US Bank Auto Loans Review

#4 in Auto Loans

US Bank is one of the country’s premium providers of financial products and services to individuals, businesses and large companies. Consumer targeted products includes auto loan services for new or used car purchases. US Bank also offers auto refinancing loans to help owners take advantage of lower interest rates and monthly payments.

Types of Loans

US Bank offers a variety of auto loan options. Notable is their Green Auto loan option that gives a 0.50% discount on rates.

  • New Auto Loans
  • Used Auto Loans
  • Auto Loan Refinancing
  • Lease Buyout Loan

*** Green auto loans - 0.50% rate savings. Auto loans are not available for commercial vehicles.

Auto loans available through:

  • Direct dealerships
  • Private dealerships

Application

Applying for an auto loan is easy with US Bank. Completing the pre-approval process can be done in minutes. It does not require any credit checks, and is ideal for helping customers get a quick look into their chances of getting the loan and how much it's going to cost them.  There is no obligation to continue with the loan application process, but a 30 day period is given to find a car and proceed with the loan process.

  • Online application
  • Phone application
  • Apply in person

Qualification

  • 18 years old or older
  • Legal resident of the US
  • Social Security Number
  • Driver’s license, State ID or Military ID

Credit Score

Fair credit score or better

Steadily employed

Yes

Self-employed

Yes

New credit/ newly employed

Yes           

Loan Details

Unlike most auto loan providers, US Bank offers the same competitive rates on new and used cars. However, used cars are limited to 6 year old models or newer with less than 100,000 miles. Maximum loan limits are set at $100,000 for both new and used cars which makes US Bank very attractive for high ticket vehicles. Car shoppers could also finance up to 115% with no down payment required.

Maximum auto loan

$100,000

Used car model

6 model years and below

Mileage

100,000 miles and below

Down payment

Yes

Funds release

24 hours

Auto Loan Fees

Car loans start at 1.99% APR which is on par with most of the top auto loan providers we reviewed.

APR

1.99% APR

Application fee

No

Prepayment penalty

No

Origination fee

Yes

Auto Loans at US Bank

US Bank offers high loan limits for both new and used car loan shoppers. The company provides easy access to auto loans with its online application, or lets customers talk directly to a representative through a local branch or phone. Competitive rates and flexible loan terms make US Bank auto loans an attractive option for car shoppers.  

 

 

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