SuperMoney 

USAA

Claimed

in Auto Loans

SuperMoney Net Recommendation Score -32% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Mostly not recommended

4 users recommend
5 users are unsure
10 users don't recommend
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Overview

USAA Overview

USAA was founded in 1922 by 25 army officers who couldn’t find a company that would ensure their vehicles. So they agreed to insure each other. The small business they started has now grown into an institution with millions of customers that offers a broad range of financial products to members of the military and their families. Auto loans are one of many products USAA offers to its members.

USAA offers auto loans with rates as low as 2.49% APR (with automatic payments). There are no application fees, prepayment penalties or hidden costs, and borrowers can get a decision in as little as 5 minutes. USAA consistently receives the highest customer service ratings. However, it is only available to people who are members of the armed forces or their families.

How Does USAA Auto Loans Work?

USAA offers three types of auto loans: new car loans, used car loans, and refinance loans.

Borrowers can apply online or by calling a USAA representative. USAA considers applicants with all types of credit, although only the lowest rates are only available to applicants with excellent credit (740+).

Applying online only takes 5 minutes, and most borrowers get an instant loan decision. Borrowers can sign their documents online and print their loan check instantly. Another option is to send the car dealer the check using USAA’s smartphone app.

- USAA offers lower rates for loans on new cars (brand new to 2-year old vehicles) and vehicles bought using USAA’s car buying service.

- There are no origination fees, prepayment penalties or other hidden fees.

- Loan terms range from 12 to 84 months. Available loan amounts are dependent on the value of the vehicle.

What Are USAA Auto Loans' Rates?

Rates vary depending on a borrower’s credit profile, loan amount, loan term, and type of car. Rates can change at any moment, but currently USAA has rates:

- As low as 2.49% APR for loans on new vehicles with USAA’s Car Buying Service Discount. The lowest rate without USAA’s Car Buying Discount is 2.99% APR.

- As low as 3.49% APR (2.99% APR with the USAA Car Buying Service Discount) for used cars.

- As low as 2.99% APR (for 2016 or newer models) for refinances (3.49% APR for 2015 or older cars).

These rates are only available to borrowers with excellent credit.

Borrowers with poor credit (lower than 640) can qualify for rates as low as 7.74% APR.

Borrowers with fair credit (640 to 700) can qualify for rates as low as 5.60% APR.

Borrowers with good credit (700 to 740) can qualify for rates as low as 4.49% APR.

How Much Money Can I Borrow from USAA Auto Loans?

USAA doesn’t set a maximum auto loan amount. Available loan amounts vary depending on the value of the vehicle you want to buy and your credit. However, only loan amounts for $25,000 or more qualify for the longest term of 84 months.

Which States Does USAA Auto Loans Operate In?

USAA operates in all states but only accepts people (and their families) who are in the armed forces.

What Is USAA Auto Loans' Application Process Like?

The application process is simple. It takes only five minutes to complete the form, and most borrowers get an immediate decision. If you are approved, you can e-sign the loan agreement and print your check instantly.

How Is USAA Better Than Other Lenders?

- The USAA has an A+ rating with the BBB and an A++ (Superior) rating with A.M. Best.

- It has some of the lowest rates available with any lender.

- It considers borrowers with all credit types: from poor to excellent.

- No origination fees, prepayment penalties or hidden fees.

- The only catch is USAA is only available to members of the armed forces and their families, so most people cannot benefit from its excellent rates and terms.

USAA Disclosure: Displayed rates are the lowest Annual Percentage Rates (APR) and include a discount for automatic payments (0.25%). Rates subject to change without notice and vary based on approved credit and other factors, such as term, model year, and loan amount.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Application Fee $0
Minimum Age 18
Credit Score Range 560 - 850
850 300 560
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Military Status
  • Active Duty Military
  • Military Dependent
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Individual Applications
Verification Documents Required
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Term (Months) 12 - 72
APR 2.49% - 13.85%

Reviews

 
 

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