- USAA
USAA
USAA was established in 1922, and started as a car insurance company for military members. Over the years, the company has grown to include banking, investments, all types of loans, all types of insurance, and other great services and features for members and their families. Auto financing is one of USAA's most popular services because of the many car loan discounts and incentives the company offers. USAA has won many awards and has been recognized for many great achievements including best customer service multiple times.
Top Ranked Companies
The Good
- Low APR
- Loans up to 84 months
- Incentives and discounts
Advantages
USAA has a history of providing military members and their families with many services, while also striving for excellent customer service. In the 2015 Temkin Customer Service Ratings, USAA's banking services came out on top, ranking number one overall for customer service. Customer service is very important in this industry as customer's need answers to questions regarding their auto loan options. The company also offers many other great advantages to their service, such as:
- No application fees
- Low APRs
- No early-pay penalty
Incentives
USAA frequently offers incentives and special offers on their website. For example, if USAA members buy through the USAA Car Buying Service before a designated date, they can receive discounted loan rates. The USAA website states that previous members have already saved an average of up to $3,485 on their MSRP simply because they are signed up with the USAA Car Buying Service. USAA also offers discounts for clients who sign up for their automatic loan payment system, and they offer exclusive manufacturing incentives. USAA does not penalize members for paying off their loans early, nor do they charge application fees. Some companies in the industry charge fees when customers pay their loans off early, some companies also charge application fees. We like that USAA doesn't charge for either of these.
The Bad
- Must have a military affiliation
- No free credit score check
- Lacking information
Exclusive to Military Members and their Families
Borrowers who do not already have a USAA account or any military affiliation are unable to qualify for USAA services. This limits who can apply for loans with USAA. If you do have military affiliation, you can qualify for an auto loan through USAA, as well as benefit from all of their other great services.
No Free Credit Score Option
When applying for auto loans, it's good to know your credit score so you're aware what type of APR you might be offered. Some companies in the industry offer a free credit score, or help customers find their credit score through a free third party website. We would like to see USAA add a free credit score option so members can know where they stand before applying for a loan.
Lacking Information
The USAA website offers minimal information about auto financing, the loan process, explanation of APR, and other similar details that borrowers find helpful. Borrowers who choose to work with USAA will want clarification on the process, terms of the loan, and other details with USAA. Potential customers should research these items before they finalize their loan so that they can ensure they understand what they're committing to.
The Bottom Line
USAA offers some great features for their members. However, they are lacking some information we would like to see, and are exclusive to military members and their families. USAA offers an easy online application, low APRs, quick approval times, and several ways to get discounts. For military personnel and their families, we recommend USAA as a great option for a car loan.
User Reviews
Star Rating
34 Reviews
Review Breakdown
Sentiment Criteria
Paige Ellis Slade
We have had USAA insurance on our car for over 10 years now. We have never had any issues with it and we expect to have it for many many years to come! Billing is easy with auto pay. The customer service always makes us feel valued. They go above and beyond when it comes to helping find car rental deals.
Jaron Thorley
I switched to USAA after being frustrated with the experience with State Farm. I was impressed by USAA customer service, and that’s why my whole family uses them.
Abby
My husband has had USAA since he was a teenager and they have always been so helpful. So glad I married into a family that allows me access to using USAA!
Nicholas Genes
Refinanced my truck loan through USAA after buying a new truck and using their credit line. USAA has way better rates and the customer service is great
SnowballH
We have used USAA for a few of our car loans. Easy to get the loan set up and the customer service was awesome!
Kimsreview
Very pleased with USAA car loan I had. They are very easy to work with and have incredible customer service.
Laurie Massie
Beat every loan company’s rates- HANDS DOWN! Great rates, easy to work with! Definitely recommend!
J.O.
FICO score is 770+, do much of my banking through USAA, very stable job history, six figure income, and... I got approved for an auto loan with a 73% LTV (loan to value) requirement. 73%! Insane, so in other words they will require nearly a 30% down payment?? Wow. No thanks!
Kayla
I spent months working through an auto claim, overpaying for a total loss settlement because USAA representatives are disorganized, poorly trained, and lack communication. I will never work with them again.
Jamie
Usaa will never work with you when you are in a financial bind. Even if they say they will they will say that they never agreed or told you those terms. I argued with them for over two months on resolving a late payment and ended up getting my car repossed even though i tried to pay them the full amount multiple times. They also auto pull whatever amount they want and you won’t get that money back. Customer service is awful as well. I will never use usaa for anything
ben
Great service. Rates are reasonable. They make the whole process easy. Their web site provides a car buying service as well.
Darluap
Have had several auto loans through them. Sort easy to deal with. Great rates. Great customer service.
Tanya
The car loan process was easy and quick, from application to finalizing - and yes, they’ll finance rebranded/reconditioned title vehicles
Royal A. Brown III
Middle of Road Interest Rate - Took too long to get title once loan paid off
A very disappointing experience
USAA offers great let and structured to help their members. Very helpful associates make their offer a great value.
Michelle Lee
High interest rates even with good credit
Martha Sensiba
My husband and I have been members of USAA for over 40 years. We have been very happy with the service we have received. Whenever we call to ask questions or have them help us with a problem, they are responsive and helpful.
Mitchell Tolbert
Too high rates, even for established members
Christina
interest is low and USAA is a great company all around... but not to buy a house...
michael
interest is low and USAA is a great company all around... but not to buy a house...
Sally
I have been a USAA member for decades. They are exceedingly hard to beat.
Martin Doherty
Was a competitive interest rate. Was simply someone I used in the past. No strong feelings either way.
Lauren Millar
Too high rates, even for established members
Robert Stephenson
Easy application with working relationship with MB. Low rates and hassle free servicing of loan.
James R R Dobyns
Very competitive, and I have insurance with them.
G. Goodrich
Great customer service. Work really hard to keep the customer happy.
alfred
Low an competitive interest rates. I shop for the car on USAA and know the price before purchasing.
Jacob
Rates have been too high for a car loan.
Jordan
excellent products ywrms rtes service and support
Richard White
Loan terms and interest rates are very reasi\onable. They also provide discount buying services from many auto dealerships and insurance through another department.
ELMER THUSTON
Easy to deal with. Very friendly service. Rates are good but not great.
Jeffrey Foutz
Super easy. Call and got approved over the phone. Had the funds quickly to get the car. Payments were easy; could be done online.
Chase H
You can apply for the auto loan online or work on it over the phone. I have heard that they give pretty decent rates. Customer service is good with USAA though.
Cynthia Pottala
USAA is reliable and stands by its customers. Their terms are reasonable and they stand by their customers. Their customer service is above reproach.
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