At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About USAA
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Loan amount
$5,000 to $500,000
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Min. credit score
Not disclosed
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APR from
5.69% (with autopay)
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Funds available in
One to three business days
Loan amount
$5,000 to $500,000
Min. credit score
Not disclosed
APR from
5.69% (with autopay)
Funds available in
One to three business days
USAA boasts special discounts and rates for its members. Still, consider the cons before signing off.
Autopay discount
No application or prepayment fees
Long shopping window
No prequalification
Undisclosed refinance rates
Membership required
USAA is a Texas-based company that serves U.S. military members and veterans, pre-commissioned officers and spouses and children of either. Members can take out auto loans for new and used vehicles and refinance existing ones. With competitive rates and dedicated customer service, USAA can be a great option for service members looking to finance their next vehicle purchase.
USAA does not disclose loan requirements other than membership. Those who can join USAA include:
With a lower minimum loan amount of $2,000, financing through M&T Bank is a great option for borrowers who are financing a less expensive vehicle. Additionally, the Buffalo-based bank offers discounts to its borrowers without a membership requirement, unlike USAA. If you do not meet the membership requirements imposed by USAA, consider M&T Bank for similar rates, terms and acceptance.
Drivers can finance a vehicle directly from a dealer or through a private seller with terms up to 84 months. However, USAA does carry some rules regarding vehicle age, cost and available terms. For 72-month terms, the financing amount must be $15,000 or greater. The longest terms are only available for model years 2016-2024 and require financed amounts of $25,000 or greater.
While USAA does offer the ability to refinance your vehicle, the specifics are not disclosed on its website. In order to find available rates and terms, you must first apply.
One perk that comes with USAA refi is the ability to take your vehicle overseas, ideal for those awaiting deployment.
The application process can be done fully online with approval provided in minutes. Your loan offer will be good for 45 days so it is wise to shop around before signing off. According to USAA’s site, applying for a new or used auto loan can be done in three simple steps.
Overall score | 4 | |
---|---|---|
Availability | 4.4 | USAA offers loans in all 50 states but does not disclose maximum loan amounts. |
Affordability | 4.3 | There are no hidden fees but USAA uses traditional underwriting criteria and has an average minimum APR. |
Customer experience | 5 | The shopping window is longer than competitors and USAA 24/7 online chat support. |
Transparency | 2.5 | USAA does not offer prequalification and only shares its minimum APR. |
Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.