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Car loans enable you to buy a new vehicle, even when you haven’t got the necessary cash. Typically, the lender holds a lien on the vehicle until it’s paid off. You’ll have to carry full coverage insurance during this period, and your interest rate will depend largely on your credit score. Instead of spending hours at the dealer or finance company, you can apply for an auto loan on the web.

Let a finance specialist in Minneapolis help you secure financing, answering your questions in the process.

Auto Finance Rates in Minneapolis

Down below we have rates approximated at varying credit levels. These are not to be regarded as advertisements. The rate you’re offered may vary noticeably from what you see here.

Credit Rating 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 Auto Loans in Minneapolis

Yes, the interest rates for a pre-owned car are more expensive than those for a brand new one. However, pre-owned cars and trucks are cheaper in the long run, and they require smaller down payments. The numbers speak for themselves.

Age Price Rate Months Payment Interest Total
New $25,000 6.00% 60 $483.32 $3,999 $28,999
1 Year $20,000 7.50% 60 $400.76 $4,046 $24,046
2 Years $17,000 7.50% 60 $340.65 $3,439 $20,439
3 Years $14,450 7.50% 60 $289.55 $2,923 $17,373

Interested in pre-owned car or truck? More often than not, you can finance a car that is up to 10 years old. Mileage limitations may apply.

Bad Credit Car Loans in Minneapolis

Your credit history is of utmost importance when financing a car. For the most part, when you have credit problems, you can expect a rate of more than 10%. Fortunately, the internet makes it a lot less complicated for the consumer with below-average credit.

In house financing is a further option, available at Minneapolis’s buy here pay here (BHPH) car dealerships. The drawbacks are substantial: excessive rates and multitudinous stipulations.

Instead, it’s a good idea to search for financing online. The down payments are more affordable, as well as the interest rates, and the service is much superior.

Contact an auto finance professional in your area today.

Limiting Your Interest Rate

There are quite a few strategies to lessen your annual percentage rate. A lot of individuals have mistakes on their credit histories. These types of errors could be damaging your FICO score, and you won’t have any idea. Fortunately, it’s free to check your credit report annually at annualcreditreport.com.

Minneapolis has several credit improvement agencies that help people fix such inaccuracies, or you can file the dispute on your own. Other things that might reduce your rate of interest:

  • Getting someone to cosign the loan.
  • Offering a bigger down payment.
  • Consenting to shorter loan repayment terms.

Can a Car Loan Improve Your Credit?

A car loan can boost your credit score, if it meets these conditions:

  • It isn’t supplied by a BHPH dealer.
  • The payments are made promptly, every month.

But keep in mind that this is a slow process. Most lenders offer automatic bill payment, which is critical for keeping current on your payments.

Minneapolis Resources

Credit Unions

Credit UnionStreet addressZipPhone
Affinity Plus50 S 6th St55402(651) 312-6216
Affinity Plus2520 University Ave SE55414(651) 312-9800
Affinity Plus Federal Credit Union50 S 6th St #20055402(651) 291-3700
Anoka Hennepin Credit Union3505 Northdale Blvd NW55448(763) 422-0290
Associated Healthcare Credit Union2545 Chicago Ave55404(612) 871-8452
B Cl Partners7268 Commerce Cir E55432(763) 502-1164
City-County Federal Credit Union1113 E Franklin Ave55404(763) 549-6795
Corporate Central Credit Union8101 34th Ave S55425(952) 854-0557
Daytons Target Credit Union700 Nicollet Mall55402(612) 375-0125
Diversified700 Linden Ave W55403(612) 321-5300
Diversified800 Lasalle Ave55402(612) 321-4964
Edina Schools Credit Union5701 Normandale Rd55424(952) 848-4242
Electric Machinery Employees800 Central Ave NE55413(612) 378-8100
Electrus Federal Credit Union7100 Brooklyn Blvd55429(763) 569-4000
Endura Financial820 Lilac Dr N55422(612) 951-1500
Endura Financial2600 Ridgway Pkwy55413(612) 951-1500
Farm Credit Association2051 Killebrew Dr55425(952) 883-9293
First Community Credit Union10210 Baltimore St NE55449(763) 786-0796
First Community Credit Union11465 Robinson Dr NW55433(763) 755-8900
First Community Credit Union843 40th Ave NE55421(763) 788-7700
Fort Snelling FCU1 Veterans Dr55417(612) 726-9252
Hiway5025 E 54th St55417(651) 291-1515
Honeywell Federal Credit Union6465 Wayzata Blvd #60055426(952) 545-2416
IBM Mid America Employees Federation6868 France Ave S55435(952) 920-1774
Latvian3152 17th Ave S55407(612) 722-5004
Members First Credit Union13600 Industrial Park Blvd55441(763) 553-5417
Midland Co-Op5172 Central Ave NE55421(763) 572-1368
Minnesota Building Trades FCU312 Central Ave SE #29855414(612) 379-9404
Minnesota Catholic Credit Union933 Manor Dr NE55432(612) 362-9234
Minnesota Education Credit Union4930 W 77th St #18055435(952) 831-6299
Murphy701 24th Ave SE55414(612) 623-1250
North Memorial Credit Union6300 Shingle Creek Pkwy55430(763) 566-7425
Northcountry Cooperative219 Main St SE #50055414(612) 767-2122
Park Schools Credit Union4915 W 35th St #10155416(952) 927-8928
Real Financial Center4450 W 76th St55435(952) 933-9000
Richfield Bloomington Credit Union4025 W Old Shakopee Rd55437(952) 884-1125
Soo Line501 Marquette Ave #110055402(612) 373-9400
Soo Line Credit Union5951 Earle Brown Dr #110055430(763) 569-9977
Spire3117 University Ave SE55414(651) 215-3500
St. Paul300 S 4th St55415(651) 772-8744
Star Choice425 Portland Ave55415(612) 673-4523
Star Choice10750 France Ave S55431(952) 698-7228
Star Tribune - Credit Union425 Portland Pl55420(612) 673-4284
Target CorporationPO Box 58142655458(612) 375-0125
Target Corporation1000 Nicollet Mall 2nd Floor TPS55403(612) 375-0125
Teacher Federal Credit Union6500 Minnesota 5555427(763) 595-4000
Teamsters Credit Union2021 E Hennepin Ave55413(612) 378-1447
Topline Federal Credit Union6200 Shingle Creek Pkwy55430(763) 391-9494
Transit Operations725 N 7th St55411(612) 338-9985
Trustone Financial2817 Lyndale Ave S55408(763) 544-1517
Twin City Co-Ops Federal Credit Union8700 University Ave NW55434(651) 215-3500
Ukrainian301 Main St NE55413(612) 379-4969
United Educators Credit Union4111 Central Ave NE55421(763) 706-3950
University Of Minnesota Federal Credit Union825 Washington Ave SE55414(612) 465-0400
Us100 S 1st St55401(952) 736-5000
Us2535 27th Ave S55406(952) 736-5000
Wings Financial3651 Central Ave NE55418(763) 549-6000
Wings Financial4701 Chicago Ave55407(763) 549-6000
Wings Financial302 S 6th St55415(763) 549-6000