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U.S. Bank auto loans review

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U.S. Bank auto loans
Min. Loan Amount
$3,000
Max. Loan Amount
$100,000
APR
Starting at 4.56%

Summary

Save time and money with an auto loan that comes with competitive rates.

An auto loan with the highly rated U.S. Bank could help you finance that new or used car you’ve been looking at. With a range of auto loan options, including the ability to refinance your existing auto loan, you may find the loan you need without having to search too far.

Pros

  • Loyalty discounts
  • Equal rates for new and used
  • No down payment
  • Good financing

Cons

  • Wide ineligibility
  • Prepayment fee
  • Online complaints

In this guide

  • Review
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Min. Loan Amount $3,000
Max. Loan Amount $100,000
APR Starting at 4.56%
Interest Rate Type Fixed
Requirements Be at least 18 years old an legal resident of the US

What is a U.S. Bank auto loan?

U.S. Bank offers auto loans between $3,000 and $100,000 for new and used cars. The APR you’re quoted can be as low as 4.56%, including a 0.50% autopay discount, and you won’t be required to supply a down payment.

When you’re preapproved for a U.S. Bank auto loan, you’ll know how much you can borrow before you start shopping for your next car. Its online tools can help you calculate your monthly payments based on your purchase price. If you’re looking to lower your monthly payments, U.S. Bank also has refinancing options.

What are the benefits of a U.S. Bank auto loan?

U.S. Bank offers its auto loan customers various benefits including the following:

  • Loyalty discounts. Current U.S. Bank customers get 0.50% for signing up with autopay and when financing an EPA-certified SmartWay vehicle.
  • Equal rates for new and used. Rates are as low as 4.56% APR for both new and old vehicles.
  • No down payment. U.S. Bank requires no money up front when you borrow an auto loan.
  • Good financing. U.S. Bank has financing up to 120% to help you cover other expenses, like title and tag registration.

What to watch out for

  • Wide ineligibility. You may not be able to get a loan for cars older than six years or with high mileage. Customized cars could also be denied.
  • Prepayment fee. While not exactly a penalty, paying your auto loan early could subject you to a closure fee equal to 1% of your original loan amount.
  • Online complaints. Some customers complain of unauthorized deductions for things like new fees and early repayment. Discuss any concerns before signing a contract.

Compare more car loan options

Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
Competitive
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
CarGurus
CarGurus
Varies
Varies depending on the lender
3 to 6 years
Varies depending on the lender
Go to site
CarsDirect auto loans
No minimum credit score
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Carvana
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
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U.S. Bank reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 293 customer reviews
BBB customer complaints 2,217 customer complaints
Trustpilot Score 1.5 out of 5 stars, based on 87 customer reviews
Customer reviews verified as of 16 October 2020

Am I eligible for a U.S. Bank auto loan?

To apply, you must be at least 18 years old and a legal resident of the US. Given the discounts U.S. Bank extends to customers, it helps to open a savings or checking account with the bank before starting the application process.

Many types of vehicles are excluded from a U.S. Bank auto loan, including

  • Vehicles with more than 80,000 miles through a dealership.
  • Vehicles with more than 100,000 miles when applying directly.
  • Salvaged, rebuilt, hail-damaged or branded title vehicles.

What information do I need to apply?

To apply for an auto loan, you’ll need to submit some personal and financial information.

  • Your full name and mailing address.
  • Your Social Security number and date of birth.
  • Government-issued ID for each applicant.
  • The year, make, model and estimated value of the car you’re interested in.
  • Your requested loan amount.
  • Your employer’s name and address.
  • Your annual gross income before deductions.
  • When refinancing or private purchase, the lienholder’s name and payoff amount.

If you’re approved for an auto loan, you may need to provide proof of car insurance coverage and your income.

I got the U.S. Bank auto loan. Now what?

U.S. Bank will deduct an origination fee depending on your state. It may be a flat fee ranging from $50 to $125 or up to 1% of your loan amount.

Once you get your auto loan, make sure you stay up on your payments. U.S. Bank offers various ways to repay your loan, including online, on the U.S. Bank mobile app, at a branch and by phone.

By signing up for autopay, you can save money on interest and avoid late fees and other penalties.

There is also an early closure fee of 1% of the original loan amount if you choose to repay the full amount of your loan within a year. You’ll have to pay at least $50, but no more than $100.

How to make a U.S. Bank auto loan repayment online

If you don’t already have an account, you need to set one up. You get started on this do this by going to the U.S. Bank website, selecting Personal Account.

Otherwise follow these steps:

  1. Log in to your online account.
  2. Enter the repayment amount.
  3. Pick a payment method. If you’re paying from a bank account, you’ll need the routing accounting number.
  4. Review your payment information and hit Submit.
  5. Save your confirmation code for proof of payment.

Bottom line

If you’re in the market for a new or used car, looking to refinance an existing auto loan or want to buy out a vehicle you’re leasing, an auto loan with U.S. Bank could be a good option. While there are some fees involved, U.S. Bank still offers relatively low rates. However, if you’re looking to avoid fees or search for more loan options, you can compare your car loan options before making a decision.

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Aliyyah Finder

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Hi there, looking for more information? Ask us a question.

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david briseno

February 23, 2018

how can I pay off my auto loan?


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joelmarcelo

March 28, 2018

Hi David,


Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page.


If you are looking to pay off your auto loan with US Bank, you can repay online, at a branch, by phone or through U.S. Bank’s mobile app. If you need more help regarding this matter, please send us a message anytime.


Cheers,

Joel


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