How US Bank provides auto loans
There is no option to buy out your lease at US Bank, but they do offer loans for new and used cars and can refinance your existing auto loan. You can borrow anywhere from $5,000 to $100,000, regardless of the type of loan.
The APR ranges from 2.59% to 5.49% for all US Bank auto loans.
The term of your loan varies from one to six years. Understand that you will pay more in interest if you extend the length of the loan. You could also end up upside down on your loan, which means you owe more on your car than it is worth.
According to US Bank, you need to meet the following requirements to get the most favorable interest rate on an auto loan:
- A term length of three years or shorter
- A loan amount of $30,000 or more
- A credit score of 800 or higher
- A vehicle less than one-year-old
- A financing amount of 80% or less
Automatic payments from a US Bank saving or checking account will help you get the lowest rate, but you do not need one to be approved for a loan. A US Bank relationship will reduce your interest rate by 0.5%.
However, you’ll have to pay a $50 minimum and $100 maximum prepayment penalty if you close your account within one year. Depending on where you live, you may also have to pay title registration fees.
How trustworthy is US Bank?
It is an A+ rating from the Better Business Bureau because it is a Better Business Bureau accredited company. It is a nonprofit organization that focuses on consumer protection and trust. BBB members are evaluated for their response to customer complaints, honesty in advertising, and transparency in business practices.
US Bank paid $200 million in a settlement with the government regarding allegations the bank approved insurance for home loans even when borrowers failed to meet standard underwriting requirements.
Your auto loan will be more affordable when you go electric
There’s no need to deal with a lot of paperwork when you get a car loan. We make it easy for you to get your car on the road. With our competitive rates and flexible terms, you won’t be disappointed. We offer 0.25% off when you make automatic payments from your Bank of the West checking or savings account. Premier and Wealth Management clients may even be eligible for additional benefits.
Application conditions for a car loan from the bank
1. At least 18 years old but not more than 60 years old, with full capacity for civil conduct, the total age of the borrower and the loan term should not exceed 65 years.
2. Have a valid identity and local permanent residence certificate. Valid identity certificates include ID cards, passports, and home-returning certificates. The fixed residence certificates are limited to the household registration book.
3. Good credit record, stable occupation and housing and other assets, and the ability to repay the principal and interest of the loan on schedule.
4. Have the first payment certificate or have a deposit in our bank not less than the first payment for the car purchase.
5. Be able to provide guarantees recognized by our bank.
6. Those applying for commercial vehicle loans must also have the corresponding qualifications for transportation operations.
7. Other conditions stipulated by our bank.