Minnesota variant. This is a Minnesota-specific version of the Auto Loan Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Auto Loan Calculator.
Financing a car in Minnesota means budgeting for both the loan payment and the state's $1,500 average annual auto insurance premium.
Auto loan + ownership costs in Minnesota
On a $35,000 vehicle with 10% down, you'd finance $31,500. At 7% over 5 years, that's about $624/month.
Minnesota drivers pay $1,500/year on average for insurance - about $125/month - plus the state's 8.04% combined sales tax on the purchase.
About taxes and housing in Minnesota
Minnesota has a graduated income tax with a high top rate approaching 10%.
Minnesota property taxes are near the national average and include a state-funded homestead credit refund for eligible owners.
Minnesota hosts an unusually large number of Fortune 500 headquarters and has a diverse economy spanning healthcare, retail, and agriculture.
Worked example: $35,000 car in Minnesota
Loan $31,500 at 7% for 5 years → $624/month. Insurance ≈ $125/month. Combined monthly cost of ownership ≈ $749 before fuel and maintenance.
Quick reference
- State income tax: 5.35-9.85% across 4 brackets
- State sales tax: 6.875% (plus 1.17% avg local)
- Median home value: $340,000
- Median household income: $84,313
- Effective property tax rate: 1.05%
- Avg auto insurance: $1,500/yr
Frequently Asked Questions
How much is car insurance in Minnesota?
The Minnesota average is $1,500/year, or about $125/month.
What's a typical car payment in Minnesota?
On a $35,000 car financed at 7% over 5 years, roughly $624/month.