US Bank was founded in 1929. As the parent company US Bank National Association, it is the 5th largest commercial bank in the United States. With over 3,000 branch locations in 25 states, US Bank services a large portion of the American public. US Bank offers savings and investment products in addition to mortgages and personal loans. US Bank finances auto loans under flexible terms with competitive rates.
What Should I Know About US Bank Auto Loans?
US Bank lends to borrowers who wish to buy a new car, buy a used car or refinance an existing auto loan. US Bank offers a loan amount calculator online for customers to find out how much they may borrow ahead of time. Auto loans are available for amounts above $3,000. The minimum financing term is 12 months.
US Bank offers auto loans with rates as low as 2.74% APR. A same day credit decision may be made. US Bank receives excellent customer service ratings and offers multiple online conveniences to its clientele. US Bank auto loans may also finance RVs, ATVs, motorcycles, snowmobiles and personal watercraft vehicles.
Used and new car loans apply to vehicles:
- up to 6 years old,
- less than 100,000 miles,
- and up to $100,000.
US Bank offers auto loans in these 25 states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
How Can I Apply for a US Bank Auto Loan?
Interested customers may apply online, call a loan agent at 1-800-473-6372 or visit a nearby branch to speak with a personal banker. To complete the financing application process, applicants need a Social Security number, employer contact information and annual gross income calculation (before deductions). If refinancing or completing a private party purchase with a lien, customers need the lien holder’s name and payoff amount. Applicants may also be asked to provide proof of income and automobile insurance.
Once an applicant is approved online or over the phone, a US Bank representative will call to verify identity and schedule a loan closing. Applicants must pay a loan origination fee of $50 to $125 depending on the state or 1% of the loan amount (whichever is greater).
What Are The Interest Rates for US Bank Auto Loans?
Rates vary by state and are subject to change. But as of January 2017, a rate of 2.74% APR is available for vehicles priced $10,000 or higher and financed for a 3 year term (with automatic payment from a U.S. Bank Consumer Checking Package). Rates increase for vehicles purchased from owners or a vehicle priced at less than $10,000.
Rates are higher for a vehicle from a private party, smaller loan amounts and longer terms. Rates also increase for models 6+ years old. Customers with a poor credit score (below 640) pay higher rates.
What Makes US Bank Better Than Other Auto Lenders?
Pre-approval options are available for specially qualified applicants. A credit decision is reached in two hours or less. Up to 115% financing may be available with no down payment required.
Customers may choose an EPA-Certified Smartway vehicle to take advantage of special “green” loan rates and get .5% savings off the total loan rate. This USA Bank Green Auto Loan rate discount applies to new or nearly new vehicles, hybrids or high gas mileage vehicles. Approved applicants may also apply their auto loan to a vehicle purchase from a US Bank Auto lot.