At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About USAA
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Loan amount
$5,000 and up
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Min. credit score
Not specified
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APR from
5.99% (with autopay)
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Funds available in
Not specified
Loan amount
$5,000 and up
Min. credit score
Not specified
APR from
5.99% (with autopay)
Funds available in
Not specified
USAA has a focus on offering financial products for military members, veterans and their families. It started in 1922 with 25 army officers insuring each other’s vehicles. USAA auto loans have perks designed for servicemembers and veterans. For instance, they allow you to take your financed car overseas when you deploy, travel overseas or move, unlike other lenders. There are also loans for adapted vehicles for people who have disabilities.
USAA boasts special discounts and rates for its members. Still, consider the cons before signing off.
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, used and leased 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 most lenders, to get the best rate, you will need to have very good to excellent credit — a score of at least 670.
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.
Like USAA, Navy Federal serves U.S. military members and veterans, though Navy Federal is a credit union rather than a financial services company. The two lenders offer competitive minimum interest rates and fast lending decisions. Navy Federal offers a couple of perks USAA doesn't, including a 96-month repayment term and access to car-buying services through TrueCar.
If you have questions regarding your loan application or prefer to communicate over the phone, USAA can be reached at 800-531-8722 or 210-531-8722 or via chat function directly on the site. Some complaints on Trustpilot mentioned most communications being digital and lacking a personal feel.
USAA offers auto loans for drivers looking to finance a new or used vehicle or refinance their current loan. It also offers financing for lease buyouts but directs customers to call for more information.
Drivers can finance a vehicle directly from a dealer or through a private seller with terms up to 84 months, which is longer than many other lenders. 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 84-month term is only available for model years 2016-2024 and require financed amounts of $25,000 or greater.
One unusual 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.
As with many lenders, you can get a 0.25 percent discount on USAA car loan rates for using autopay.
Some lenders only focus on car loans or refinance. But USAA also offers auto insurance, so if you’d like your auto costs through one place, USAA may be the way to go.
A final standout perk is payment relief after a natural disaster. It’s not something many borrowers think about, but it’s a nice feature to have in case the worst happens.
USAA does not have an application fee, nor does it assess an early pay-off penalty. Many lenders are moving away from these fees, but some competitors still charge them.
Overall score | 4 | |
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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. |
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.