Exploring Auto Loans and Interest Rates in Minnesota

Step into the financial fast lane with us.


The truth is: interest rates have gone up substantially in the past 18 months. We’ve all witnessed it, and the impact is crystal clear, especially when it comes to auto loans. Case in point, the average rate for a 60-month loan has surged from a modest 4.5% in March 2022 to north of 7% in November 2023, the highest average rates since 2008.

Easy Auto Loans in Minneapolis, MN

The Silver Lining

However, amidst this fiscal landscape still lies a silver lining. The financial experts at Walser Automotive Group are here to show some potential savings on a new auto loan in today’s economy. Our commitment to transparency extends to your pockets, and we're thrilled to unveil opportunities for you to keep those hard-earned dollars in your wallet with our special APR offers.

Auto Loan Financing Rates in Minnesota

Now, let's talk numbers.

Picture this: you, with excellent credit, seizing the moment and diving into the low APR specials currently at our dealerships. Join us as we break down the true financial impact of financing a car, showcasing how these specials can save you from hefty interest payments. Ready to embark on the journey to smart financing? Take a look at the examples below to see the true savings when you take advantage of our special interest rates compared to rates typical in the market today.


Examples of How Interest Rates Affect Your Savings

Loan Amount: $40,000   |   Term: 36 Months

Average APR: 6%
Interest paid $3,807.59
Monthly payment $1,216.88
0.0% APR
Interest Paid $0
Monthly payment $1,111.11
Your true savings $3,807.59


Loan Amount: $40,000   |   Term: 60 Months

Average APR: 7%
Interest paid $7,522.88
Monthly Payment $792.05
0.0% APR
Interest Paid $0
Monthly Payment $666.67
Your true savings $7,522.88
3.9% APR
Interest paid $4,091.43
Monthly payment $734.86
Your true savings $3,431.45
2.9% APR
Interest Paid $3,018.29
Monthly Payment $716.97
Your true savings $4,504.59


Loan Amount: $40,000   |   Term: 72 Months

Average APR: 8%
Interest Paid $10,495.73
Monthly Payment $701.33
4.9% APR
Interest Paid $6,248.73
Monthly Payment $642.34
Your true savings $4,247.00
3.9% APR
Interest Paid $4,927.02
Monthly Payment $623.99
Your true savings $5,568.71

Frequently Asked Questions

  • What are some rates I can expect on an auto loan?

    Interest rates through many lenders are north of 7% for the first time in over a decade, a stark contrast to the 4.5% on average as recently as March of 2022. However, at Walser Automotive, we can offer rates far more competitive than that, saving you thousands in interest payments
  • What is defined as “excellent” credit?

    Excellent credit is based on a variety of factors, though it is typically considered excellent over 750. Credit is impacted by payment history, debt-to-income ratio, number of open loans, types of loans open and paid off (installment vs. rotating) and length of credit history
  • How does shopping for a car affect my credit?

    Shopping for a car loan can potentially impact your credit score, as will taking out the loan. When taking out a car loan, you will see a dip in your credit, however once you start paying back the loan, you may see a raise in your credit in as little as 60 to 120
  • How long should my auto loan be?

    There is no set answer for this, as every buyer has different needs and situations. It’s typical to see loans anywhere from 36 to 72 months. Longer loans typically offer lower monthly payments, whereas a shorter loan would offer less interest. Again, there is no set answer and every customer will have their own set of circumstances, so while all information can be helpful it’s important to remember that all car deals offer their own unique flavor
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