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.
U.S. Bank has been accredited with the Better Business Bureau since 1970. They currently have an A- rating with the Bureau. The Bureau reports that U.S. Bank’s high rating is due to: the length of time the company has been operating, a low volume of complaints for a business of U.S. Bank’s size and U.S. Bank’s effort to respond to and resolve complaints that have been filed with the Bureau.
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 of the other 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% 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, so borrowers who choose to use U.S. Bank may want to ensure that they are receiving all the services that they pay for.