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For most Minnesota consumers, financing is essential to purchasing a new car or truck. A lot of the time, auto loans are arranged at the dealership, but this can take a long time. Why would you waste time applying for financing at the finance company or dealer when you can apply right here through our site? Let a local Minnesota financing specialist assist you through the purchasing process. What’s even better, it’s free to apply.

Auto Finance Rates in Minnesota

The majority of finance companies only display the lowest rate they have, which is only available to people with ideal credit. Truth be told, your rate of interest differs widely based on your FICO score, plus other variables. The rates displayed below are only for informational purposes. These are not advertisements, and your actual rate could deviate greatly from what you see below.

FICO Score New Car Pre-owned Car
Excellent 3.1% 3.3%
Good 4.4% 4.6%
Average 6.3% 6.7%
Subprime 8.4% 9.5%
Bad 13.5% 15.9%
Very Bad 14.7% 17.6%

Used Car Loans in Minnesota

A brand new car is enticing, beyond doubt. Higher interest rates for used vehicles, however, are compensated by cheaper down payments, monthly installments, and insurance premiums. Take a look at the chart below, which depicts the costs associated with auto loans for brand new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total Cost
New $28,000 6.00% 60 $541.32 $4,479 $32,479
1 Year $22,400 7.50% 60 $448.85 $4,531 $26,931
2 Years $19,040 7.50% 60 $381.52 $3,851 $22,891
3 Years $16,184 7.50% 60 $324.29 $3,274 $19,458

Are you considering pre-owned car? Loan providers charge higher rates for pre-owned cars, but in most cases, you only need 10% down, and the insurance costs are less costly.

Bad Credit Car Loans in Minnesota

Straight away, lenders examine when considering you for financing. Higher credit ratings usually result in reduced rates, but there’s a lot more to it than that. Although less-than-perfect credit always leads to an increased annual percentage rate, you can now request quotes from multiple loan providers online.

On the spot financing is another option, made available by Minnesota’s buy here pay here (BHPH) car dealers. While you probably won’t have trouble getting financed, it’ll cost you handsomely for the opportunity.

Usually, it’s better to go to a regular bank, credit union, or loan company. The down payments are less expensive, as are the rates, and the service is commonly noticeably better.

Go here to apply online.

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