U.S. Bank offers competitive interest rates along with flexible loan terms up to 72 months for new, used, and refinanced vehicle loans. Existing U.S. Bank customers can also take advantage of rate discounts.
Introduction to U.S. Bank Auto Lending
Headquartered in Minneapolis, Minnesota, U.S. Bank is one of the largest retail banks in the United States with over 3,000 branch locations across the country. Along with standard banking products, U.S. Bank provides auto loans to purchase and refinance cars and trucks.
With both online and local lending options, U.S. Bank auto loans feature competitive baseline rates along with discounts for setting up automatic payments from a U.S. Bank deposit account.
U.S. Bank New and Used Auto Loan Options
U.S. Bank offers the following auto loan products:
New Car Loans
- Loan amounts from $5,000 to $100,000
- Loan repayment terms from 12 to 72 months
- Interest rates starting at 7.76%
Used Car Loans
- Loan amounts from $5,000 to $100,000
- Loan terms from 12 to 72 months
- Rates starting at 7.76%
Refinancing
- Loan amounts from $5,000 to $100,000
- Maximum 36-month loan terms
- Rates starting at 8.24%
While refinancing rates start slightly higher, all loans allow flexible terms up to 6 years, allowing borrowers to tailor monthly payments to fit their budget.
Qualification Requirements for U.S. Bank Loans
To apply for an auto loan with U.S. Bank, the basic requirements are:
- Valid U.S. ID
- Minimum age of 18
- Verifiable income
- Monthly debts that fit within thresholds
Minimum credit scores or income levels are not formally published. Your entire financial profile, including credit history, existing obligations, and employment will decide qualifications and loan terms.
Those with lower scores may need to put more money down or add a cosigner with better credit to get approved or secure the lowest rates advertised.
READ ALSO: LightStream vs PNC Bank Auto Loans: Rates, Terms, Applying
The Application Process for U.S. Bank Auto Loans
Borrowers can apply for U.S. Bank auto loans through:
- Online application form
- By phone
- In person at local U.S. Bank branches
You’ll need to provide basic personal details, employer information, requested loan amount, and vehicle details if purchasing.
Online applications typically receive a lending decision within a few hours. In-branch applications allow borrowers to get pre-approved for financing before shopping for vehicles.
Extra Perks and Features from U.S. Bank
Along with having competitive baseline auto loan rates, U.S. Bank offers a few extra features:
- 0.5% rate discount for setting up autopay from a U.S. Bank account
- Online vehicle marketplace to assist with car shopping
- Option to buy out an existing vehicle lease
How U.S. Bank Compares to Other Auto Lenders
PNC Bank – Offers similar loan amounts and rates to U.S. Bank. PNC provides some additional car buying and dealer assistance through their auto shopping program.
PenFed Credit Union – Slightly lower starting rates from PenFed but less flexibility on used car terms. PenFed membership needed for their lowest advertised pricing.
Pros and Cons of U.S. Bank Auto Loans
Pros
- Terms up to 72 months
- Extra discounts for U.S. Bank customers
- Large branch network provides personal service
Cons
- Early payoff penalty fees
- High minimum loan amounts
- Best rates require pristine credit
Contacting U.S. Bank for Support
U.S. Bank provides customer assistance through:
- Appointments at local branches
- Call center open extended weekdays and Saturday
- Email and messaging via website and mobile app
To Recap
For borrowers wanting maximum flexibility on loan terms accompanied by local and digital service options, U.S. Bank auto loans deliver. While they do impose some extra fees, the ability to extend financing up to 6 years allows U.S. Bank customers to tailor payments to their budget. Overall, U.S. Bank earns 4.4 out of 5 stars from Bankrate based on great availability, solid affordability and customer experience, and top marks for transparency.
Frequently Asked Questions About U.S. Bank Auto Loans
What is the maximum loan term offered by U.S. Bank?
U.S. Bank allows borrowers to extend new and used auto loan repayment terms up to 72 months (6 years). This results in lower monthly payments by stretching the financing over a longer timeline.
Does U.S. Bank offer special dealer financing rates?
No, U.S. Bank does not currently partner with auto manufacturers or dealers to offer discounted promotional financing. But borrowers can still use U.S. Bank pre-approval and competitive interest rates when shopping locally.
How do I qualify for the best U.S. Bank refinancing rates?
To qualify for U.S. Bank’s lowest advertised refinancing rates starting at 8.24%, you’ll need sterling credit (800+ score), loan terms 36 months or less, a loan amount over $30k, and autopay enrollment from a U.S. Bank deposit account.
What is the minimum credit score for an auto loan from U.S. Bank?
While no official minimum score is published publicly, applicants with lower credit scores will likely pay higher interest rates or need to put more money down to get approved. Those with poor credit may not qualify at all.
Can I get pre-approved for a U.S. Bank auto loan?
Yes, U.S. Bank allows customers to get pre-approved for auto financing. While pre-approvals require a hard credit check, this allows borrowers to confirm rates and terms before shopping for vehicles.
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