Auto Loan in Minnesota (2026)

Minnesota Rates & Terms

Auto loan APRs in cities across typically range from 4.5% to 18% for new cars and 5% to 20% for used vehicles, depending on creditworthiness.

Borrowers in cities across with credit scores above 740 can qualify for manufacturer-sponsored 0% APR financing on select new vehicles.

Requirements in Minnesota

Lenders in cities across typically cap your monthly car payment at 15-20% of your gross monthly income.

Proof of insurance is required before funding; cities across borrowers should secure an auto insurance quote before finalizing their loan.

State Regulations

Minnesota borrowers are protected by the following regulations:

• Usury Limit: 8% (non-written), no limit (written)
• Payday Lending: Legal, max $350
• Notes: Minnesota regulates payday lending with fee caps and licensing requirements.

Top Cities in Minnesota for Auto Loan

Borrowing Tips

• Consider gap insurance if your down payment is less than 20%; it covers the difference if your car is totaled.
• Refinance your auto loan after 12-18 months of on-time payments if your credit score has improved significantly.
• Do not focus solely on the monthly payment; evaluate the total cost of the loan including interest and fees.