US Bank offers car loans at low rates for up to $100,000 and 72 months. For borrowers with good credit, this bank is an excellent option for used car loans and refinance loans. In this article, the Guides Auto team will explore US Bank’s loan options and application process. We have also researched lenders with the best car loan rates and auto refinance rate to help you make a smart financial decision.
About US Bank
Year of foundation: 1863
Headquarter: Minneapolis, Minn.
Rating from the Better Business Bureau (BBB): B+
US Bank has its roots in the Lincoln administration, with the charter of First National Bank in Cincinnati. The company’s Minneapolis headquarters was established the following year. Today, US Bank has more than 2,000 branches in 26 states, providing financial products and services to individuals, families, government institutions and businesses of all sizes.
US bank car loan details
You can expect competitive rates when financing a new or used car through US Bank.
*Rate range as of August 31, 2022.
If you fit the following profile, you will receive the lowest APR offered by the company:
- Credit score: 800 or more
- term of the loan: 60 months or less
- Amount of the loan: $35,000 or more
These factors can lead to higher loan rates:
- Buying a vehicle from an individual
- A vehicle that is more than six model years old
- Loan amounts below $35,000
- Loan terms over 60 months
The US bank vehicle marketplace makes browsing through dealerships more convenient. If you are pre-approved for a loan by US Bank, you can send your approval letter to a dealer representative and get the exact car you want.
Car loan refinancing with an American bank
If you want pay off your car loan sooner or lower your monthly car payment, refinancing is the way to go. US Bank offers auto loan refinance with an APR currently at 5.29%.
To qualify for this rate, your loan must be $30,000 or more with a term of 36 months or less and the car must be no more than 12 months old. You also need to finance 80% or less of the car’s value, which means you’ll need an upfront down payment. You will also need a credit score 800 or more and set up automatic payments from a US bank checking or savings account. Finally, you will need to reside in one of the 26 states where US Bank offers auto refinance loans.
Lease buyout through a US bank
A lease-purchase credit allows you to purchase a leased vehicle at the end of your lease term. You can apply for a lease from US Bank, whether your lease is with the company or another provider. If your lease is not with US Bank, you will need to sign your lease buyout loan at your nearest US Bank branch.
Auto loan application process in the United States
You can use online banking to request car loan pre-approval through the American bank. If you successfully complete the loan approval process, you will receive a locked rate for 30 days. If you have a low credit score, you should consider adding a co-signer with a strong credit history to your application. This will improve your chances of getting the loan approval you want, so your loan payment will be as low as possible.
Here’s what you’ll need to have on hand when applying for any type of car loan from US Bank:
- Personal identification such as your social security number
- Income information
- name and address of the employer
- Current housing information
- Amount you plan to finance and duration of the loan
- Manufacturer’s Suggested Retail Price (MSRP), Vehicle Color, Make, Model
- The vehicle identification number (VIN)
- Kelley Blue Book or, for used vehicles, the National Automobile Dealers Association (NADA) value
- Insurance Information
- Name of lien holder and repayment amount for refinance or private party purchase
Opinions on American banks
US Bank has a B+ rating from BBB. The company also has a well-reviewed mobile app, with 4.6 out of 5.0 stars on Google Play and 4.8 out of 5.0 stars on the App Store.
The company did not perform well in the 2021 JD Power US Consumer Finance Satisfaction StudySMranking 20th out of 24 lenders in the mass market category. However, in the JD Power 2022 US Consumer Lending Satisfaction StudySMUS Bank got the second best score for overall customer satisfaction in the personal loan category.
Positive reviews of US banks
There aren’t many reviews on the BBB or Trustpilot sites specifically related to the US Bank car loan process. However, there are few glowing reviews of US Bank in general. These reviews talk about reliable customer service interactions and specific bank account error resolutions.
Negative reviews of US banks
Customer reviews on Trustpilot aren’t very enthusiastic about US Bank, where the financial institution holds a rated 1.3 out of 5.0 stars. The most common complaints about the car loan provider relate to slow car rental application processes, errors and delays in title transfers, and poor customer service.
Some customer reviews have complained about being transferred to bad departments, being hung up on and being unable to answer their questions. We have contacted US Bank for comment on these negative reviews and ratings, but have not received a response.
Conclusion on American banking
When considering your auto financing options for your next vehicle, US Bank is a solid choice if you are a borrower with excellent credit looking to purchase a new or used vehicle or refinance your auto loan. The company can also help you buy out a lease. The online application process is quick and easy.
Recommendations for car loans
Whether you want to buy a vehicle, refinance a car loan, or get a lease buyout loan, it’s always best to find the best APR and guarantee the lowest possible monthly payments. We recommend starting with myAutoloan and Auto Approve in your search for the right lender.
myAutoloan: the best option with low rates
It’s easy to compare auto loan and refinance rates through the myAutoloan marketplace. The company also offers lines of credit for lease buyout loans. You can get a new car loan with an APR as low as 3.69% for 37-60 months. myAutoloan refinance loans feature an APR of 1.99% for 36 months or less.
Customers give myAutoloan high marks on Trustpilot, with a 4.2 stars out of 5.0. The company also holds a A+ rating with BBB accreditation.
keep reading: myAutoloan review
Automatic approval: first choice for refinancing
Specializing in auto loan refinancing, Auto Approve has built a solid reputation in the industry. The lender carries a A+ rating and receives 4.4 stars out of 5.0 from customers on the BBB. Trustpilot customers also rate auto-approval highly, giving it 4.7 out of 5.0 stars based on over 6,000 reviews.
Refinance APRs start at 2.94% with automatic approval, although the best interest rates are only available to customers with excellent credit ratings. The company also offers lease buyout loans for those who wish to purchase their leased vehicles.
keep reading: Automatic Approval Review
Because consumers rely on us to provide unbiased and accurate information, we’ve created a comprehensive rating system to formulate our ranking of the best car loan companies. We’ve collected data on dozens of loan providers to score companies on a wide range of ranking factors. The end result was an overall score for each vendor, with the companies scoring the most points at the top of the list.
Here are the factors taken into account by our assessments:
- Reputation (25% of total score): Our research team considered ratings from industry experts and each lender’s years in business to assign this rating.
- Prices (25% of the total score): Auto loan providers with low APRs and high loan amounts scored highest in this category.
- Availability (25% of total score): Companies that cover a variety of circumstances are more likely to meet consumer needs.
- Customer experience (25% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
*Data correct at time of publication.