Who regulates auto loans in Minnesota?

The Minnesota Department of Commerce licenses consumer auto lenders. Visit mn.gov/commerce/ to verify a lender's license or file a consumer complaint.

Does Minnesota have rate caps on auto loans?

Minnesota's consumer lending laws set rate limits for installment loans. Verify current applicable caps with the Department of Commerce at mn.gov/commerce/.

Are credit unions competitive for auto loans in Minnesota?

Yes — Minnesota has a strong credit union sector. Spire Credit Union, Wings Financial, Affinity Plus, and others offer competitive auto loan programs for members in the Twin Cities metro and beyond.

What credit score do I need for an auto loan in Minnesota?

Most bank and credit union lenders start at 620 FICO. Minnesota's above-average median income means many borrowers qualify for 720+ best-tier APRs.

How do I avoid a bad auto financing deal in Minnesota?

Get pre-approved from a credit union or bank, use the CFPB's auto loan resources at consumerfinance.gov/auto-loans/, verify your lender at mn.gov/commerce/, and read the full loan agreement before signing.

Auto Loans in Minnesota

Minnesota's harsh winters make reliable vehicles essential, and trucks and SUVs are dominant categories. Minneapolis-Saint Paul's competitive lender market and strong credit union sector give Twin Cities borrowers broad direct-lending options outside of dealer financing.

Current auto loan rate benchmarks

National averages from the Federal Reserve G.19 (live data) — commercial banks, new car loans. Not state-specific rates — not a rate quote. Your actual rate depends on credit score, down payment, vehicle, and lender.

60-Month New Car

7.52%

National avg, commercial banks — February 2026

72-Month New Car

7.55%

National avg, commercial banks — February 2026

Credit Unions

Typically 1–2 pts below banks

NCUA rate comparison →

Illustrative example — not a rate quote or offer

$35,000 loan · 60 months · 7.52% APR (Federal Reserve G.19 (live data) national benchmark)

Est. monthly