You can apply for a car loan to finance a MINI online or through your dealership with MINI Financial Services, as well as at a bank or credit union. Take time to consider all your options so you can find the loan that offers the lowest interest rate, shortest loan term, and best customer service.

With innovative manufacturing inside its unique frame design, MINI is practically the poster child for putting the fun in “functional”. You’ll also want to find a functional car loan and though “fun” may not come to mind when you think of auto financing, why not “care-free”?

The ways to finance your MINI are as plentiful as their customizable style options—but what way is your way? Car insurance broker and loan expert Jerry is here to help you narrow down your options.

How to get a MINI car loan

The process to get your MINI car loan is pretty straightforward whether you’re looking at a brand-new Countryman or a used Cooper original. You’ll start with a credit check, compare loans from at least three different lenders, and wrap up with the preapproval process when possible.

If you buy directly from the manufacturer, you’ll be able to take advantage of MINI Financial Services Flipped Financing. Under this policy, anyone approved for a loan on a new MINI from the manufacturer will receive the same flat interest rate—all of the options are available to view on their website.

Check your credit

A credit score of 660 or above will typically qualify you for a car loan. You’ll want to check your score before you seek out loan options since you’ll need the information to know what loan terms and interest rates might readily be available to you.

Higher credit scores may qualify for lower interest rates, but credit scores lower than 660 could get in the way of a dealership loan. You may still be able to get approved at your MINI dealership with proof of income, references, or a co-signer, but if not, you may have better luck at your bank or a credit union.

Get an idea of your APR and monthly payment options for different MINI vehicles based on your credit score using the table below.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
MINI	8.4	$361

MORE: How to get a cosigner for a bad credit car loan

Compare lenders

Once you’re ready to start applying for loans, you’ll want to compare options from at least three different lenders before you make any commitments. You can apply for your loan at your bank, a credit union, or through MINI Financial Services online or at your dealership.

While you consider your loan options, pay attention to the following details:

The loan term: aim for 60 months or less
The APR: you want 4.93 percent or lower
The monthly payments: make sure it’s manageable—less than 10 to 15% of your monthly income

Once you’ve checked the details of your loan, get familiar with the details of your lender’s customer service skills! You’re about to enter a long-term financial commitment—you want to make sure that in addition to getting approved with a low rate, you can easily get in contact with your lender.

Get preapproved

If you can get preapproved for your loan before purchasing, you’ll be able to negotiate a better deal when you go to sign your final agreement. You can apply for preapproval with MINI Financial Services online.

Fill out a loan application with your lender to get preapproved. Take note—you’ll need to be prepared with the following information:

Social Security number
A photo ID (driver’s license, state ID, passport, etc.)
Proof of employment
Proof of income (paystubs, etc.)

Key Takeaway To get your best option for a MINI car loan, you’ll need to check your credit score, compare loan options from multiple lenders, and apply for preapproval when possible.

Average loan term for a MINI car loan

When you’re finalizing your can loan, you’ll want to pick a loan term that works for your monthly budget without accruing too much interest over time. Most car loan terms in the United States last 72 months, but if you can, aim for 60 months or less.

Longer loan terms can be appealing because your monthly payment will be lower. However, a shorter loan term allows you to pay less interest over time. You’ll have to pay more on your monthly payments, but your loan will ultimately be less expensive in the long run.

MINI Financial’s Flipped Financing offers loan terms between 24 to 60 months, but you’ll likely have more options if you pursue a loan by another means. You can use the table below to see how different loan terms might affect your monthly payments and interest rate.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	11.2	$697
36	8.61	$470
48	8.08	$363
60	8	$300
72	8.32	$262

MORE: Should you get a 72-month car loan?

Finding a MINI car loan in your state

You’ll have to take your location into account when applying for a loan, as monthly payments and average interest rates tend to vary state-to-state. You can talk to your lender to see if they are willing to work with your area’s financial demographics to get you the best loan option based on your credit score.

Estimate your MINI car loan payments based on your state with the table below.

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	16.25	$412
Good	8.36	$360
Very Good	5.09	$340
Excellent	3.88	$333

MORE: Minimum car insurance required in your state: What you need to know

MINI car loans: new vs. used

You’ll be able to apply for a car loan whether you plan on buying your MINI new or used, but the loan details will change based on the age of the car. For example, you’re only able to take advantage of MINI’s Flipped Financing on a current MINI from the manufacturer. Any older—new or used—and you’ll be subject to the same variation of interest rates as with any other car loan.

If you plan on buying an older MINI, you may find better financing options from your bank or a credit union. Wherever you look, you can expect a higher APR on used vehicles, but you’ll likely be paying off a smaller, more manageable loan.

Check how the age of your MINI can affect your monthly payment and APR with the following table.

State

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.6	$305
2020	7.97	$308
2019	8.12	$308
2018	7.96	$307
2017	8.15	$308
2016	8.29	$309
2015	8.48	$311
2014	8.45	$379
2013	8.52	$380
2012	9.43	$511
2011	9.43	$511
2010	9.43	$511

MORE: 7 things to look for when buying a used car

How to calculate the costs for a MINI car loan

Now that you know the ins and outs of MINI financing, see how all the details come together with Jerry’s car loan calculator. Using your credit score, desired loan details, and location, the calculator will show you the average monthly payment and APR you might be expected to pay with your MINI car loan!

State

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.4	$361

Save money on MINI car insurance with Jerry

After you’ve finalized your car loan, you’ll still have to finalize your car insurance before taking your new MINI on the road. Find the most affordable policy for your stylish new ride with car insurance super app Jerry. A licensed broker, Jerry does a ton of the leg work to find cheap car insurance for you so you can spend more time test driving your recent purchase.

Just download the app, answer some easy questions, and in less than a minute Jerry will generate competitive quotes from 50+ top insurance companies across the nation. You choose the option that works for you and Jerry takes care of the rest to get you switched over.

With average savings of $887 a year, you may even be able to justify that short loan term you wanted.

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