USAA auto loans review June 2018 |

USAA auto loans review

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This highly respected bank 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. Learn about USAA’s car loan offer and how to apply.

What is a USAA auto loan?

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.

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.

Product details

Product nameUSAA auto loan
Loan term12–84 months
Application fee$0
Maximum loanVaries by vehicle
Maximum terms84 months for new cars; 72 months for used cars
Late fee5% of minimum payment
Interest rate typeFixed
Restricted usesRefinancing or purchase of new and used cars
Prepayment penaltyNone
Serviced statesAll 50 states, including Washington, DC

Compare USAA auto loans to other car loans

Rates last updated June 19th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements 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. 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 USAA auto loan?

USAA has a reputation of offering solid rates and has an A+ BBB rating, among other benefits.

  • Easily apply online. Complete a quick application online and get financing tailored to your car model.
  • 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.

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.

USAA autoloans 1

USAA autoloans 2

USAA autoloans 3

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

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