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U S Bank 2022 Auto Loan Review
2022-05-24 07:45:00 Advertiser Disclosure Advertiser Disclosure
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Moneybag Loan amount $5,000 to $100,000 Credit Good Min. credit score Not specified Rates APR from 6.14% Funds available in Not specified Pros and cons of U S Bank auto loans
U.S. Bank boasts the ability for in person convenience - but consider all aspects before taking out a loan. PROS
Wide range of term lengths Discounts for U.S. Bank customers Preapproval without vehicle information CONS
Early closure fee High minimum loan amount Strict eligibility for the lowest rates With a nationwide footprint and a large branch network, U.S. Bank is a great option for auto loan borrowers who prefer the convenience of in-person customer service. U.S. Bank offers low rates and a good selection of repayment terms, and applicants can receive approval the same day they apply. The bank also boasts a special discount for users who already have a U.S. Bank personal checking or savings account. Pros and cons of U S Bank auto loans
Weigh these benefits and drawbacks of an auto loan with U.S. Bank before applying. Pros
Cons
Who is U S Bank best for
A loan with U.S. Bank is best if you already have a relationship with the bank or you prefer in-person service. The bank has more than 2,000 branches in 28 states, and customers who have a checking or savings account with the company will qualify for the lowest rates on auto loan products. It's also a good choice if you haven't yet decided on a car. U.S. Bank's preapproval process allows you to shop around without specifying your intended vehicle. Types of auto loans offered
U.S. Bank offers loans for new and used cars and auto loan refinancing. You can borrow anywhere from $5,000 to $100,000, and you can choose a term of 12, 24, 36, 48, 60 or 72 months. New and used vehicle loans
If you are looking to finance a new or used vehicle, U.S. Bank offers loans for amounts anywhere from $5,000 to $100,000. This makes it an especially great option for drivers looking to finance a more expensive vehicle. U.S. Bank also holds no restrictions on dealerships, so you can purchase your new vehicle without limitation. Refinance
Refinance loans through U.S. Bank start as low as 6.14% APR. In order to qualify for this rate, U.S. Bank does hold a fairly strict credit score requirement - a score of 800 or higher needed. Consider how this would affect your potential rate and only sign off on a refi loan through U.S. Bank if you are confident in your credit history. Interest rates and terms
U.S. Bank offers a 0.5 percent discount to borrowers who set up autopay from a U.S. Bank checking or savings account. The rates below reflect this discount. Loan product Interest rate New car purchase Used car purchase Refinance How to apply for a loan with U S Bank
You can apply for a loan with U.S. Bank online, by phone or at a branch, although if you want to use the preapproval process, you'll need to complete your loan at a branch. Applying online should take about five minutes. You will need to provide the following: Your requested loan amount. Your Social Security number. Your employer's name and address. Your annual gross income (before deductions). The car's year, make, model and estimated value. The car lienholder name and payoff amount (for auto refinancing or private party purchase with a lien). After you've submitted your application, U.S. Bank will review your application and potentially reach out regarding auto insurance and proof of income. From there, you should receive a credit decision within two hours.
Auto loan requirements
U.S. Bank does not specify its eligibility requirements for credit score or minimum income, but in order to apply, drivers must be a legal resident of the United States and be at least 18 years of age. In order to qualify for the best rates, you must: Request a term of 36 months of less. Request loan of at least $30,000. Finance 80 percent or less of your car's value. Have a credit score of at least 800. Finance a vehicle that is less than 12 months old. Set up autopay from a U.S. Bank personal checking or savings account. Customer service
U.S. Bank earns an "A+" rating from the Better Business Bureau based on factors like complaint history, the bank's response to those complaints and the transparency of the bank's business practices. This is the highest score possible, meaning that U.S. Bank has made a good faith effort to resolve customer complaints. U.S. Bank encourages customers to make an appointment at a local branch with any questions, but you can also call 800-872-2657. If you have questions about your application, you can reach specialists at 800-479-4749 Monday through Friday from 7 a.m. to 10 pm. CT or Saturday from 9 a.m. to 5 p.m. CT. You can also use the U.S. Bank website or app to check the status of your application or manage your loan. How Bankrate rates U S Bank
Overall score 4.4 Availability 4.7 U.S. Bank has a relatively high minimum loan amount but a wide range of repayment options. Affordability 3.8 While U.S. Bank offers low APRs, it does hold some fees for prepayment. Customer experience 4.2 U.S. Bank caters to borrowers through a good online experience and a mobile app, though its customer service hours are limited. Transparency 5.0 U.S. Bank offers prequalification and shares available rates. Written by Rebecca Betterton Auto Loans Reporter