USAA offers competitive rates on car loans and refinancing.
USAA started as an auto insurance company in 1922 and has since grown to be a leading financial institution with a mission to help US military members and their families. If you’re an active or former member of the military and have an account with USAA, you have access to low rates and plenty of benefits offered to our servic emembers.
What is an auto loan from USAA?
With USAA, you’re eligible for some of the best rates on auto loans in the country. Use your loan to buy a new or used car, or save by refinancing your existing auto loan with USAA. Loan terms last between 12 to 84 months, and you may be able to score an APR as low as 2.79% when you purchase a new vehicle through USAA’s car buying service.
A five-minute application and document e-sign results in quick turnaround. In some cases, you can print your check within minutes of approval. Rates depend on loan terms, your creditworthiness and the year and make of the car you’re interested in. The best rates are reserved for those with excellent credit, but you may find periodic rate discounts online that could help too.
Compare USAA auto loans to other car loans
What are the benefits of a USAA auto loan?
USAA has a reputation of offering solid rates and has an A+ BBB rating, among other benefits.
- Vehicle protection available. Opt for additional vehicle protection with no deductible and flexible payment options.
- Low APRs and no hidden fees. APRs are some of the lowest in the market, and there are no hidden fees, saving you money on the total cost of your car loan.
- Easily apply online. Complete a quick application online and get financing tailored to your car model.
- Car buying service. Not sure where to start on your search for your next car? USAA has a car buying service powered by TrueCar to make it easier to find the car that matches your needs.
What to watch out for
You must meet USAA’s eligibility criteria, which includes being a military member or having a relative who’s in the military, in order to apply for their auto loan. Compare other auto loan options if you don’t qualify with USAA.
Am I eligible?
To apply for an auto loan with USAA, you must be:
- At least 18 years old.
- A US citizen or permanent resident.
- A USAA member — a member of the military or a military family.
What do I need to apply?
Visit USAA online and click Join USAA to get started. If you’re already a member, log in to your USAA member account. If not, you’ll need to apply for membership first. For the auto loan application, you’ll need to supply:
- Your personal information, including your date of birth and Social Security number.
- Details about you or your family member’s military service.
- Your financial information for monthly payments.
To complete your application, simply follow these steps:
I got a USAA auto loan. Now what?
Now that you have your auto loan to finance your next vehicle, keep up with monthly payments to avoid paying unnecessary fees.
- Provide proof of insurance. If you haven’t verified your car insurance coverage already, you’ll need to provide the documentation before receiving the loan.
- No payment for 60 days. Once you get your loan, you have 60 days to make your first payment. Be aware that interest accrues from Day One.
- Make timely payments. Avoid the 5% penalty on your late payments by signing up for automatic payments.
- Pay more than the minimum. To avoid excessive interest over the life of your loan, consider paying more than the amount required each month.
Bottom line
USAA auto loans offer low rates with terms of up to 84 months and no prepayment penalty, depending on your credit and loan term. But you must be eligible for USAA membership, which is open to members of the military or those who are part of a military family only. You can compare other car loan options if you’re not eligible for a USAA membership.
