Is US Bank a good bank for auto loans? First and foremost, if you are looking a company that offers a good competitive rates and flexible terms for auto loans, then you should consider the US bank. The US bank auto loans is issued to borrowers with good to excellent credit particularly a good choice if you want a have more buying power when you want to purchase a used car or to refinance a new one.
U.S. Bank offers competitive rates for as low as 3.54% on auto loans of at least $30,000 for repayment terms less than 36 months. In most cases, you may not even need a down payment. Borrower can even qualify for pre-approval which gives them the chances of getting the auto loan faster but the preapproval is determined by several factors. To get preapproval for your U.S. Bank auto loan, you must know the amount of money you want to borrow to get your used or new car and will have to go through a credit check. If you qualify for preapproval, you may likely get a same-day preapproval. You can fill out the pre-approval application form online.
Pros & Cons of U.S. Bank Auto Loans
Pros
- Flexible repayment terms
- Good competitive rates for borrower with excellent credit
- Discounts for US Bank customer
- Make use of the mobile app to manage your loan
Cons
- Comes with a prepayment penalty fees that ranges from $50 to $100
- Minimum loan amount is high
- You can buy out lease
How Does US Bank Auto Loans work?
U.S. Bank offers loans for both new and used cars and also helps you refinance your current auto loan. Applicant can borrow a loan amount with a minimum of $5,000 and $100,000 maximum irrespective of your loan type and the APR of these US bank auto loan ranges from 2.59% to 5.49% and varies on daily basis depending on the market and other factors. Keep in mind that US Bank does not give you the option to buy out your current lease.
The repayment terms ranges between one to six years. Keep in mind that the longer your term, the more your interest will accrue. This means you will pay more interest in the future. This may even lead to you owing more money on your car than the amount you purchased it.
You can get your financing preapproval from your lender without having your car picked out. When you decide to purchase a car, you can finalize your loan repayment terms. U.S. Bank does not reveal its minimum credit score for borrowers to get a loan or the time span when the borrower will get their money.
How Can I Qualify for U.S. Bank Auto Loans?
To qualify for an Auto loan with the best rates at US Bank, you must have the following;
- A repayment term of 36 months (3 years) or less
- A loan amount of $30,000 or more
- Financing of 80% or less of the car’s value
- A credit score of 800 or higher
- A vehicle that is less than 12 months old (1 year)
- Automatic payments from a U.S. Bank personal checking or savings account
U.S. Bank Auto Loan Requirements
To apply for US Bank auto loan, you must meet some requirements. These requirements are what you must have to qualify before you are asked to provide some important information about you.
- Applicant must be 18 years or older
- Legal resident of the United States
- A valid Social Security number or Individual Taxpayer Identification Number
- Proof of identification – Driver’s License, State ID or Military ID for each applicant
How to Apply for an Auto Loan at U.S. Bank
To apply for a car loan at US Bank, you will be required to pay provide your personal and financial information to complete the application process. Keep in mind that this application process is also the same for your U.S. Bank Auto pre-approval loan application. You can apply online, by visiting the nearest branch close to you or by calling a US Bank auto loan phone number at 1-800-827-2657.
- Start by going to the US Bank auto loan application page in the web browser of your device.
- Next, choose if you want to create your loan account with your US bank ID or select the “No I don’t an online banking account”.
- Then, click on “Continue”.
- On the next page, you will have for steps which include “About you”, “About Account”, “Review & submit” and “result”.
- Next, enter your personal information which includes full first name, middle name, last name, and suffix.
- Enter your primary residential address which include your current residential street address, street address 2, city, state and zip code.
- The next step is to indicate if the United States is your country of permanent residence, how long have you live at your current address, enter your primary phone number, and alternate phone number.
- Next, enter your email address, housing status, monthly payment, primary source of income, annual income.
- The next step is to enter your current employment status, date of birth, SSN or ITIN, choose country and ownership status.
- Click on “Continue”.
- On the next page, follow the prompts to complete all the steps and submit your application for review and approval by the US Bank.
How to Check the Application Status of my U.S. Bank Auto Loan
Once you submit your application for review, you can submit your application by following the steps below;
- Login to Application status page and then log in with your personal ID or Login with your Passcode.
- Next, enter your Personal ID and click on the next button.
- On the next page, follow the prompts and check your application status.
You can also check your application status by calling the customer service at 1-800-720-2265 or visit any US Bank local branch close to you.
How to Make U.S. bank Auto Loan Payment
To make your u.s. bank car loan payment bills you have to login to your account online and then choose your account type, enter your username and password and then click on the “log in” button. Once you logged in, click on “make a payment” to complete your payment. You can also make use of the US bank mobile app to make payment for both Android and iOS. You can also make payment by setting up a one-time payment to avoid late payment. This will automatically deduct the amount from your account plus you get a 0.5% rate discount.
Online Payment
The steps below will guide you on how to make payment online;
- Login to your account at usbank.com with your login details.
- Next, Choose Bill payments at the top of the page, then select Pay bills & U.S. Bank accounts.
To set up one-time payment, follow the steps below;
- To set up the payment, follow the steps below. Up to 30 bills can be paid at once, simply repeat steps “a” through “c”.
- Choose the bill you’d like to pay and select Choose an amount. Enter or choose how much to pay, then select Done.
- To open the calendar and change the date, select Deliver today. Then, choose the desired payment date.
- Select the checking or savings account to pay from.
- The bottom of the page displays the total amount and number of bills to be paid. When ready, select Review and pay, then Pay now to schedule and confirm your payments.
To Pay with U.S. Bank Mobile App
- Start by going to downloading theU.S. Bank Mobile App and choose the one for your device.
- Next, login with your username and password.
- It will take you to your dashboard, from the dashboard, select Pay bills & transfer, then choose Pay a bill.
- Select the account you’d like to pay, then select the balance.
- Choose Pay this amount, enter or choose how much to pay, then select Save.
- Select Deliver payment by if you want to change the date, then select Save.
- Select the account to pay from, then select Save.
- When ready, select Pay to confirm your payment.
Autopay Payment
- Login to your account at usbank.com with your login details.
- Next, Choose Bill payments at the top of the page, then select Pay bills & U.S. Bank accounts.
- Select Bill payments at the top of the page, then choose Pay bills & U.S. Bank accounts.
- Select the account you want automatically paid, then choose Autopay set up now (found on the right side of the page).
- Provide the following information. We encourage you to review the terms of service before starting.
- Amount: Choose how much to pay.
Options include minimum payment, statement balance, minimum payment with extra, or other amount. - Date: Choose when you’d like the payment to be delivered.
This is considered the day the payment is made, also known as the transaction date. - Account: Choose the account to pay from.
If you’re paying from an external account, you’ll need to add it to your list of external payment accounts before setting up autopay.
- Amount: Choose how much to pay.
After you’re done reviewing the summary of information, select Start Autopay.
U.S. Bank Car Loan Calculator
To calculate your monthly auto loan payment, you have to put into consideration some important factors. Auto loans have a minimum loan term of 12 months and minimum loan amount of $5,000 but you can adjust the loan amount and loan term length on the loan payment calculator to see how it impacts your monthly payments. Keep in mind that the final amount varies due to your credit score and other credit qualifiers.
To calculate your loan payment, you have to know the amount of money you want to borrow, loan term length, zip code, and your estimated monthly payment. Keep in mind You can do this following the steps below;
- Go to the US Bank auto loan calculator page in the web browser of your device.
- Next, enter the amount you want to borrow in the specified field, loan term length, and your zip code. You can click on the optional 0.5 rate discount option.
- Then, click on “Calculate”
- Your estimated car loan monthly payment will appear by the side of the page alongside the rate.
- If you are satisfied with the estimated amount, you can now click on the “apply now” button to make payment.
How to Contact US Bank Auto Loans Customer Service
If you want to make payment or having any issue with your auto loan, you can speak with a representative by calling the US Bank auto loan customer service phone number at 1-800-720-2265.
Frequently Asked Questions
How much can I borrow through US Bank Auto loan?
US Bank auto loan offer a minimum loan amount of $5,000 and $100,000 maximum.
What APR does US Bank Auto Loan offer for its car loan?
US Bank auto loan offer a varying APR which ranges from2.59% to 5.49%. Keep in mind that your APR depends on several factors which include your credit score and others.
What is the Maximum Auto loan term Length you can get with US Bank auto loan?
The auto loan term length for US Bank auto loan ranges between 12 to 36 months.
Do I Have to pay an origination fee for my US Bank auto loan?
Yes, US Bank auto loan may charge a loan origination fee up to 1% of the auto loan amount.
Does US Bank auto loan charge a late fee?
Yes, US Bank auto loan charges borrowers with a late payment penalty fees
Does US Bank auto loan charge prepayment fees?
Yes, US Bank auto loan does charge borrowers with a prepayment penalty fees that ranges from $50 to $100 fees