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Us bank used car loan interest rates

us bank used car loan interest rates

Apply online for a new or used Car Loan from Capital One Auto Finance. financing based on your needs and within your budget, with competitive lending rates. Go electric and drive away with big savings on your auto loan Go green with an Electric Vehicle loan discount and save 0.25% off our standard auto rates. An auto loan payment calculator can help you estimate your monthly U.S. Bank offers used car loans that in many cases have the same rates as new car.

: Us bank used car loan interest rates

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Us bank used car loan interest rates
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Us bank used car loan interest rates

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Final Verdict

Getting a low auto loan rate can help you avoid spending more on your new or used car than you should. Before you start shopping for a vehicle, it’s important to get quotes from several different lenders. Consider looking at credit unions, banks, and us bank used car loan interest rates lenders for the best rates.    

If you’re not sure where to start, we recommend getting a quote from PenFed Credit union. Although you need to be a member, joining is easy, and the credit union offers some of the lowest rates we found as well as flexible loan limits and repayment terms.

Compare the Best Auto Loan Rates

LenderLowest RateLoan AmountTerms
PenFed Credit UnionBest Overall0.99%$500 to $100,00036 to 84 months
LightStreamBest Online Auto Loan2.49%$5,000 to $100,00024 to 84 months
Bank of AmericaBest Bank for Auto Loans2.14%$7,500+12 to 75 months
Consumers Credit UnionBest Credit Union for Auto Loans2.24%No minimum or maximum0 to 84 months
Chase AutoBest for Used CarsNot Advertised$4,000 to $600,00012 to 84 months
myAutoloanBest for Bad Credit2.09%$8,000 to $100,00024 to 84 months
AUTOPAYBest for Refinance1.99%$2,500 to $100,00024 to 84 months
CarvanaBest for Fair CreditNot AdvertisedAny Car They Are Selling36 to 72 months

Auto Loan Rates By Credit Score

 Credit ScoreAverage APR (New Car) Average APR (Used Car) 
781-850 2.34%3.66% 
661-7803.48% 5.49%
601-660  6.61%10.49%
501-600 11.03% 17.11%
300-500 14.59% 20.58%

Source: Experian: State of the Automotive Finance Market Q2 2021

How Do Car Loans Work?

Car loans are secured loans. The loan is paid off in equal installments over a predetermined period of time. Generally, the vehicle you're purchasing is used as collateral, which means the lender can seize the car if you default on loan repayments.

What Should You Consider When Choosing an Auto Loan?

In a recent interview with Kathryn J. Morrison, consumer affairs expert and instructor at South Dakota State University, she said "When shopping for an auto loan, one needs to consider more than just the interest rate. Are there any additional fees that you will be charged? Do you need to have a down payment to qualify for this rate? What is the total loan amount, and how much interest will you be paying over the life of the loan?"

There's a lot to take into account when choosing an auto loan. Your credit score, for example, has a major impact on the rates you get. The best rates typically go to those with excellent credit. At the end of Q2 2021, the average credit score was 732 for a new-car loan and 665 for a used car loan, according to a report from Experian.

In Q2 2021, borrowers who received the us bank used car loan interest rates rates had a score of 781 or higher. Those borrowers, also known as super-prime borrowers, received an average APR of 2.34% for new cars and 3.66% for used cars. Prime borrowers with us bank used car loan interest rates credit score between 661 and 780 received an average APR of 3.48% for new loans and 5.41% for used loans, while nonprime borrowers with credit scores between 601 and 660 received an average APR of 6.61% for new car loans and 10.49% for used.

It's also important to consider what term fits your financial situation. Longer terms generally have lower payments but cost more over the life of the loan.

How Do You Get a Car Loan?

Some consumers can pay cash for a new vehicle, but most use financing from a bank, credit union, nonbank auto lender, or dealer. Here are steps you can take in order to get a car loan:

  1. Check your credit report and fix any errors. Your credit score determines what interest rate you'll receive.
  2. Shop around at multiple lenders, including big banks, community banks, credit unions, and online lenders. Compare rates, terms, credit score requirements, and other factors.
  3. Apply and get preapproved for a loan from several lenders to see which offer is the best. Keep in mind that any credit inquires that take place within a 14- to 45-day period only count us bank used car loan interest rates a single inquiry on your credit, so it's best to do all of your loan shopping within a short time span.
  4. Find your vehicle and compare the dealer's financing offer to your preapproval offer.
  5. Finalize the offer with your lender, following instructions and filling out paperwork to complete the loan transaction. Ensure that the loan is what you've agreed upon. Check the APR, amount financed, and finance charge before you sign off on the loan.

Should You Get an Auto Loan From a Bank or Dealership?

It's worth shopping at both banks and dealerships for an auto loan. New car dealers and manufacturers, just like banks, can have attractive loan products. Depending on the borrower's credit score and market-driven circumstances, the interest rate offered by a car dealer can be as low as zero percent or under the going rates offered by banks.

It's important to keep dealership financing as a possibility, but make sure to look for auto financing before deciding where to buy a car. Know your credit score and search online for bank and other lender rates. This should give you a range of what you can expect in the open market and help you determine if seller financing is a better deal for you.

How Long Are Car Loans?

It's common to see 24- 36- 48- 60- and 72-month car loans. Terms can be as high as 84 months.

In Q2 2021, the average new vehicle loan was 69.36 months.

Can You Refinance a Car Loan?

Yes, many lenders offer auto loan refinance opportunities, and several promise to make the process quick and easy. It can pay to refinance your loan in several different circumstances. For example, you might be able to improve your rate and monthly payment, shorten the term of your loan fanatics usa customer service, or extend the term if you're having trouble making payments.

Can You Sell a Car with a Loan?

It is possible to sell a vehicle when you still have a loan, but it adds a few extra steps. There are a few different options in this situation. One option is to pay off the loan in full before selling the vehicle, which involves contacting your lender to determine your payoff amount. After paying off the loan, your lender will release the lien.

You can sell a vehicle that's financed without paying it off by selling it to a private buyer or trading it in with a dealer.

What Is the Difference Between an Auto Loan and a Personal Loan?

It's possible to use a personal loan or an auto loan to finance a vehicle, but the two differ in some important ways:

  • Purpose: Personal loans are unsecured or secured and can be used for many different purposes, including to finance a vehicle, pay for a vacation, or make improvements to a home. Car loans, however, are strictly to finance a vehicle and are secured against the vehicle you purchase. The vehicle serves as collateral.
  • Interest rates: Because auto loans are secured, rates on car loans are generally lower than personal loans.
  • Availability: Auto loans are typically easier to obtain than personal loans, especially for those with a poor credit history.


To select the lenders featured on this list, we evaluated loan offerings from 25 different auto lenders using several criteria. First, we looked at auto loan rates, particularly the APR, and loan options available to borrowers. We also considered loan amount ranges, loan types offered, repayment term options, and credit score requirements. Only companies with a solid reputation were considered. Finally, we reviewed customer service satisfaction and each lender's national reach.


Used car loans and financing

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Get a us bank used car loan interest rates rate on a used car loan.

We offer competitive rates on used cars, giving you more buying power.

Apply now

Finance your used car with U.S. Bank.

What do you get with used car financing at U.S. Bank?

  • Competitive rates
  • Convenience
  • Flexibility

If approved, you could borrow up to 120% of us bank used car loan interest rates car’s value with no down payment required.

To qualify for the best rate1, the loan must include:

  • A term of 36 months or less
  • A loan for $30,000 or more
  • Financing of 80% or less of the car’s value
  • A credit score of 800 or higher
  • A vehicle that is less than 12 months old
  • Automatic payments from a U.S. Bank personal checking or savings account

How much will my used car payment be?

Use our auto loan calculator to get a rate and payment estimate.2

Calculate my auto loan payment


Take the work out of financing a car.

When looking for a car loan, plan ahead to find the right choice for you.

How does financing a car work?

There are three main options for you to choose from: auto loans, auto leasing or auto refinance

Financing a car with an auto loan

You pay the entire negotiated price of the vehicle using cash, financing, the value of your trade-in, or a combination of all three. Car us bank used car loan interest rates are often able to provide in-house financing for your vehicle purchase, but it easternbank com goodevolves be wise to speak with a lender as well so you can make an informed decision. Shop around. Prepare a us bank used car loan interest rates of questions and ask for details on total price, length of loan, interest rates and potential penalties.

Also, lenders consider your credit history when offering you a loan, so get to know your credit score. There are a few other factors involved. Longer loan terms tend to be accompanied by higher interest rates; consider whether smaller monthly payments outweigh the potential for greater accrued interest. Research interest rates and what different vehicles typically go for based on their make, model and age.

Learn more about auto loans

Financing a car with a lease

Leasing is a form of financing when you don't want to keep the car for longer than a few years. You pay on the depreciation of the car over the term of the lease and a down payment at signing.

Once your contract is up, the car goes back, at which point you will need to lease or buy a new car.

Leasing a car generally offers lower monthly payments, depending on how much cash you have for your down payment. However, leasing also includes some restrictions which could incur penalties or additional costs, especially if you want to end your lease before the full term. Consider the differences between leasing and financing a car and take this quiz to know which option may be best for you.

Explore auto leasing

Refinancing a car

Refinancing a car may put money back in your pocket if you can lower payments or pay your loan off sooner.

To find out if refinancing can save you money, you’ll want to calculate the current value of your car. Kelley Blue Book or an online valuation tool can help. Also, compare rates and fees and know that your credit score also factors into the rate you’re quoted. You can plug in the rate, the amount remaining on your loan and the length of the new loan you want into a car loan payment calculator1.

Discover car refinancing

Explore your options

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Tips to help you decide between buying a new or used car

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Looking to buy a car? U.S. Bank can help you understand your options and provide the tools to help you make your decision.

Should I buy a new or used car?

Here are helpful tips on deciding between a new or used car:

  1. Calculate car trade-in value.
  2. Use an auto loan payment calculator.
  3. Calculate the car depreciation.
  4. When to consider buying a new car
  5. When to consider buying a used car

Calculate car trade-in value.

Many dealerships will credit you cash towards a new car purchase, if you trade in your old car. However, be aware that the trade-in value is unlikely to be the full value of your old car, as the dealership will need to sell your used car to make a profit.

As an alternative, you could sell your old car yourself and use those funds towards a new car. This will be more time-intensive than making a trade-in, but likely will result us bank used car loan interest rates you getting a better price.

Either way, you should get an estimate of your car’s value by using an online valuation tool, or talking to a few dealerships directly about the trade-in value they would give you on your car.

Use an auto loan payment calculator 1.

How much car can you afford? An auto loan payment calculator  can help you estimate your monthly payments, provided that you know how much money you can put down and how much your current car is worth. 

Auto loan terms and rates may vary depending on multiple factors including, but not limited to, credit score, debt-to-income ratio and past credit performance. This estimate may help you understand your car shopping price range.

Calculate the car depreciation.

Cars lose us bank used car loan interest rates over time. This is known as depreciation. How do you calculate depreciation of a car? To calculate it, look at older models similar to the car you want to buy. How much did the new car cost? What could a used version be purchased for now? This difference gives an estimate of the value a particular model will lose over time. 

A new car may be more fun to drive, but you should be aware that you’re paying a premium to do so. The older a car, the slower its depreciation, so used cars typically lose much less value than new cars.

When to consider buying a new car:

  • You are willing to pay a premium for buying new
  • You value the latest technology and safety features
  • You want a factory warranty
  • You value the likelihood of no hidden maintenance or repair issues

Visit a U.S. Bank branch to talk about your auto loan options, or begin an online auto loan application.

When to consider buying a used car:

  • You want to avoid the quick depreciation of new cars
  • You would like to keep your overall costs at a minimum
  • You prefer the potentially lower insurance rates and registration costs of a used car
  • You are comfortable with a certified pre-owned car

U.S. Bank offers used car loans that in many cases have the same rates as new car loans. You may get a same-day credit decision with U.S. Bank’s car loan application.

Explore your auto loan options. We’ll help find a car loan that fits.


Make the car you want yours—on your terms.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.


Auto Loans

Features of an Auto Loan from M&T

  • Finance new and used cars or trucks
  • Use for your purchase from a dealership or private party
  • Enjoy a fast application and approval process
  • Receive prompt, professional attention
  • Get competitive interest rates
  • Take u​​p to 30 days to make your first state bank of central tx discounts for customers with qualifying M&T Bank consumer checking accounts


Up to 84 months


3.09% - 13.89% APR

​​Minimum Loan Amount


Make a Loan Payment

Already have an auto loan with M&T? We offer a number of different ways to make your loan payment, so you can choose the most convenient method for you.

Learn How to Pay Your M&T Loan >

To qualify for the Lowest APR available: 1) the term of the loan must be 63 months or less and; 2) the collateral model year must be 2018 or newer us bank used car loan interest rates 3) you must have or open an M&T MyChoice Premium or Power Checking account at time of application; and 4) automatic payment deductions from any M&T checking account must be established. To open an M&T MyChoice Premium Checking account, a minimum deposit of $25 is required. Your final APR will be based on your credit profile (as reported to M&T Bank by an outside reporting agency) and deposit relationship. Current APRs range from 3.09% - 13.89% and are subject to change. Offer good in NY, MD, NJ, PA, DE, CT, VA, WV, and DC.

For example, the monthly payment first convenience bank app download a $10,000 loan with $0 down payment and a 60-month term at a non-discounted APR of 4.99% would be $188.67. Your actual rate and payment amount may be different as determined by your collateral, terms, loan amount and credit qualifications. Additional terms and conditions may apply.

To qualify for the Lowest APR available: 1) the term of the loan must be 63 months or less and; 2) the collateral model year must be 2018 or newer and; 3) you must have or open an M&T MyChoice Premium or Power Checking account at time of application; and 4) automatic payment deductions from any M&T checking account must be established. To open an M&T MyChoice Premium Checking account, a minimum deposit of $25 is required. Your final APR will be based on your credit profile (as reported to M&T Bank by an outside reporting agency) and deposit relationship. Current APRs pokemon trading card game online play store from 3.09% - 13.89% and are subject to change. Offer good in NY, MD, NJ, PA, DE, CT, VA, WV, and DC.

us bank used car loan interest rates


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