USAA offers competitive rates on car loans and refinancing.

finder.com’s rating: 3.6 / 5.0

★★★★★

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.

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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.	300	Varies by lender	Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.	Go to site More	Compare	loading Fetching your data...
Auto Credit Express Car Loans		Get connected with an auto lender near you, even if you have bad credit.	300	Typically 3 to 6 years	Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.	Go to site More	Compare	loading Fetching your data...
LightStream Auto Loans		Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.	Good to excellent credit	Flexible terms	Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old	Go to site More	Compare	loading Fetching your data...
LendingClub Auto Refinancing		Lower your monthly car payments and save on interest through a fast and easy online application process.	Fair or better credit	Minimum of 2 years	Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.	Go to site More	Compare	loading Fetching your data...
RateGenius Auto Loan Refinance		Connect with a network of over 150 lenders to refinance your car loan.	510	Varies	Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...

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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.

Common questions about USAA auto loans

• Are USAA auto loans available to non–military families?

  No. But anybody can join USAA to get financial advice on investments, life insurance and discounts on shopping. Learn more on USAA’s website.

• What's the maximum amount USAA offers for car loans?

  The maximum amount varies depending on the car make and model. Check USAA’s website and input the car’s information to find out.

• Does USAA offer automatic payments?

  Yes. USAA allows borrowers to set up automatic payments and will deduct 0.25% off the loan’s APR.