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U.S. Bank: 2022 Auto Loan Review

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With a nationwide footprint and a large branch network, U.S. Bank is a great option for auto loan borrowers who prefer the convenience of in-person customer service.

U.S. Bank offers low rates and a good selection of repayment terms, and applicants can receive approval the same day they apply. The bank also boasts a special discount for users who already have a U.S. Bank personal checking or savings account.

U.S. Bank auto loan snapshot

Loan amount
New car purchase:  $5,000 to $100,000
Used car purchase: $5,000 to $100,000
Refinancing: $5,000 to $100,000
New car purchase: 2.59% to 5.49%
Used car purchase: 2.59% to 5.49%
Refinancing: 2.59% to 5.49%
Minimum credit score
Not specified
Time to receive funds
Not specified

Pros and cons of U.S. Bank auto loans

Weigh these benefits and drawbacks of an auto loan with U.S. Bank before applying.


  • Wide range of term lengths. U.S. Bank auto loans have six repayment term options, ranging from 12 to 72 months. This gives drivers more flexibility in their monthly payment.
  • Discounts for U.S. Bank customers. U.S. Bank offers a 0.5 percent rate discount to those who set up automatic payments from a U.S. Bank checking account — a small percentage that can save you a lot of money over time.
  • Preapproval without vehicle information. Even if you’re still shopping around for your specific vehicle, you can get preapproved for a U.S. Bank auto loan. Once you’ve decided on a car, you can finalize your loan at a U.S. Bank branch.


  • Early closure fee. In addition to standard loan fees, U.S. Bank charges an early closure fee if you close your account within one year. This fee equals 1 percent of your original loan amount, with a minimum of $50 and a maximum of $100.
  • High minimum loan amount. U.S. Bank has a relatively high minimum loan amount for new and used vehicles at $5,000. If you are hoping to finance an inexpensive used vehicle, U.S. Bank may not be the best option.
  • Strict eligibility for the lowest rates. While U.S. Bank’s lowest rates look appealing, they go to drivers with a credit score of at least 800 who are financing 80 percent or less of the car’s value.

Who is U.S. Bank best for?

A loan with U.S. Bank is best if you already have a relationship with the bank or you prefer in-person service. The bank has more than 2,000 branches in 26 states, and customers who have a checking or savings account with the company will qualify for the lowest rates on auto loan products.

It’s also a good choice if you haven’t yet decided on a car; U.S. Bank’s preapproval process allows you to shop around without specifying your intended vehicle.

Types of auto loans offered

U.S. Bank offers loans for new and used cars and auto loan refinancing. You can borrow anywhere from $5,000 to $100,000, and you can choose a term of 12, 24, 36, 48, 60 or 72 months.

Interest rates and terms

U.S. Bank offers a 0.5 percent discount to borrowers who set up autopay from a U.S. Bank checking or savings account. The rates below reflect this discount.

Loan product Interest rate
New car purchase 2.59% to 5.49% APR
Used car purchase 2.59% to 5.49% APR
Auto loan refinance 2.59% to 5.49% APR

How to apply for a loan with U.S. Bank

You can apply for a loan with U.S. Bank online, by phone or at a branch, although if you want to use the preapproval process, you’ll need to complete your loan at a branch.

Applying online should take about five minutes. You will need to provide the following:

  • Your requested loan amount.
  • Your Social Security number.
  • Your employer’s name and address.
  • Your annual gross income (before deductions).
  • The car’s year, make, model and estimated value.
  • The car lien holder name and payoff amount (for auto refinancing or private party purchase with a lien).

After you’ve submitted your application, U.S. Bank will review your application and potentially reach out regarding auto insurance and proof of income. From there, you should receive a credit decision within two hours.

Auto loan requirements

U.S. Bank does not specify its eligibility requirements for credit score or minimum income, but in order to apply, drivers must be a legal resident of the United States and be at least 18 years of age.

In order to qualify for the best rates, you must:

  • Request a term of 36 months of less.
  • Request loan of at least $30,000.
  • Finance 80 percent or less of your car’s value.
  • Have a credit score of at least 800.
  • Finance a vehicle that is less than 12 months old.
  • Set up autopay from a U.S. Bank personal checking or savings account.

Customer service

U.S. Bank earns an “A+” rating from the Better Business Bureau based on factors like complaint history, the bank’s response to those complaints and the transparency of the bank’s business practices. This is the highest score possible, meaning that U.S. Bank has made a good faith effort to resolve customer complaints.

U.S. Bank encourages customers to make an appointment at a local branch with any questions, but you can also call 800-872-2657. If you have questions about your application, you can reach specialists at 800-479-4749 Monday through Friday from 7 a.m. to 10 pm. CT or Saturday from 9 a.m. to 5 p.m. CT. You can also use the U.S. Bank website or app to check the status of your application or manage your loan.

How Bankrate rates U.S. Bank

Overall Score 4.2
Repayment Options 4.6 U.S. Bank has a relatively high minimum loan amount but a wide range of repayment options.
Affordability 3.8 While U.S Bank offers low APRs, it lacks transparency in its eligibility requirements.
Customer Experience 4.2 U.S. Bank caters to borrowers through a good online experience and a mobile app, though its customer service hours are limited.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.