As a traditional big bank lender, U.S. Bank offers competitive rates on auto loans. You could benefit from the same low rate on new, used and refinance loans, with discounts available for select U.S. Bank customers.
U.S. Bank Auto Loans
Not only does U.S. Bank provide the peace of mind that comes with borrowing from a big name lender, it also offers competitive rates and great flexibility. Unlike some other lenders that specify which dealers you can purchase your vehicle from, U.S. Bank auto loans allow for the purchase of a new or used vehicle from any dealership, with the option to buy from a private seller as well.
One of the first things you will likely notice about U.S. Bank auto loans are their rates. While the rate you pay will be determined by the loan term, loan amount and your credit, you could end up with the same rate whether you choose a new or used auto loan, or a refinance loan. You can use the bank’s Auto Loan Payment calculator to estimate your monthly loan payment as a guide.
In terms of buying power, a U.S. Bank auto loan could allow you to borrow up to 120% of the value of the vehicle, letting you cover such costs as title registration within the overall loan amount. You could also qualify for a loyalty discount if you are an existing U.S. Bank customer and you choose to sign up to autopay.
U.S. Bank auto loans do not offer finance on:
• Vehicles more than six years old.
• Vehicles with more than 80,000 miles through a dealership.
• Vehicles with more than 100,000 miles when applying directly.
• Salvaged, rebuilt, hail-damaged or branded title vehicles.
What You Need To Know
• You can apply for finance on new and used vehicles, with loan amounts ranging between $3,000 and $100,000.
• U.S. Bank offers equal rates on new, used and refinance loan options. The rate you pay will be determined by a number of factors, such as loan amount, loan term and credit.
• There is no down payment required.
• You can borrow up to 120% of the value of the vehicle to cover related costs such as title registration.
• Loans are available on vehicles up to six model years old.
• Older cars and cars with high mileage may not be eligible. Customized cars may also be denied.
• U.S. Bank offers refinance options to allow you to take advantage of a more manageable repayment schedule.
• When you apply, you will likely receive a decision within two hours (during normal business hours).
• As a U.S. Bank customer, you can benefit from a 0.5% discount when you sign up to autopay.
• You may also benefit from a discount if you finance an EPA-certified SmartWay vehicle.
• While there is no prepayment fee in place, if you choose to pay out your loan early, you could be subject to a closure fee equal to 1% of your original loan amount.