U.S. Bank auto loans review

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.

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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.	Go to site More Info	Compare	loading Fetching your data...
CarGurus			Varies	Varies depending on the lender	3 to 6 years	Varies depending on the lender	Go to site	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...

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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.

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.

Frequently asked questions

• How long does it take to get approved for an auto loan?

  You may be able to get preapproved a few hours after applying. Your preapproval will be good for 30 days while you search for a car.

• What is a lease buyout loan?

  A lease buyout loan gives you the money necessary to buy your current leased car. You can get this type of loan either before or at the end of your lease so that you don’t have to return the car, thereby avoiding any penalty fees for wear and tear or exceeding miles.

• Where can I use my U.S. Bank auto loan?

  Unlike other banks, U.S. Bank allows you to buy vehicles from both direct and private dealerships.

U.S. Bank auto loans is not currently available on Finder

Have you considered LightStream Auto Loans?

Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.

• Same-day funding
• Up to 100% financing
• No restrictions to age or mileage
• Secured and unsecured options
• Competitive rates

Learn more

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