US Bank offers cheap car loans up to $100,000 and 72 months. For borrowers with good credit, this bank is excellent Option for used car loans and refinance loans. In this article, we at the Guides Auto Team will examine the US Bank loan options and application process. We also researched the lenders best car loan rates and Auto Refinance Rates to help you make a smart financial decision.
About the US Bank
founding year: 1863
headquarters: Minneapolis, Minn.
Better rating by the Business Bureau (BBB).: B+
The US Bank’s roots go back to the Lincoln administration, with the charter for the First National Bank in Cincinnati. The company’s headquarters in Minneapolis were established the following year. Today, US Bank has more than 2,000 branches in 26 states and provides financial products and services to individuals, families, government institutions and businesses of all sizes.
US Bank car loan details
You can expect competitive rates when you finance a new or used vehicle through US Bank.
*Price range as of August 31, 2022.
If you fit the profile below, you’ll get the lowest APR the company offers:
- credit-worthiness: 800 or higher
- credit term: 60 months or less
- loan amount: $35,000 or more
These factors can lead to higher lending rates:
- Buying a vehicle from a private party
- A vehicle that is more than six model years old
- Loan amounts under $35,000
- Credit terms longer than 60 months
The US Bank Vehicle Marketplace makes browsing dealerships more convenient. If you are pre-approved by the US bank for a loan, you can send your approval letter to a dealer representative and get the exact car you want.
US Bank Auto Loan Refinance
If you want to Pay off your car loan pay earlier or reduce your monthly car payment, refinancing is the way to go. US Bank offers auto loan refinance at an APR, which currently stands at 5.29%.
To qualify for this rate, your loan must be $30,000 or more with a term of 36 months or less and the car must be less than 12 months old. You’ll also need to finance 80% or less of the car’s value, which means you’ll need an initial down payment. You also need one credit-worthiness 800 or better and to set up automatic payments from a US bank checking or savings account. Finally, you must reside in one of the 26 states where US Bank offers auto refinance loans.
Lease buyout by the US bank
A Lease-Buyout Loan allows you to purchase a leased vehicle at the end of your lease term. You can apply for a lease buyout loan from US Bank whether your lease is with the company or another provider. If your lease is not with US Bank, you must sign your lease buyout loan at the nearest US Bank branch.
US Bank Auto Loan Application Process
You can use online banking services to apply car loan pre-approval through the US bank. If you successfully complete the loan approval process, you will have a locked interest rate for 30 days. If you have low credit, consider adding a co-signer with a strong credit history to your application. This improves your chances of being approved for the loan you want, so your loan payment is as low as possible.
Here’s what you need to have on hand when applying for a vehicle loan from US Bank:
- Personal identification such as your social security number
- Income Information
- Name and address of employer
- Current apartment information
- Estimated financing amount and term of the loan
- Manufacturer’s recommended retail price (MSRP), color, make, model of the vehicle
- The vehicle identification number (VIN)
- Kelley Blue Book or, for used cars, the National Automobile Dealers Association (NADA) value.
- insurance information
- Pledgee name and payout amount for refinance or private party purchase
Ratings of US banks
US Bank has a B+ rating of BBB. The company also has a well-reviewed mobile app 4.6 out of 5.0 stars on Google Play and 4.8 out of 5.0 stars in the App Store.
The company didn’t fare well in the JD Power 2021 US Consumer Financing Satisfaction StudySMranking 20th of 24th Lenders in the mass market category. However, in the JD Power 2022 US Consumer Lending Satisfaction StudySMUS Bank got the second highest score for overall customer satisfaction in the Personal Loans category.
Positive reviews from US banks
There aren’t many reviews on BBB or Trustpilot sites that specifically relate to the US Bank auto loan process. However, there are few glowing reviews about US Bank in general. These reviews talk about reliable customer service interactions and solutions to specific bank account errors.
Negative reviews of US banks
Customer reviews on Trustpilot are not very enthusiastic about US Bank, where the financial institution holds one Rated 1.3 out of 5.0 stars. The most common complaints about the auto loan provider relate to slow auto lease application processes, errors and delays in the transfer of ownership, and poor customer service.
Some customer reviews complained about being routed to the wrong departments, hanging up and agents unable to answer their questions. We have reached out to US Bank for comment on these negative reviews and ratings, but have received no response.
Conclusion on the US bank
When considering your auto financing options for your next vehicle, US Bank is a solid choice if you’re an excellent credit borrower looking to buy a new or used vehicle or refinance your auto loan. The company can also assist you in purchasing a lease. The online application process is quick and easy.
Auto Loan Recommendations
Whether you’re looking to buy a vehicle, refinance an auto loan, or secure a lease buyout loan, it’s always best to look around for the best APR and secure the lowest possible monthly payments. We recommend starting your search for the right lender with myAutoloan and Auto Approve.
myAutoloan: Best low rate option
It’s easy to compare auto loan and refinance rates through the myAutoloan marketplace. The company also offers lease-buyout loan lines of credit. You can get a new car loan with an APR of just 3.69% for 37 to 60 months. myAutoloan refinance loans have an APR of 1.99% for 36 months or less.
Customers give myAutoloan high marks on Trustpilot, with a 4.2 out of 5.0 stars. The company also holds one Rating A+ with accreditation from the BBB.
Continue reading: myAutoloan review
Automatic approval: top choice for refinancing
Auto Approve specializes in auto loan refinancing and has built a solid reputation in the industry. The lender carries one Rating A+ and receives 4.4 out of 5.0 stars from customers on the BBB. Customers on Trustpilot also rate Auto Approve highly 4.7 out of 5.0 stars based on more than 6,000 reviews.
Refinance APRs start at 2.94% with Auto Approve, although the best interest rates are only available to customers with excellent credit. The company also offers lease buyout loans for those looking to purchase their leased vehicles.
Continue reading: Approve review automatically
Because consumers rely on us to provide objective and accurate information, we have developed a comprehensive rating system to formulate our ranking of the best car loan companies. We collected data on dozens of loan originators to rank the companies based on a variety of ranking factors. The end result was an overall rating for each vendor, with the companies with the most points topping the list.
Here are the factors our reviews take into account:
- Reputation (25% of total score): Our research team considered industry expert reviews and each lender’s fiscal year to generate this score.
- Prizes (25% of total points): Auto lenders with low APRs and large loan amounts scored highest in this category.
- Availability (25% of total score): Companies that cover a variety of circumstances are more likely to meet consumer needs.
- Customer Experience (25% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data correct at time of publication.