At a glance
- Customer Experience
About U.S. Bank
$5,000 to $100,000
Min. credit score
Funds available in
$5,000 to $100,000
Min. credit score
Funds available in
While extending your loan term isn’t always the best financial move, buyers who need the smaller monthly payment appreciate lenders that offer that flexibility. Borrowers can finance their new or used vehicles for up to 72 months when working with U.S. Bank. This is great for a borrower who has good credit and is confident in their ability to pay off their loan but prefers to pay less money each month.
Wide range of term lengths
Discounts for U.S. Bank customers
Preapproval without vehicle information
Early closure fee
High minimum loan amount
Strict eligibility for the lowest rates
With a nationwide footprint and a large branch network, U.S. Bank may appeal to auto loan borrowers who prefer the convenience of in-person customer service.
U.S. Bank offers a selection of repayment terms, and applicants can receive approval the same day they apply. The bank has a special discount for users who already have a U.S. Bank personal checking or savings account. However, other national banks, such as Bank of America, offer better starting rates.
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 meet the following requirements:
When it comes to U.S. Bank refinancing, consider the following to get the best rates:
Both lenders offer the benefits of borrowing from a large financial institution. PNC Bank also provides the PNC Total Auto program. Through this program, drivers can get assistance while navigating the shopping, buying and financing process — great for those who need extra guidance. But both banks have the same wide range of funding amounts and similar APRs.
Both PenFed and U.S. Bank offer borrowers across all 50 states options to buy new, used or refinance their vehicles. However, PenFed boasts a significantly lower starting rate along with the ability to finance a bit more — up to $150,000. But it is not the perfect lender for every buyer. U.S. Bank is the better option for those who prefer in-person customer service and are looking to buy out their leased vehicle, a program not offered by PenFed.
While U.S. Bank offers discounts to its account-holders, its rates aren’t impressive, even for those who meet its intense eligibility standards.
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 p.m. 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.
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 finance for up to 72 months.
U.S. Bank offers loans for amounts anywhere from $5,000 to $100,000. However, you’ll need to shop through a participating dealership. A starting rate of 7.61 percent is slightly above national averages surveyed by Bankrate. Borrowers financing a new car for 60 months had an average of 7.72 percent as of Dec. 13.
In order to qualify for the best refinancing rate, U.S. Bank has a fairly strict credit score requirement — a score of 800 or higher needed. Consider how this would affect your potential rate and only sign off on a refi loan through U.S. Bank if you are confident in your credit history. Depending on your credit score you may be able to secure a better refi rate elsewhere. Autopay, for example, has a minimum of 4.67 percent — much lower than U.S Bank’s. Refinancing loans are also only available in 26 states.
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. 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.
Outside of the range of repayment terms and range of products offered by U.S Bank, the institution carries some additional perks to consider. If you are just starting your car shopping process, U.S Bank can assist you with finding the right car. U.S. Bank’s vehicle marketplace uses your location to present available vehicles in your area. Finally, U.S. bank account holders who agree to autopay will benefit from additional discounts.
U.S. Bank enforces a prepayment penalty of 1 percent of the original loan amount if the account is closed within the first year. Outside of this, borrowers can expect to pay a title or registration fee that will vary based on their home state.
|U.S. Bank has a relatively high minimum loan amount but a wide range of repayment options.
|U.S. Bank has a middling minimum APR and has several fees.
|U.S. Bank caters to borrowers through a good online experience and a mobile app, though its customer service hours are limited.
|U.S. Bank shares available rates but doesn't offer prequalification.
The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.