US Bank auto loans are excellent for A+, A, and upper level B tier credit customers. They are definitely an auto lender that looks for a strong credit history and first time buyers need not apply.
I talk a little more in depth about this later on, but US Bank has, at times, completely astounded me with some of the auto loan applications that they have turned down in the past.
What's covered below
about US Bank auto loans:
To compare current US Bank auto loan rates to other Bank Auto Loan Rates, click here.
The following sections are based on my dealership experience with US Bank and may not accurately reflect what you as a direct consumer may experience, but should be close. For more info please read my disclaimer
Who Do They Loan Too -
Credit Types and Credit Scores
As mentioned before, US Bank loans to A+, A, and B tier credit customers.
In order to qualify for their loan program, customers need a minimum FICO score of 675 (tier 3 is 674 and below, but don't hold your breath waiting on an approval). That being said, I don't think I have ever received an approval for a customer with a credit score that low.
That doesn't mean they don't give approvals in this credit score range, but in my experience they are few and far between.
They are definitely an auto lender that is looking to loan money to very above average and excellent credit customers. Even if your score is above 675, they will want to see a strong credit history.
They have three tier levels:
- Tier 1 = 700+ FICO scores
- Tier 2 = 675 - 699 FICO scores
- Tier 3 = 674 and below
The 700 FICO score is certainly a nice benefit when it comes to qualifying for their top tier rates. Most lenders have a minimum FICO score of 720-760 in order to qualify for their top tiers.
Keep in mind that FICO score alone definitely does not guarantee a US Bank auto loan approval and other restrictions will apply, i.e. overall credit history, loan structure, etc.
US Bank Auto Loans -
Guidelines and Restrictions
Vehicles That Do Not Qualify
- Vehicles with over 80,000 miles through the dealership.
- If applying direct no vehicles over 100,000 miles.
- No salvaged, rebuilt, hail damaged or branded title vehicles.
- Vehicles over six years old.
- Allows 90 days to first payment with no rate increase for tiers 1 and 2.
- Business loans available with guarantor.
- Term of loan dictated by credit score and MSRP/Retail value.
- $7,500 minimum amount financed through dealer.
- $3,000 minimum amount financed if applying direct.
- $49,999 maximum amount financed if applying direct.
- Maximum loan term of 84 months (2009 or newer)
US Bank Auto
For indirect lending, through the dealership, US Bank has a max advance of 110% including TT&L, plus approved back end products:
The 110% is the max advance based on a new cars MSRP (now only 105% of MSRP), or if used, Kelley blue book retail or NADA retail.
The fact that they lend off the MSRP or the retail value of a vehicle can be extremely beneficial for customers with little to no money down and/or if you are in a situation where you have to roll over any negative equity from a trade in vehicles loan.
To qualify for their max advance, you'll need to have a credit score of 700+, an overall excellent credit history and can not finance for over 66 months.
If a vehicle had a $20,000 retail blue book value, then US Bank would be willing to loan $22,000 (110%) including TT&L, plus the extras from above.
110% may not seem like a big percentage to loan, but keep in mind this is a percentage of the retail value and not the wholesale value, which most lenders use.
US Bank is restricting their advances on vehicles like full size trucks and SUV's.
They will cap their advance at 95% including TT&L, of MSRP or retail book value. That's not terrible, but it means you may have to cover the TT&L with some down payment to get the deal in line.
Better yet, negotiate a great deal and still put no money down...Make the dealership eat the
tax, title and license.
No matter what type of vehicle you are looking to buy, just keep in mind that the longer the loan term and the lower your credit score, the smaller the advance they will allow.
US Bank may also offer additional
discounts to their auto loan rates like:
- An equity discount for advances less than 100% (including TT&L, plus back end products).
- An additional equity discount for advances less than 90% (including TT&L, plus back end products).
- Shorter term financing discounts (will vary depending on vehicles age).
- .10% luxury discount for amounts financed over $30,000
US Bank Customer
Service and Payoff Information
If you're looking for some quick contact information, here you go:General US Bank Customer Service 1-800-US BANKS (872-2657)24 Hour Payoffs Local US Bank Customer Service Cincinnati Metro 513-632-4141Denver Metro 303-585-8585Milwaukee Metro 414-765-4636Minneapolis/St. Paul Metro 612-872-2657Portland Metro 503-872-2657St. Louis Metro 314-425-2000US Bank Customer Service
For The Hearing Impaired (TDD),
All Locations 1-800-685-5065
US Bank Auto Loans
All in all, US Bank offers some excellent rates and terms for new and near new vehicles for customers with an excellent credit history.
If you are able to get approved in the mid - upper 4% to low - upper 5% range, you can feel confident you are getting a very competitive rate.
I can say that there are many months when they are my #1 lender. Lately, I have not been sending them quite as much business, because I have other lenders that are able to do a bit better all the way around.
I'm sure with time, that will change and they will once again be one of my top prime lenders.
You can access US Bank website here. Don't forget to bookmark this site so that after you get your approval you can learn some very valuable time and money saving car buying tips.
Their rates are also very good for used vehicles (back to 2005) with the right credit and loan structure. If your credit score and/or credit history is lacking a bit, there are probably better options available for you elsewhere.
Check out my Bank Auto Loan Rates page to compare auto lenders rates.
As for US Bank auto loans for private party purchases, I'm not too sure what they offer, if they offer anything at all.
I do know that US Bank auto loans can be obtained for refinancing, but am not familiar with that program or the rates they offer, because we do not offer this service at the dealership I work for and I could not find any information on their site.
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