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US Bank Auto Refinance Review


ConsumersAdvocate.org Rating: 4.2 / 5 (Excellent)
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Founded in 1929, US Bank is one of the country’s premium providers of financial products and services to individuals, businesses and large companies. Consumer targeted products includes auto loan services for new or used car purchases. US Bank also offers auto refinancing loans to help owners take advantage of lower interest rates and monthly payments.
 
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How is US Bank rated?

Breakdown

4.4/5
Loan Details
4.0/5
Customer Experience

Overall Rating: 4.2 / 5 (Excellent)

U.S. Bank is the fifth largest banking institution in the U.S. by assets. Since their founding, U.S. Bancorp has offered a wide range of financial services. Despite their excellent Better Business Bureau score, the bank has a considerable amount of negative reviews, mainly due to their slightly higher-than-average fees. While U.S. Bank's loan offers may not be the best choice for consumers with poor credit or financial history, people with excellent finances may find them a good choice.

Auto Loans & Refinancing

Loan Details - 4.4 / 5

U.S. Bank offers loans for the purchase and refinance of new or used cars, both from dealerships and private parties. Their minimum loan amount is somewhat high, at $10,000; and some conditions may carry additional or higher fees. This includes private party purchases, vehicles older than six years, longer loan terms, smaller loan amounts, and a lower credit score.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Purchase Loans

Loan Amount
$10,000
Max Loan Amount
$100,000
Min. APR
3.12%

Loan Refinancing

Min. Loan Amount
$10,000
Min. APR
3.12%

Loan Qualifications

Qualification - 4 / 5

In order to qualify for an auto loan with U.S. Bank, customers must be at least 18 years old, and either possess citizenship or legal residence in the U.S. Though they have no make or model requirements, they will only provide loans for cars less than 6 years old, with a maximum of 100,000 miles.

Borrower Qualifications

Minimum Age
18
Verification / Documents Required
Social Security Number
Driver's License / Photo ID
Proof of Citizenship / Residence

Vehicle Qualifications

Mileage Limit
100000
Car Age
6 years

Application & Service

Customer Experience - 4 / 5

Customers can apply for U.S. Bank loans online, by phone, or at one of their branches. Their pre-approval can be completed in just minutes, but there is no information as to funding or approval time. Some fees may apply depending on geographical location, pre-payment in under one year, and for title registration.
Fees
Loan fees apply. Loan payment and APR will vary based on the loan amount, the term, and any fees. Origination fees vary by state and range from $50 to $125 or up to 1% of the loan amount. Loan payment example: a $10,000 automobile loan at a 2.31% Interest rate for 36 months with a $125 origination fee will have a 3.12% APR and a $291.38 monthly payment. An early closure fee of 1% of the original loan amount applies if the account is closed within 1 year, with a $50 minimum and $100 maximum. There may be a title registration fee which is determined by your state of residence.
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry

US Bank Reputation & Reviews

Reputation - 3.5 / 5

U.S. Bank has an enduring reputation as a financial institution, with accreditation and an A+ rating with the BBB. However, the company has 102 negative reviews. Though they don't have a TrustPilot entry, a quick survey of numerous online consumer review websites reveals that their reviews are something of a mixed bag. Complaints center around poor customer service and high fees.
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Neutral Reviews
1
Number of BBB Negative Reviews
102
Date Collected
2017-12-14

Contact & Additional Information

Lender Type
Lender
Homepage URL
https://www.usbank.com/auto-loans.html
Company Phone
(651) 466-3000
Headquarters Address
800 Nicollet Mall, Minneapolis, MN, 55402
Year Founded
1929

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Customer Comments & Reviews

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K
Kevan S
5/16/2018
Worst customer service ever. Totally unprofessional. Look elsewhere for your auto loan. If you ever have any questions be prepared to make mutiple phone calls be told different things each time and not be able to have any one including managment be willing to help or provide answers to your questions. If I could rate them lower I would!!!! RUN AWAY

W
wendy
5/8/2018
NEGATIVE STARS.....HORRIBLE, HORRIBLE, HORRIBLE EXPERIENCE - TURNED MY ESCALADE IN LAST NOVEMBER 2017 (TODAY IS MAY 2018) AND THEY LOST THE TRUCK, CONTINUED TO CHARGE ME MONTHLY PAYMENTS, CLAIMED THEY REPOSSESSED THE CAR, MADE A CLAIM ON OUR CREDIT......BEEN DEALING WITH MORE THAN 7 DEPARTMENTS AND OVER 10 REPRESENTATIVES AND NO ONE HAS BEEN ABLE TO STRAIGHTEN OUT OR FINALIZE THE ACCOUNT. RUN, RUN, RUN

S
silvermary74
12/19/2017
Too bad you don't have minus stars - - I would give them a minus 10 because they totally suck. Run in the opposite direction. I will never do business with them again and will never recommend them to anyone. Worst customer service and their customer service representatives are extremely rude!

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