U.S. Bank was founded in 1929. U.S. Bank has been providing financing and refinancing options for new and used cars, boats and, recreational vehicles.
- Online pre-approval form
- Two hour approval
U.S. Bank is the only car loan company we reviewed that offers an online pre-approval form. This enables prospective borrowers to find out how much they could borrow from U.S. Bank and what APR range they would be offered without having to file a full loan application. Pre-approval can be done online, over the phone, or by visiting a U.S. Bank branch directly.
For borrowers who are ready to apply for a car loan, U.S. Bank offers an online application. Borrowers are typically notified of approval within two hours. If assistance is needed, borrowers can call U.S. Bank and ask for an auto finance specialist to walk them through the application, as well as answer any questions they may have.
- Lacks basic auto loan information
- No APR range listed
- Higher starting APR rate
The U.S. Bank website contains little information about car financing or refinancing, explanation of APR rates, and payment guidelines. Much of the detailed information is not in the body of text on the web pages, but at the bottom of the page in very fine print. This may make it difficult for borrowers to browse the site and find information.
U.S. Bank also doesn’t list the APR range that they offer on the site. Most car lenders we reviewed clearly stated what APRs could be expected so that borrowers could apply for their loans with no surprises. U.S. Bank’s website lists a starting APR of 2.49 percent but includes no other information.
In September of 2014, U.S. Bank agreed to a consent order with the Consumer Financial Protection Bureau (CFPB) for alleged charges that U.S. Bank charged consumers for services that they did not receive, including identity protection and credit monitoring. U.S. Bank agreed to pay a $5 million penalty and repay $48 million to customers who had been charged for services they hadn’t received. This could be an indication that U.S. Bank may charge customers without providing the corresponding services. Borrowers who choose to use U.S. Bank may want to ensure that they are receiving all the services that they pay for.