US Bank Auto Loan: Numerous different term durations, discounts for customers of U.S. Bank, Without vehicle details, preapproval…See more details below.
U.S. Bank boasts the ease of in-person transactions, but think carefully before applying for a loan. U.S. Bank is a fantastic choice for vehicle loan customers that value the convenience of in-person customer service and has an extensive branch network across the country.
Low rates and a wide range of payback terms are available from U.S. Bank, and applicants can get approval the same day they submit their applications. Additionally, the bank advertises a special discount for customers who currently have a personal checking or savings account with US Bank.
For whom is US Bank ideal?
If you already work with the bank or prefer in-person service, a loan with U.S. Bank is the best option. Customers who have a checking or savings account with the bank, which has more than 2,000 locations across 28 states, are eligible for the lowest rates on auto loan programs.
It’s also a wise decision if you haven’t chosen a vehicle yet. The preapproval process from U.S. Bank enables you to compare vehicles without revealing your preferred one.
See Also: Bank of America Auto Loan | How to Apply
Types US Bank Auto Loan
Both new and used car loans as well as refinancing are available from U.S. Bank. You can choose a term of 12, 24, 36, 48, 60, or 72 months, and you can borrow up to $100,000.
New and used vehicle loans
U.S. Bank provides loans ranging from $5,000 to $100,000 if you’re looking to buy a new or used car. Because of this, it’s an excellent choice for motorists who want to finance a more expensive vehicle. You can buy your new car without restriction because U.S. Bank has no restrictions on dealerships.
With U.S. Bank, refinance loans have an introductory APR as low as 6.14%. U.S. Bank has a fairly severe credit score requirement of an 800 or higher in order to be eligible for this rate.
US Bank Interest rates and terms
If you are confident in your credit history, only approve a refi loan through U.S. Bank after taking into account how this can effect your possible rates and terms.
|Loan product||Interest rate|
|New car purchase||Starting at 6.14% APR|
|Used car purchase||Starting at 6.14% APR|
|Refinance||Starting at 6.14% APR|
Borrowers who set up autopay from a U.S. Bank checking or savings account receive a 0.5 percent discount from US Bank. The prices shown below reflect this reduction.
Check: US Bank Sign Up | US Bank Review
How to apply for a US Bank Loan
You can apply for a loan with U.S. Bank online, over the phone, or in person, though you must finalize your loan in person if you wish to use the preapproval procedure. The online application process should take five minutes.
The following information must be provided:
- Your loan amount request.
- the social security number you have.
- Name and location of your employer.
- Your yearly gross salary (before deductions).
- Year, make, model, and approximate value of the vehicle.
- Name of the vehicle lienholder and payoff sum (for auto refinancing or private party purchase with a lien).
After you submit your application, U.S. Bank will analyze it and might get in touch with you to ask about your auto insurance and source of income.
Following that, you ought to get a credit decision in two hours.
US Bank Auto loan Requirements
Drivers must be at least 18 years old and legal residents of the United States in order to qualify. U.S. Bank does not state its eligibility requirements for credit score or minimum income.
You must: in order to be eligible for the best rates.
- Ask for a duration of no more than 36 months.
- Make a loan request for at least $30,000
- Finance no more than 80% of the value of your car.
- Have a minimum credit score of 800.
- Obtain financing for a vehicle that is under a year old.
- Set up autopay using a personal checking or savings account with U.S. Bank.
US Bank Customer Service
The Better Business Bureau awards U.S. Bank a “A+” grade based on the bank’s history of complaints, how it handled those complaints, and how transparent its business procedures were. The fact that U.S. Bank received the maximum score available indicates that it made a sincere attempt to address consumer problems.
Customers of U.S. Bank are encouraged to schedule an appointment at their neighborhood branch if they have any questions, but you can also phone 800-872-2657. You can speak with experts regarding your application Monday through Friday from 7 a.m. to 10 p.m. CT or on Saturday from 9 a.m. to 5 p.m. CT by calling 800-479-4749.
You can manage your loan or check the status of your application using the U.S. Bank website or app.