At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About U.S. Bank
-
Loan amount
Starting at $5,000
-
Min. credit score
Not specified
-
APR from
6.71%
-
Funds available in
Not specified
U.S. Bank auto loans: 2024 review
Published 2024-10-03 00:00:00
Best for shopping online
U.S. Bank partners with dealerships across the country to provide financing. This makes it easy for drivers to shop for their vehicle while checking out financing options directly on the bank’s site. You can easily see vehicles available for sale based on your ZIP code and calculate your expected car payment.
Types of car loans that U.S. Bank offers
| New auto loans | Used auto loans | Refinance auto loans | |
|---|---|---|---|
| APR | Starting at 6.71% | Starting at 6.71% | Starting at 7.16% |
| Loan amounts | From $5,000 | From $5,000 | From $5,000 |
| Loan terms | 12-60 months | 12-60 months | 12-60 months |
New and used auto loans
U.S. Bank offers loans for amounts of $5,000 and up. However, you'll need to shop through a participating dealership, which U.S. Bank has in the 48 contiguous states. A starting rate of 6.71 percent is below the national average surveyed by Bankrate. Borrowers financing a new car for 60 months had an average rate of 7.64 percent as of September 25.
Refinance
In order to qualify for the best refinancing rate, U.S. Bank has a fairly strict credit score requirement — a score of 800. 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.
If you do not live in one of the 25 states U.S Bank offers refi or do not meet requirements, consider exploring our best auto loan refinancing rates to find a better fit.
Lease buyout loans
U.S. Bank offers loans for drivers who have fallen in love with their leased vehicles and intend to purchase them. There is a little information online regarding requirements, but you will need vehicle information and your lease agreement to apply.
Where U.S. Bank stands out
- Online shopping: For borrowers who want to explore available vehicles online before going to the dealership, U.S. Bank is a good fit. The financial institution has partnered with dealerships and has for sale vehicles directly on its site.
- Discounts: Like many other bank-backed lenders, U.S. Bank offers special discounts for those who hold accounts. Specifically, it offers a 0.20 percent rate discount to those who enroll in a U.S. Bank Smart Rewards checking account.
- Preapproval: You can get preapproved for a U.S. Bank auto loan while still shopping for a vehicle. Once you decide on a car, you can finalize your loan at a U.S. Bank branch.
Where U.S. Bank falls short
- Early closure fee: In addition to standard loan fees, U.S. Bank charges an early closure fee if you close your account within one year. This fee equals 1 percent of your original loan amount, with a minimum of $50 and a maximum of $100.
- High minimum loan amount: U.S. Bank has a relatively high minimum loan amount for new and used vehicles at $5,000. If you are hoping to finance an inexpensive used vehicle, U.S. Bank may not be the best option.
- Strict eligibility for the lowest rates: U.S. Bank's lowest rates go to drivers with a credit score of at least 800 who are financing 80 percent or less of the car's value. These borrowers are likely eligible for better rates elsewhere.
U.S. Bank customer resources
Customer support
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.
Digital experience
If you already have a U.S. Bank account, you'll find your auto loans use a familiar interface. The site is fairly basic, with options to apply, calculate expected costs or find a dealership nearby. It also boasts a library of educational information that can assist borrowers in learning the ins and outs of the loan process.
Finally, the site links to the bank's phone app, through which borrowers can seamlessly manage their loans.
How this lender compares
Before securing an auto loan from U.S. Bank, it is first wise to compare other auto loan rates.
U.S. Bank versus PNC Bank
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. However, both banks have the same wide range of funding amounts and similar APRs.
U.S. Bank versus PenFed
Both PenFed and U.S. Bank offer borrowers the option to buy new, used or refinance their vehicles. However, PenFed boasts a significantly lower starting rate along with the ability to finance up to $150,000, while U.S. Bank doesn't specify a maximum amount. 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.
Do you qualify for a U.S. Bank auto loan?
U.S. Bank does not specify its eligibility requirements for credit score or minimum income, but drivers must be legal residents of the United States and at least 18 years old to apply.
In order to qualify for the best rates, you must meet the following requirements:
- Request a term of 60 months or less.
- Credit score of 800 or higher.
- Vehicle is less than 1 year old.
- Loan amount of $40,000 or more.
- Loan-to-value (LTV) percentage of 111% to 115.99%.
- Set up autopay from a U.S. Bank personal checking or savings account.
For U.S. Bank refinancing, these are the requirements for the best rates:
- Loan term of 60 months or less.
- Loan amount of $30,000 or more.
- Credit score of 800 or higher.
- Vehicle is less than 2 years old.
- Set up autopay from a U.S. Bank personal checking or savings account.
How to get a U.S. Bank auto loan
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.
How Bankrate rates U.S. Bank
| Overall score | 3.3 | |
|---|---|---|
| Availability | 3.8 | U.S. Bank has a relatively high minimum loan amount and a middling range of loan terms. |
| Affordability | 3.0 | U.S. Bank has a middling minimum APR and several fees. |
| Customer experience | 4.8 | U.S. Bank caters to borrowers through a good online experience and a mobile app, though its customer service hours are limited. |
| Transparency | 2.5 | U.S. Bank shares its starting rate but doesn't offer prequalification. |
Methodology
Bankrate's trusted auto loans industry expertise
48
years in business
35
lenders reviewed
18
loan features weighed
630
data points collected
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.
What customers think
What people across the web are saying about U.S. Bank
U.S. Bank has just over 1,000 online reviews on Trustpilot, averaging 1.2 out of 5 stars. The majority of the reviews touch on a poor customer service experience and trouble connecting with someone who could assist with the issue at hand.
One borrower says they were billed for payments even after paying off their loans and shared their frustration:
"Made a payment on an auto loan for the full balance. The date my next payment would have normally been payed they made an additional withdrawal from my account. Called their customer service line and they told me autopay was still on despite the loan being payed and that's why it was taken out and I would be refunded for the overage. They then sent me a check for less than the additional payment and said I owed additional interest for the processing time of the full payoff payment. Have never had an experience like this with a bank will never do business with them again."
— Trustpilot User
Another had similar issues with the autotmatic payment process. They shared in part:
"I have had an auto loan with US Bank for several months. My payment is on automatic withdrawal each month. This month I was notified that my payment was one day late. I immediately made the payment manually via the US Bank app. The following day I discovered US Bank had withdrawn the funds twice."
— Trustpilot User
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer's website for updated terms and conditions.
Community U.S. Bank scores
AUTO LOAN
U.S. Bank
Dive into community reviews below and see what others think about U.S. Bank.
4
23
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
39%
4 stars
30%
3 stars
22%
2 stars
9%
1 star
0%
Score by category
Overall rating
4
/ 5
Fees & closing costs
3.9
/ 5
Funding time
3.9
/ 5
Customer service
4.1
/ 5
Application process
4
/ 5
Online portal or mobile app
3.8
/ 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about U.S. Bank.
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
It was the one that offered me the best rate for the car that I got and it was fast.
Describe your experience with customer service
Super helpful and nice!
Loan purpose
Used car loan
Score by category
Fees & closing costs
3
/ 5
Funding time
4
/ 5
Online portal or mobile app
2
/ 5
Customer service
4
/ 5
Application process
2
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
Never had an issue to date.
Describe your experience with the application process
Very easy, no issues.
Loan purpose
New car loan
Score by category
Fees & closing costs
5
/ 5
Funding time
5
/ 5
Online portal or mobile app
5
/ 5
Customer service
5
/ 5
Application process
5
/ 5
Key Questions
Would you recommend this lender to a friend or family?
Yes
Was the lender responsive/professional?
Yes
Did this loan meet your financial needs?
Yes
Loan purpose
Score by category
Key Questions
We wanna know what you think about U.S. Bank
Have experience with U.S. Bank? Let us know your thoughts
Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
