Onaway, 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 Onaway, Michigan include Awakon Federal Credit UnionAwakon Federal Credit Union20855 Washington Ave, Onaway, MI, 49765A+5.0 ★Texas Ratio: 5.43% offering Used Auto Loan at 5.05%, United Federal Credit UnionUnited Federal Credit UnionA+5.0 ★Texas Ratio: 3.23% offering Auto Loan at 2.99%, LOC Credit UnionLOC Credit UnionA+5.0 ★Texas Ratio: 0.89% offering New & Used Auto Loans at 2.99%, ABD Federal Credit UnionABD Federal Credit UnionA+5.0 ★Texas Ratio: 2.42% offering New and Used Auto Loans at 3.25%, Diversified Members Credit UnionDiversified Members Credit UnionA+5.0 ★Texas Ratio: 4.56% offering Auto Loan at 3.50%. Auto loan rates as of September 22, 2026 according to verified data from MonitorBankRates.
Onaway has 1 local institution in our database, with auto loan rates as low as 5.05% APR from Awakon Federal Credit Union at 20855 Washington Ave, Onaway, MI, 49765. Use the tabs below to compare new and used auto loan rates. Rates are continually updated, so we recommend checking back frequently.
Auto loan rates reflect recent market quotes and representative offers available to borrowers in Onaway, Michigan. Auto Loan Rates Last Updated and Verified: September 22, 2026
Compare Auto Loan Rates Today in Onaway, Michigan & Surrounding Area
Onaway Auto Loan Rates
From 12 to 60 Months
with autopay from a United checking account.
No payments for the first 90 days of your new loan; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting
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.
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
Published APR range: 3.99%-11.50%. Minimum Loan Amount: Min $5k
As Low As
Term: 12 - 36 months* Limited-Time Offer; As Low As; Limited-Time Offer
Limited-Time Offer
New Vehicles / Motorcycles; apr = annual percent rate
As low as
As Low As; Rates are based on credit score.
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.
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.
New, Used or Refinance as low as. APR is Annual Percentage Rate. Click for details.
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
Vehicles with over 100,000 miles are subject to an additional .50% rate increase. Certain loans may have more requirements.
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.
As Low As
Loan Amount: n/a
As Low As
Additional APR listed for this product: 4.74%. As Low As
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
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; 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
As Low As*
Rates includes a .25% discount for direct deposit and may vary based on credit history. As low as
Published APR range: 4.49%-12%. Minimum Loan Amount: Min $5k
Published APR range: 4.49%-17%. Minimum Loan Amount: Min $10k
As Low As
Term: Flexible Terms Available; As Low As; *
Term: Flexible Terms Available; As Low As; *
As Low As
New Vehicles / Motorcycles; apr = annual percent rate
Minimum Loan Amount $4,000
Additional APR listed for this product: 4.74%, 4.99%, 5.74%. As Low As
Rates are based on credit score.
As Low As
Model Year: 2021 and newer
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.
Credit Score: 700-800
Credit Score: 700-800
New Auto (2025-2026)
APR as low as
As Low As; Year/Amount: 2021 - 2027
APR* (as low as)
Minimum Loan Amount $7,500
New Auto (2025-2026)
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
Published APR range: 4.74%-17.50%. Minimum Loan Amount: Min $10k
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
As Low As
Credit Level: Gold; Credit Score: 730 and Up
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
New Vehicles (2024 & newer)
New Vehicles / Motorcycles; borrowing over $25,000.00; apr = annual percent rate
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; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
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.
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
APR as low as
As low as; Maximum Amount 100% purchase price of vehicle
New Auto (2025-2026)
As Low As; Year/Amount: 2021 - 2027
Model Year: 2022-2026
As Low As; Your individual rate (APR) will be determined based on your credit score.
APR as low as
As Low As; Over $20,000
APR as low as
As Low As;
As Low As;
As Low As;
As Low As;
Model Year: 2016 - 2026; 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
Published APR range: 4.99%-18%. Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Published APR range: 4.99%-17.50%.
As Low As
Year: 2026-2025 (up to 100% LTV Max); As low as*
As low as
As low as
Loan must be $20,000.00 or more. New Automobiles only at 72 months term.
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*
As Low As
Model Year: 2021 and newer
Model Year: 2020 and older
Loan Amount: >25,000.00
As Low As;*
Receive a $100 gas card when you purchase or refinance a new or used vehicle with GRCCU! Minimum loan amount financed is $10,000.00 to receive $100.00 gas card. Must be new money to GRCCU. Offer ends 9/25/2026.
As Low As; Loyalty Discount; Model Year: 2026-2021
As Low As; Loyalty Discount; Model Year: 2026-2021
As Low As
Additional APR listed for this product: 5.24%, 5.49%, 6.24%. As Low As
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
Rates are based on credit score.
Rates as low as 5.0% apr*
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%.
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%. 72 months over $20,000 financed; 84 months over $40,000 financed
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%. 72 months over $20,000 financed; 84 months over $40,000 financed
Used Auto (2018-2024)
Term of loan varies depending on amount borrowed and age of vehicle will hold 2011 thru current year
Onaway New Auto Auto Loan Rates
No payments for the first 90 days of your new loan; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting
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.
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.
Published APR range: 3.99%-11.50%. Minimum Loan Amount: Min $5k
New Vehicles / Motorcycles; apr = annual percent rate
As low as
As Low As; Rates are based on credit score.
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.
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).
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.
Additional APR listed for this product: 4.74%. As Low As
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
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; 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
As Low As*
Published APR range: 4.49%-12%. Minimum Loan Amount: Min $5k
Published APR range: 4.49%-17%. Minimum Loan Amount: Min $10k
Term: Flexible Terms Available; As Low As; *
Minimum Loan Amount $4,000
Additional APR listed for this product: 4.74%, 4.99%, 5.74%. As Low As
Rates are based on credit score.
Model Year: 2021 and newer
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)
APR* (as low as)
Minimum Loan Amount $7,500
New Auto (2025-2026)
Model Year: 2016 - 2026; APR as low as**
New Auto (2025-2026)
As Low As; Some restrictions may apply.
As Low As*
Published APR range: 4.74%-17.50%. Minimum Loan Amount: Min $10k
Model Year: 2021 and newer
As Low As; Model Year: 2022 - 2023
As Low As; Model Year: 2024 and Newer
As Low As
Credit Level: Gold; Credit Score: 730 and Up
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
New Vehicles (2024 & newer)
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; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
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.
New Auto (2025-2026)
As low as
Minimum Loan Amount $10,000
As low as; Maximum Amount 100% purchase price of vehicle
New Auto (2025-2026)
Model Year: 2022-2026
As Low As; Your individual rate (APR) will be determined based on your credit score.
APR as low as
As Low As; Over $20,000
As Low As;
As Low As;
As Low As;
As Low As;
Model Year: 2016 - 2026; APR as low as**
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*
Published APR range: 4.99%-18%. Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Published APR range: 4.99%-17.50%.
As low as
Loan must be $20,000.00 or more. New Automobiles only at 72 months term.
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;*
Additional APR listed for this product: 5.24%, 5.49%, 6.24%. As Low As
Rates as low as 5.0% apr*
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%.
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%. 72 months over $20,000 financed; 84 months over $40,000 financed
Term of loan varies depending on amount borrowed and age of vehicle will hold 2011 thru current year
Onaway Used Auto Auto Loan Rates
From 12 to 60 Months
No payments for the first 90 days of your new loan; Up to 115% financing; Lock your rate in for up to 45 days while you shop; CARFAX Reporting
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.
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.
Published APR range: 3.99%-11.50%. 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.
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).
Additional APR listed for this product: 4.74%. As Low As
Term: Term Based on Loan Amount - Up to 84 Months; Credit Score: 750+
Year: 2026-2024; Credit Tier: Max 100% A
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*
Published APR range: 4.49%-12%. Minimum Loan Amount: Min $5k
Published APR range: 4.49%-17%. Minimum Loan Amount: Min $10k
Term: Flexible Terms Available; As Low As; *
Minimum Loan Amount $4,000
Additional APR listed for this product: 4.74%, 4.99%, 5.74%. 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.
APR* (as low as)
Minimum Loan Amount $7,500
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*
Published APR range: 4.74%-17.50%. Minimum Loan Amount: Min $10k
Model Year: 2020 and older
As Low As; Model Year: 2022 - 2023
As Low As; Model Year: 2024 and Newer
Year: 2026-2024; Credit Tier: Max 100% A
Year: 2023-2021; Credit Tier: Max 100% A
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
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
As low as; Maximum Amount 100% purchase price of vehicle
APR as low as
Model Year: 2016 - 2026; 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*
Published APR range: 4.99%-18%. Minimum Loan Amount: Min $15k
Term: 2021 and older, up to 60 Months; Published APR range: 4.99%-17.50%.
As low as
Model Year: 2020 and older
As Low As;*
Additional APR listed for this product: 5.24%, 5.49%, 6.24%. As Low As
Rates as low as; Your Actual APR (Annual Percentage Rate) will be based upon your individual credit worthiness, loan amount, term of loan and applicable prepaid items.
Rates are based on credit score.
Published APR range: 5.00% - 8.00%; Published rate range: 5.00% - 8.00%. 72 months over $20,000 financed; 84 months over $40,000 financed
Used Auto (2018-2024)
Onaway, MI Auto Loan Rate Trends
Compare local Onaway, MI 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.
Onaway, MI 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 Onaway, Michigan
Get Preapproved Before You Shop
A preapproval from a bank or credit union serving Onaway, 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 Onaway, 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: Onaway, 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 (state-level data shown; city data not available)
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 Onaway, 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 Onaway, 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 Onaway, 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 Onaway, 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 Onaway, 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 Onaway, 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 Onaway, 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 Onaway, Michigan?
- Awakon Federal Credit Union: 5.05% (Used Auto Loan)
- United Federal Credit Union: 2.99% (Auto Loan)
- LOC Credit Union: 2.99% (New & Used Auto Loans)
- ABD Federal Credit Union: 3.25% (New and Used Auto Loans)
- Diversified Members Credit Union: 3.50% (Auto Loan)
Onaway, Michigan Rates & Resources
