U.S. Bank auto loans review June 2018 | finder.com
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U.S. Bank auto loans review

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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 eyeing. A range of auto loan options include refinancing your existing auto loan.

What is a U.S. Bank auto loan?

U.S. Bank makes it easy for you to finance most any new or used car you’re interested in, refinance your current auto loan or purchase a car you’re leasing. You’ll get competitive interest rates that are as low as 3.12% and don’t require a down payment. And if you enroll in autopay, you can save an additional 0.5% on the rate.

Get pre-approved with U.S. Bank to learn how much you can borrow before you start looking. Online tools can further inform your decision by allowing you to calculate your monthly repayments based on your purchase price range.

Product details

Product nameU.S. Bank auto loan
Loan securityUnsecured
Repayment typeFixed
Maximum loan term84 months for cars manufactured from 2009
Maximum loan$100,000
Minimum loan$3,000
Origination fees$50 to $125 or up to 1% of the loan amount, depending on your state
Prepayment penaltyNone
Application fee$0

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Rates last updated June 20th, 2018

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Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
Varies by lender
Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
Typically 3 to 6 years
Must be at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
24 to 84 months
Must be at least 18+ years old; have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
At least 18 years old, have a valid street address, have existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

Compare up to 4 providers

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

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

  • Equal rates for new and used. Rates are as low as 3.12% APR no matter how new or old the car.
  • No down payment. U.S. Bank requires no money up front for financing of up to 115%.
  • Loyalty discounts. Current U.S. Bank customers get 0.5% for signing up with autopay and when financing an EPA-certified SmartWay vehicle.

What to watch out for

U.S. Bank offers a variety of auto loans, but here are some things to look out for:

  • Higher rates for older car. You may pay more to purchase a car that’s six years or older.
  • Wide ineligibility. You may not be able to get a loan for cars older than six years or with high mileage. Even customized cars could be denied.
  • Prepayment fee. While not exactly a penalty, paying your auto loan early could subject you to a “closure fee” that’s 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.

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

U.S. Bank’s auto loans are not available to everyone or for every car.

To apply, you must be at least 18 years old and a legal resident of the U.S. 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 your personal and financial information that includes:

  • 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 employee’s name and address.
  • Your annual gross income before deductions.
  • When refinancing or private purchase, the lienholder’s name and payoff amount.

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

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

Once you get your auto loan, make sure you stay up on your payments. U.S. Bank offers various ways to repay your loan with your U.S. Bank checking account, including:

  • Making your payments. Repay online, at a branch, by phone or through U.S. Bank’s mobile app.
  • Avoid late fees and other penalties. Set up autopay for deductions that work around your pay dates.

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. You can also pay by credit or debit card.
  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 an option.

To make sure you get the best rate and terms for your needs, compare your car loan options before making a decision.

Frequently asked questions about U.S. Bank auto loans

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2 Responses

  1. Default Gravatar
    davidFebruary 23, 2018

    how can I pay off my auto loan?

    • finder Customer Care
      joelmarceloMarch 28, 2018Staff

      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.


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