
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
$3,000
Min. Loan Amount
$7,000
Max. Loan Amount
Starting at 4.57%
APR
Product Name | Umpqua Bank auto loans |
---|---|
Min. Loan Amount | $3,000 |
Max. Loan Amount | $7,000 |
APR | Starting at 4.57% |
Interest Rate Type | Fixed |
Requirements | 630+ credit score, debt-to-income (DTI) ratio of 60% or less, US citizen or permanent resident, ages 18+ |
To qualify for an auto loan with Umpqua Bank, you’ll need to meet these eligibility requirements:
Your vehicle must also meet these two criteria:
Since you’ll have to apply for your loan in person, be sure you live in one of Umpqua’s five serviced states: Oregon, Washington, California, Idaho and Nevada. You can find a nearby branch on Umpqua’s website by entering your city and state or ZIP code into its navigation tool.
Umpqua Bank prides itself on offering a local, personalized banking experience, but that’s not all it has to offer. Its auto loans come with one of the smallest origination fees on the market — just $100. This is much less than the standard 1% or 2% origination fee that many other banks and online lenders charge. And Umpqua’s 0.5% autopay discount can help you reduce your monthly car payments.
Umpqua Bank offers 100% financing for both new and used cars. Both types of loans come with fixed interest rates and a $100 origination fee. Here’s how they break down:
Unfortunately, Umpqua Bank doesn’t have an online application for its car loans, so you’ll need to visit your local branch to begin the process in person.
Not looking for a car? Umpqua Bank offers up to 90% financing for new and used boats and RVs. APRs are fixed and start at 6.9% — including a $100 origination fee — with terms between four and 15 years. As with Umpqua Bank’s car loans, you can’t apply online.
Umpqua Bank’s auto loans come with a slew of perks, including:
Before applying for an auto loan with Umpqua Bank, consider these potential drawbacks:
BBB accredited | No |
---|---|
BBB rating | A+ |
BBB customer reviews | 1.8 out of 5 stars, based on 16 customer reviews |
BBB customer complaints | 12 customer complaints |
App Store Score | 4.3 out of 5 stars, based on 8,144 customer reviews |
Google Play Score | 4.1 out of 5 stars, based on 5,380 customer reviews |
Customer reviews verified as of | 19 October 2020 |
Possibly because it’s a regional bank, Umpqua doesn’t have a lot in the way of online customer reviews. It doesn’t have a Trustpilot page, and its Better Business Bureau profile is rather sparse.
Several reviewers and those who have lodged complaints report miscommunications. Several also express frustrations over fees being charged for small errors, and that some of those errors were made by the bank rather than the customer.
Umpqua Bank doesn’t offer an online application, so you’ll need to apply over the phone or visit your local branch. You can get started by filling out a contact form online to have an Umpqua Bank representative get in touch with you.
You should hear back from a representative to begin the application process. You may need to bring along some information about yourself, including proof of income, employment and citizenship. If you have any questions about the specific documents you’ll need to apply, you can go over them with your representative before heading to your local branch.
If you’re approved for an auto loan with Umpqua Bank, you have 30 days to find the car you’d like to purchase and complete the process. At this point, a representative will let you know what other documents you need to provide to finalize your loan.
Once you have your new set of wheels, it’s time to start thinking about repayments. If you already have an Umpqua Bank account, consider signing up for autopay to shave 0.5% off your APR.
If you have any questions, reach out to customer service by calling 866-790-2121.
Residents of the Pacific Northwest who prefer applying for an auto loan in person may want to check out Umpqua Bank. It offers up to 100% financing for new and used cars with competitive APRs and long loan terms. However, if you live outside of the five states Umpqua services or prefer an online application, you’ll want to consider your other options.
Read our guide to car loans to compare other lenders and learn more about how auto loans work.