U.S. Bank Auto Loans Review
U.S. Bank is a large bank with a nationwide presence. It offers a variety of auto loan products, including new and used car loans, refinance loans, and lease buyout loans. The bank also offers a variety of repayment terms, from 12 to 60 months. Auto Loans Bank of US Bancorp Reviews 2023.
Pros of U.S. Bank Auto Loans
- Competitive rates: U.S. Bank offers competitive rates on auto loans, especially for borrowers with good to excellent credit. For example, as of July 2023, the bank is offering a 3.99% APR on new car loans for borrowers with a credit score of 740 or higher.
- Wide range of term lengths: U.S. Bank offers auto loans with terms ranging from 12 to 72 months. This gives borrowers the flexibility to choose a term that fits their budget and financial goals.
- Discounts and benefits: U.S. Bank offers a number of discounts and benefits to its auto loan customers, including:
- A 0.5% APR discount for customers who set up automatic payments from a U.S. Bank checking or savings account
- A 0.25% APR discount for customers who purchase a new car that gets at least 35 mpg
- A free vehicle history report Auto Loans Bank of US Bancorp Reviews 2023.
- Good customer service: U.S. Bank has a good reputation for customer service. Customers have praised the bank’s helpful and knowledgeable representatives.
Cons of U.S. Bank Auto Loans
- High minimum loan amount: U.S. Bank has a high minimum loan amount of $7,500.
- Late payment fees: U.s. Bank charges late payment fees of up to $35.
- Early payment penalty: U.S. Bank charges an early payment penalty of 3% of the remaining balance if you pay off your loan early.
- Customer service: U.S. Bank has mixed reviews for its customer service. Some customers have reported long wait times and difficulty getting in touch with a representative.
Overall, U.S. Bank is a good option for borrowers who are looking for competitive rates and a variety of loan products. However, the bank has a high minimum loan amount and some customers have reported problems with customer service.
Here are some reviews of U.S. Bank auto loans from real customers:
- “I had a great experience with U.S. Bank when I got my auto loan. The rates were competitive and the process was easy. I would definitely recommend them to others.” – John Smith
- “I was disappointed with my experience with U.S. Bank. The rates were not as competitive as I had hoped and the customer service was not very good. I would not recommend them to others.” – Jane Doe
- “I had a mixed experience with U.S. Bank. The rates were good and the process was easy, but I had some problems with customer service. Overall, I would recommend them to others.” – Mary Jones
You can apply for a U.S. Bank auto loan online, by phone, or at a local branch. To apply online, you will need to provide some basic information about yourself and your vehicle.
The requirements for a U.S. Bank auto loan vary depending on the borrower’s credit score and other factors. However, generally speaking, borrowers must have a credit score of at least 620 and a debt-to-income ratio of no more than 50%.
U.S. Bank offers auto loans with term lengths ranging from 1 to 6 years. The longer the term, the lower the monthly payments will be, but the borrower will pay more interest over the life of the loan.
The minimum loan amount for a U.S. Bank auto loan is $5,000. The maximum loan amount depends on the borrower’s credit score and other factors.
U.S. Bank’s auto loan interest rates vary depending on the borrower’s credit score, the loan amount, and the term length. As of March 8, 2023, the bank’s advertised rates for new car loans range from 4.24% to 10.64% APR. The rates for used car loans range from 4.74% to 11.14% APR.