US Bank is a financial services company that was founded in 1891. The business is owned by U.S. Bancorp, Inc., which has $433 billion in assets and is based in Minneapolis, Minnesota. The parent company has received high financial ratings including an A+ from the BBB, an A+ from Standard and Poor’s and an A1 from Moody’s.
With US Bank, there are three type of auto loans available: refinancing loans, new car loans, and used car loans.
If you haven’t purchased a car yet and want to know how much you can potentially borrow, you can apply for auto loan pre-approval, which does prompt a credit check but doesn't require you to provide any vehicle-specific information.
- The rates for US Bank auto loans start at 3.12% APR.
- Consumers may have to pay an origination fee, which varies by state and ranges from $50 to 1% of the loan amount.
- Closing your account early may subject you to a closure fee of up to 1% of the original loan.
- US Bank does offer a Green Auto Loan Rate Discount, which means you may be eligible for a 0.5% APR discount off your rate when financing a new or used EPA Certified SmartWay Vehicle.
With US Bank, auto financing is available for a minimum loan of $3,000 and a maximum loan of $100,000. Customers can finance up to 115%, and no down payment is required.
For a US Bank auto loan, you can apply online, by phone or in person at a local branch. You will be required to detail your annual income and contact information. Most applicants will receive a credit decision on the same day. If approved, you'll be contacted to schedule a loan closing appointment to complete the loan process in person at a local branch.
- US Bank offers low rates including a discount for green cars.
- Credit decisions are often communicated within two hours of submitting an application.
- You can apply for pre-approval to know how much you will be able to borrow you start looking for a car.
- US Bank operates branches throughout the country.