Loan Amount: Min $5k
Minimum Loan Amount: Min $10k
APR varies based on model year, term, and credit score. Rates and terms may vary depending on credit qualifications, direct deposit, and and automatic payments from a 1DCU Checking or Savings account.
Term: Flexible Terms Available; As Low As
Term: Flexible Terms Available; As Low As
As Low As
As Low As; apr = annual percent rate
Minimum Loan Amount $4,000
As Low As*
Rates includes a .25% discount for direct deposit and may vary based on credit history. As low as
Model Year: 2021 and newer
Model Year: 2020 and older
Rates are based on credit score.
As Low As
Vehicle Model Years: 2020 or Newer**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
Credit Score: 700-800
Credit Score: 700-800
New Auto (2025-2026)
APR as low as
As Low As
Minimum Loan Amount $7,500
As Low As; Year/Amount: 2021 - 2027
New Auto (2025-2026)
Minimum Loan Amount: Min $10k
Model Years: 2018-2024
Model Years: 2025-2026
As Low As
As Low As
As Low As
As Low As
As Low As
As Low As
APR = Annual Percentage Rate. Rates may be higher than advertised. Final rate is determined by loan applicant's creditworthiness, qualifications and collateral conditions. All rates are subject to change.
APR = Annual Percentage Rate. Rates may be higher than advertised. Final rate is determined by loan applicant's creditworthiness, qualifications and collateral conditions. All rates are subject to change.
APR = Annual Percentage Rate. Rates may be higher than advertised. Final rate is determined by loan applicant's creditworthiness, qualifications and collateral conditions. All rates are subject to change.
APR = Annual Percentage Rate. Rates may be higher than advertised. Final rate is determined by loan applicant's creditworthiness, qualifications and collateral conditions. All rates are subject to change.; A minimum loan amount of $25,001 required.
Model Year: 2021 and newer
Model Year: 2020 and older
As Low As; Model Year: 2022 - 2023
As Low As; Model Year: 2024 and Newer
Loan Amount: >15,000.00; APR* as low as
As Low As
As Low As
Model Year: 2016 - 2026; APR as low as**
As Low As; Consumer Loans Special 0.26 basis points off with automatic transfer of payments. (Discount already applied).
New Auto (2025-2026)
As Low As; Some restrictions may apply.
As Low As*
Rates includes a .25% discount for direct deposit and may vary based on credit history. As low as
Credit Level: Gold; Credit Score: 730 and Up
As Low As; borrowing over $25,000.00 apr = annual percent rate
Term: Terms vary, contact Credit Union for details.; Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.
Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.
Rates as low as; Terms available up to 96 months
Rates as low as; Terms available up to 84 months
Rates as low as; Terms available up to 72 months
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.; 84 month term on new vehicles only based on credit score.
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
New Auto (2025-2026)
Credit Score: 700-800
Credit Score: 620-699
Credit Score: 700-800
Credit Score: 620-699
APR as low as
As low as
Minimum Loan Amount $10,000
Maximum Amount 100% purchase price of vehicle; As low as
APR as low as
New Auto (2025-2026)
As Low As; Year/Amount: 2021 - 2027
Model Year: 2022-2026
Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Minimum Loan Amount:
APR varies based on model year, term, and credit score. Rates and terms may vary depending on credit qualifications, direct deposit, and automatic payments from a 1DCU Checking or Savings account.
Model Years: 2018-2024
Model Years: 2025-2026
Year: 2026-2025 (up to 100% LTV Max); As low as*
As low as; Auto Pay from DFCU Account
As low as; Auto Pay from DFCU Account
As Low As
As Low As
Down Payment: 0; with auto pay from your UCCU saving or checking account
Down Payment: 0; with auto pay from your UCCU saving or checking account
Down Payment: 0; with auto pay from your UCCU saving or checking account
Annual Percentage Rate
As Low As
Model Year: 2021 and newer
Model Year: 2020 and older
As Low As
Loan Amount: >25,000.00; APR* as low as
As Low As; apr = annual percent rate
As Low As; *APR = Annual Percentage Rate. Annual percentage rates (APR) listed are "as low as" based on credit score and term, and are subject to approval and underwriting requirements. Refinances from current loans with American 1 Credit Union are allowed with the addition of a $500 financed balance or more. See any branch for details. All rates subject to change without notice.
Term: Up to 48 months (2026-2021); As Low As; Loyalty Discount
Term: Up to 60 months (2026-2021); As Low As; Loyalty Discount
Rates as low as; Terms available up to 72 months
As Low As; Your individual rate (APR) will be determined based on your credit score.
Model Year: 2016 - 2026; APR as low as**
As Low As;
As Low As;
As Low As;
As Low As;
APR as low as
As Low As; Over $20,000
APR as low as
Secured Loan Pricing - Base Rates (as low as)
Secured Loan Pricing - Base Rates (as low as)
Used Auto (2018-2024)
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
Credit score of 700 plus. No late payments with Credit Union, or 30 days past due within 365 days. No bankruptcy in the last 3 years. Term based on year of vehicle. See terms below.
As Low As
As Low As*
Rates includes a .25% discount for direct deposit and may vary based on credit history. As low as
Term: 60-months/100% retail value; Credit Score Tier: A plus (750 plus)
Credit Score Tier: A plus (750 plus)
As Low As; Direct Deposit Rate: 4.75%
Term: Terms vary, contact Credit Union for details.; Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.; APR range: 5.00 - 7.00 APR**
Rates as low as 5.0% apr*
Rates are based on credit score.
Michigan New Auto Auto Loan Rates
No payments for the first 90 days*; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting; Financing options for vehicles located in the state of Michigan.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As low as; Auto loan rates for cars, trucks, SUVs, & vans five years old or newer: Rates effective as of: A 0.25% rate discount is included in the rates shown for members who enroll in AutoPay with direct deposit from a PDCU checking or savings account.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Minimum Loan Amount: Min $5k
As Low As; apr = annual percent rate
As low as
Advertised rate is the lowest rate available. Rates and terms may vary depending on credit qualifications, direct deposit and auto pay from a DMCU checking or savings account. Offer may end at any time without notice. Interest and payment protection fees will accrue during the no payment period. Only applicable to new loans and loans not currently financed through DMCU. Interest accrues during period of no payment. Credit report and/or any other documents must prove that you do not have prior history of an auto loan.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As Low As; Rates are based on credit score.
Vehicle Model Years: All Years**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
As Low As; Rate reflects additional .25% APR reduction that is available when you sign up for automatic payment of your loan from a CASE checking account (must be requested at the time of loan closing, excludes pledge loans, real estate loans, lines of credit, Home Equity Lines of Credit, business loans and VISA's).
As low as
Relationship Rate
As Low As; Consumer Loans Special 0.26 basis points off with automatic transfer of payments. (Discount already applied).
As Low As; Some restrictions may apply.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
As low as
As Low As
Model Year: 2022-2026
Minimum Loan Amount: Min $5k
Minimum Loan Amount: Min $10k
Term: Flexible Terms Available; As Low As
Minimum Loan Amount $4,000
As Low As*
Model Year: 2021 and newer
Rates are based on credit score.
Vehicle Model Years: 2020 or Newer**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
New Auto (2025-2026)
As Low As
Minimum Loan Amount $7,500
New Auto (2025-2026)
Minimum Loan Amount: Min $10k
As Low As
As Low As
As Low As
Model Year: 2021 and newer
As Low As; Model Year: 2022 - 2023
As Low As; Model Year: 2024 and Newer
As Low As
Model Year: 2016 - 2026; APR as low as**
New Auto (2025-2026)
As Low As; Some restrictions may apply.
As Low As*
Credit Level: Gold; Credit Score: 730 and Up
Term: Terms vary, contact Credit Union for details.; Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.
Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.
Rates as low as; Terms available up to 96 months
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.; 84 month term on new vehicles only based on credit score.
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
New Auto (2025-2026)
As low as
Minimum Loan Amount $10,000
Maximum Amount 100% purchase price of vehicle; As low as
New Auto (2025-2026)
Model Year: 2022-2026
Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Minimum Loan Amount:
As low as; Auto Pay from DFCU Account
As Low As
As Low As
Down Payment: 0; with auto pay from your UCCU saving or checking account
Down Payment: 0; with auto pay from your UCCU saving or checking account
Down Payment: 0; with auto pay from your UCCU saving or checking account
Annual Percentage Rate
As Low As
Model Year: 2021 and newer
As Low As; *APR = Annual Percentage Rate. Annual percentage rates (APR) listed are "as low as" based on credit score and term, and are subject to approval and underwriting requirements. Refinances from current loans with American 1 Credit Union are allowed with the addition of a $500 financed balance or more. See any branch for details. All rates subject to change without notice.
As Low As; Your individual rate (APR) will be determined based on your credit score.
Model Year: 2016 - 2026; APR as low as**
As Low As;
As Low As;
As Low As;
As Low As;
APR as low as
As Low As; Over $20,000
Secured Loan Pricing - Base Rates (as low as)
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
Credit score of 700 plus. No late payments with Credit Union, or 30 days past due within 365 days. No bankruptcy in the last 3 years. Term based on year of vehicle. See terms below.
As Low As*
Term: 60-months/100% retail value; Credit Score Tier: A plus (750 plus)
As Low As; Direct Deposit Rate: 4.75%
Rates as low as 5.0% apr*
Michigan Used Auto Auto Loan Rates
No payments for the first 90 days*; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting; Financing options for vehicles located in the state of Michigan.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
As low as; Auto loan rates for cars, trucks, SUVs, & vans five years old or newer: Rates effective as of: A 0.25% rate discount is included in the rates shown for members who enroll in AutoPay with direct deposit from a PDCU checking or savings account.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Minimum Loan Amount: Min $5k
Advertised rate is the lowest rate available. Rates and terms may vary depending on credit qualifications, direct deposit and auto pay from a DMCU checking or savings account. Offer may end at any time without notice. Interest and payment protection fees will accrue during the no payment period. Only applicable to new loans and loans not currently financed through DMCU. Interest accrues during period of no payment. Credit report and/or any other documents must prove that you do not have prior history of an auto loan.
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Vehicle Model Years: All Years**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
As Low As; Rate reflects additional .25% APR reduction that is available when you sign up for automatic payment of your loan from a CASE checking account (must be requested at the time of loan closing, excludes pledge loans, real estate loans, lines of credit, Home Equity Lines of Credit, business loans and VISA's).
All rates are based on 725 credit score; Auto rates range from 3.25% - 15.50%; Amount and rate are subject to credit score, seniority, job stability and any other factors determined by credit committee.
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
Minimum Loan Amount: Min $5k
Minimum Loan Amount: Min $10k
Term: Flexible Terms Available; As Low As
Minimum Loan Amount $4,000
As Low As*
Model Year: 2020 and older
Vehicle Model Years: 2020 or Newer**; Rates shown include a 0.50% rate discount below the base APR for 80% loan to value, and a 0.25% rate discount for automatic payment from a United checking account. Some conditions apply. A 0.25% premium will be added to model years 2021 -2017. A 0.75% premium will be added to model years 2016 and older.
As Low As
Minimum Loan Amount $7,500
Minimum Loan Amount: Min $10k
As Low As
As Low As
As Low As
Model Year: 2020 and older
As Low As; Model Year: 2022 - 2023
As Low As; Model Year: 2024 and Newer
As Low As
Model Year: 2016 - 2026; APR as low as**
As Low As; Consumer Loans Special 0.26 basis points off with automatic transfer of payments. (Discount already applied).
As Low As*
Rates as low as; Terms available up to 84 months
Rates as low as; Terms available up to 72 months
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
As Low As; Rate and APR advertised assumes a FICO Credit Score of 680 or better and a loan amount example of $35,000 based on the maximum term noted. The payment examples shown above do not include GAP premiums, or other insurance premium amounts, which will increase your monthly payment obligation. Your actual payment may vary based on the term, credit score and amount financed.
Minimum Loan Amount $10,000
Maximum Amount 100% purchase price of vehicle; As low as
Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Minimum Loan Amount:
As low as; Auto Pay from DFCU Account
Model Year: 2020 and older
As Low As; apr = annual percent rate
As Low As; *APR = Annual Percentage Rate. Annual percentage rates (APR) listed are "as low as" based on credit score and term, and are subject to approval and underwriting requirements. Refinances from current loans with American 1 Credit Union are allowed with the addition of a $500 financed balance or more. See any branch for details. All rates subject to change without notice.
Rates as low as; Terms available up to 72 months
Model Year: 2016 - 2026; APR as low as**
APR as low as
Secured Loan Pricing - Base Rates (as low as)
Used Auto (2018-2024)
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
As Low As; Some restrictions may apply.
Credit score of 700 plus. No late payments with Credit Union, or 30 days past due within 365 days. No bankruptcy in the last 3 years. Term based on year of vehicle. See terms below.
As Low As
As Low As*
Credit Score Tier: A plus (750 plus)
Term: Terms vary, contact Credit Union for details.; Refinancing of New and Used Vehicle Loans when a rate decreases will be allowed only on vehicles financed with the credit union within the previous 30 days. A new application must be filled out and member must sign new loan papers in order to refinance these loans.; APR range: 5.00 - 7.00 APR**
Rates are based on credit score.
Michigan Auto Loan Rate Trends
Compare local Michigan auto loan rates against the statewide average
Daily auto loan rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Michigan new auto rates rose 0.215 points over the past 7 days to 5.656% APR.
Michigan used auto rates rose 0.307 points over the past 7 days to 6.050% APR.
Michigan Auto Loan Rate Forecast, Next 12 Months
Auto loan APRs track lender funding costs, which follow Federal Reserve policy. Our model projects the likely path of new and used auto averages from the current Michigan figures.
Forecast Methodology & Assumptions
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; auto lenders reprice within one to two policy cycles as funding costs move, and credit union pricing tends to lag banks slightly.
Important notice: this forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions.
What Would Your Monthly Car Payment Be?
Estimated monthly payments on a standard 60-month auto loan at today’s average Michigan APRs. Even a small APR difference adds up over the life of a car loan. Use the calculator below to model your exact loan.
| Loan Amount | New Auto @ 5.66% APR MI average | Used Auto @ 6.05% APR MI average | Monthly Difference |
|---|---|---|---|
| $15,000 | $287.60/mo | $290.34/mo | $2.74/mo |
| $25,000 | $479.33/mo | $483.90/mo | $4.57/mo |
| $35,000 | $671.07/mo | $677.46/mo | $6.39/mo |
| $45,000 | $862.80/mo | $871.02/mo | $8.22/mo |
Principal and interest only, 60-month term, calculated from current average APRs. Taxes, title, registration, and optional add-ons are not included. Your APR depends on credit score, loan term, vehicle age, and lender underwriting.
How to Get the Best Auto Loan Rate in Michigan
Get Preapproved Before You Shop
A preapproval from a bank or credit union serving Michigan locks in a real rate before you set foot on a dealer lot. It turns you into a cash buyer, gives you a benchmark to beat, and protects you from dealer financing markups. Dealers can legally add points to the rate a lender actually approved you for.
Check Credit Unions First
Credit unions consistently offer some of the lowest auto loan APRs in Michigan. Membership is usually easier to get than people expect. Many local credit unions accept anyone who lives, works, or worships in the area, and some let you join with a small donation to a partner charity.
Choose the Shortest Term You Can Afford
Shorter terms almost always carry lower APRs, and you pay interest for fewer months. A 72- or 84-month loan lowers the monthly payment but dramatically raises total interest cost and increases the time you spend “underwater”, owing more than the car is worth. Aim for 60 months or less if the payment fits your budget.
Mind the New vs. Used Rate Spread
Used car loans typically run 0.5 to 1.5 percentage points above new car rates. If you’re shopping late-model used vehicles, ask about certified pre-owned programs. CPO vehicles sometimes qualify for new-car financing rates, which can offset part of the price difference between the two.
- Saving up for a bigger down payment: park it in a Michigan high-yield savings account so it earns while you shop
- Buying from a private seller where auto financing is harder to arrange: compare personal loan rates
- Car fund you won’t need for a set period: Michigan CD rates lock in a guaranteed return until you’re ready to buy
Michigan Financial Snapshot
Local demographics and economic context for car buyers. Source: U.S. Census Bureau
A $575 monthly car payment works out to roughly 16.1% of the median individual income in Michigan. Most budgeting guidelines suggest keeping total vehicle costs (payment, insurance, fuel, and maintenance) under 15–20% of take-home pay.
Auto Financing Options Compared
An auto loan isn’t the only way to finance a vehicle in Michigan, but for most borrowers it’s the cheapest. Here’s how the main options stack up.
| Feature | Credit Union Auto Loan | Bank Auto Loan | Dealer Financing | Personal Loan |
|---|---|---|---|---|
| Typical APR Level | ✓ Often lowest | ✓ Competitive | ● Varies, can be marked up | ✗ Highest (unsecured) |
| Rate Locked Before You Shop | ✓ Yes, via preapproval | ✓ Yes, via preapproval | ✗ Arranged at the dealership | ✓ Yes |
| Membership / Relationship Required | ● Membership (usually easy) | ✗ No | ✗ No | ✗ No |
| Works for Private-Party Sales | ✓ Usually | ● Sometimes | ✗ No | ✓ Yes |
| Convenience at Purchase | ● Preapproval step first | ● Preapproval step first | ✓ One-stop at the dealer | ● Funds in 1–3 days |
| Best For | Lowest total cost of borrowing | Existing bank customers & rate discounts | Manufacturer 0% promos on new cars | Older vehicles lenders won’t finance |
General comparison for educational purposes. Manufacturer promotional financing (0–2.9% APR offers) through dealers can beat any bank or credit union rate when you qualify. Always compare the promo against a cash rebate plus outside financing.
Auto Loan Payment Calculator
Estimate your monthly payment on a new or used vehicle in Michigan. We’ve prefilled the APR with today’s MI new-auto average, or click any current rate on the right to apply it instantly.
Estimates include principal and interest only. Sales tax, title, registration, documentation fees, and optional products (GAP, warranties) are not included and are often financed into the loan. Advertised APRs typically require excellent credit; your rate may differ.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Michigan auto loan rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Auto Loan Rate Data: We aggregate new and used auto loan rates for Michigan directly from the official websites of banks, credit unions, and online lenders using our proprietary rate aggregation technology and a dedicated team of rate updaters. By sourcing data from the lenders’ own digital properties and verifying APRs regularly, every rate on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available auto loan products in Michigan. We feature a comprehensive mix of lenders, from neighborhood credit unions and competitive regional banks to large national auto lenders available to borrowers in MI.
Regularly Updated APRs: Our rate updaters verify and update auto loan rates regularly. Because APRs can change based on market conditions and lender policies, every product features its own “last updated” date for full transparency. Auto loan APRs shown typically represent the lowest available rate for borrowers with excellent credit; your actual rate will depend on your credit history, credit score, income, loan term, vehicle age, and other underwriting factors.
Frequently Asked Questions about Auto Loans in Michigan
How does my credit score affect my car loan rate in Michigan?
Is it better to finance through a dealership or a bank?
What is the difference between New and Used Auto Loan rates?
How long should my auto loan term be?
Should I get preapproved for an auto loan before visiting a dealer in Michigan?
Why are used car loan rates higher than new car rates?
Can I refinance my auto loan if rates drop or my credit improves?
What are the best Auto Loan rates in Michigan?
- LOC Credit Union: 2.99% (New & Used Auto Loans)
- United Federal Credit Union: 2.99% (Auto Loan)
- ABD Federal Credit Union: 3.25% (New and Used Auto Loans)
- Diversified Members Credit Union: 3.50% (Auto Loan)
- People Driven Credit Union: 3.74% (New & Used Auto Loan)
Auto Loan Rates by City in Michigan
