US Bank Overview

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.

How Do US Bank’s Auto Loans Work?

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.

What Are the Rates and Fees for US Bank’s Auto Loans?

- 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.

How Much Money Can I Borrow for US Bank Auto Loans?

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.

What Is US Bank’s Application Process Like?

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.

How Are US Bank’s Auto Loans Better than Other Auto Loans?

- 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.

  • Max Loan Term (Months)
  • Institution Type
  • Credit Score Range
    650 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    U.S. Permanent Resident
  • Joint Loan Applications Accepted
  • Military Status
    • Active Duty Military
    • Non-Military
  • Minimum Age
  • Verification Documents Required?
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Origination Fee
    Up to 1%
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
  • Joint Loans Available
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Loan Amount
    $3000 - $100000
  • APR
    Starting at 3.12%
"Rates as low as 3.12% APR are available for 3-year auto loans $10,000 and higher at 100% loan-to-value (LTV) or less. Rates may be higher for loans to purchase a vehicle from a private party, smaller loan amounts, longer terms, vehicles older than 6 model years and a lower credit score. In order to receive the lowest rate advertised, a setup of automatic payment from a U.S. Bank Consumer Checking Package is required."
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