Below are the some of the lowest auto loan rates available to residents living in the state of Minnesota. We were tipped off on the lowest auto loan rate (36 month auto loan for 2009+ vehicles) by BankVibe.com reader John who brought to our attention an outstanding new and used auto loan rate of 3.25% APR available at North Memorial Federal Credit Union, out of Robbinsdale, Minnesota. After confirming this offer, we then proceeded to track down the top 3 offers within the state of Minnesota and published the rates and terms below.
Keep in mind, like all bank rates, the auto loan rates below are time sensitive in nature. Please refer to the date of this article for accuracy as these rates are subject to change without notice.
Top 3 Auto Loan Rates in Minnesota:
- North Memorial Federal Credit Union (Robbinsdale, Minnesota) is offering auto loans for 2009+ vehicles with rates between 3.25% APR and 13.75% APR depending on your credit history. The fluctuation of APR on their auto loan rates is fairly sizable and unless you have stellar credit you may want to look elsewhere for your loan.
- US Federal Credit Union (Shakopee, Minnesota) has new and used auto loans with APR’s starting at 2.99% depending on your credit history.
- TruStone Financial (Minneapolis, MN) has new and used auto loans with fixed rates and APR’s as low as 3.29% depending on credit history. These loans can be for purchases and/or refinancing from other lenders.
Why Obtain Financing from a Bank or Credit Union?
Securing financing through your bank or credit union before entering a new or used car dealership is a plus. The dealership will then have to treat you as a cash buyer which will provide you with much more leverage when it comes to negotiations. Although individual dealerships may have their own financing in place for those who need it, we’ve found that better overall deals can be made with outside financing (especially in the case of used car purchases).
If you live in Minnesota and know of some better auto loan rates available at your local bank or credit union, please share by leaving a comment!