USAA auto loans review August 2020

First, do I qualify?

To qualify for an auto loan with USAA, you must meet the following requirements:

  • 18+ years old
  • US citizen or permanent resident
  • USAA member

To become a USAA member, you must either be a member of the military or a military family. USAA considers factors like your credit score and income when you apply, though it doesn’t advertise a minimum credit score requirement.

What makes USAA car loans unique?

USAA auto loans come with highly favorable rates and a wider-than-average range of loan terms. It also allows borrowers to stay prequalified for as long as 45 days — 15 days longer than what most lenders will allow.

On top of this, you can defer your repayments for as long as 60 days after taking out the loan.

What is a USAA auto loan?

A USAA auto loan is financing for members of the military or their families. You can use this to buy a car through its car-buying service to get the best deal. Or, you can use it to go to a dealership or private seller on your own.

You can apply online or even through your phone and prequalify in a matter of minutes.

What types of car loans does USAA offer?

USAA offers the following types of car loans. Loans start at $5,000 for terms up to 60 months on all car loans. Minimums start at $15,000 for 72-month loans and $25,000 for an 84-month loan.

  • New auto loans. Rates start as low as 2.99% APR with a 0.25% auto pay and 0.5% car-buying service discount.
  • Used auto loans. Rates start as low as 2.59% APR if you sign up for auto pay and use USAA’s car-buying service.
  • Auto loan refinancing. Rates start as low as 3.54% APR if you sign up for auto pay.

In addition to this, USAA has a special financing program for financing vehicles designed to accommodate special needs. Interested borrowers should call USAA for details on how this program works.

Compare USAA auto loans to other car loans

Sort by:

Name Product
Carvana
{ “statesServiced”: “Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Pennsylvania,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virginia,Washington,West Virginia,Wisconsin,Wyoming”, “minCreditScore”: “”, “maxCreditScore”: “850.000000000000000000000000000000”, “veryGood”: true, “good”: true, “fair”: true, “poor”: true }“>

No minimum credit score

3.9% – 27.9%

1 to 6 years

18+ years old, annual income of $4,000+, no active bankruptcies

car.Loan.com Car Loans
{ “statesServiced”: “Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Pennsylvania,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virginia,Washington,West Virginia,Wisconsin,Wyoming”, “minCreditScore”: “300.000000000000000000000000000000”, “maxCreditScore”: “850.000000000000000000000000000000”, “veryGood”: true, “good”: true, “fair”: true, “poor”: true }“>

300

Varies by network lender

Varies by lender

Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.

Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.

SuperMoney Auto Purchase Loans Marketplace
{ “statesServiced”: “Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Pennsylvania,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virginia,Washington,West Virginia,Wisconsin,Wyoming”, “minCreditScore”: “600.000000000000000000000000000000”, “maxCreditScore”: “850.000000000000000000000000000000”, “veryGood”: true, “good”: true, “fair”: true, “poor”: false }“>

600

Varies by lender

Varies by lender

Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old

Find an offer and get rates from competing lenders without affecting your credit score.

CarsDirect auto loans
{ “statesServiced”: “Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Pennsylvania,Puerto Rico,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virginia,Washington,West Virginia,Wisconsin,Wyoming”, “minCreditScore”: “”, “maxCreditScore”: “850.000000000000000000000000000000”, “veryGood”: true, “good”: true, “fair”: true, “poor”: true }“>

Varies by network lender

Varies by network lender

Must provide proof of income, proof of residence, and proof of insurance.

Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.

Auto Credit Express Car Loans
{ “statesServiced”: “Alabama,Alaska,Arizona,Arkansas,California,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Idaho,Illinois,Indiana,Iowa,Kansas,Kentucky,Louisiana,Maine,Marshall Islands,Maryland,Massachusetts,Michigan,Minnesota,Mississippi,Missouri,Montana,Nebraska,Nevada,New Hampshire,New Jersey,New Mexico,New York,North Carolina,North Dakota,Ohio,Oklahoma,Oregon,Palau,Pennsylvania,Rhode Island,South Carolina,South Dakota,Tennessee,Texas,Utah,Vermont,Virgin Islands,Virginia,Washington,West Virginia,Wisconsin,Wyoming”, “minCreditScore”: “300.000000000000000000000000000000”, “maxCreditScore”: “850.000000000000000000000000000000”, “veryGood”: true, “good”: true, “fair”: true, “poor”: true }“>

300

Varies

Varies

Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.

Get connected with an auto lender near you, even if you have bad credit.

Read about:   SunTrust mortgage review October 2020

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What are the benefits of a USAA auto loan?

USAA has a reputation of offering solid rates and has an A+ BBB rating, among other benefits:

  • Prequalify offer lasts 45 days. USAA gives you 15 days more than the average car loan provider to compare lenders and shop around for a car.
  • Vehicle protection available. Opt for additional vehicle protection with no deductible and flexible payment options.
  • No application or prepayment fee. You don’t have to pay anything when you apply or if you want to pay off your loan early.
  • Inclusive financing. USAA has a special financing offer for vehicles designed to accommodate people with special needs.
  • Car buying service. USAA’s car buying service powered by TrueCar makes it easier to find the car that matches your needs and helps you qualify for a 0.5% rate discount.
  • Hold off on repayments for 60 days. You have the option to defer repayments on your car loan for as long as 60 days before they kick in.
  • Long terms available. You can finance a vehicle for as long as 84 months as long as you meet the minimum requirements.

What to watch out for

Consider these potential drawbacks before taking out an auto loan from USAA:

  • Only available to military families. You have to be a current or former service member — or a close relative of one — to be eligible for these loans.
  • Potentially high total loan cost. While a 72- or 84-month loan might cost less in the short run, terms that long allow more time for interest to add up.
  • Interest capitalization. If you choose to defer for 60 days, USAA adds the interest that accumulated during that time to your loan balance, making your loan more expensive.
  • Poor customer reviews. USAA doesn’t have a strong reputation when it comes to online reviews.
Read about:   Federal Housing Administration | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

How do I get started?

The easiest way to apply is online — you can even do it on your phone while you’re at the dealership. Here’s how to get started:

  1. Go to the USAA website.
  2. Click Products in the main menu and select Auto Loans.
  3. Click How much do I qualify for?
  4. Log in with your member ID or apply to join.
  5. If approved for membership, follow the instructions to complete the application.

What do I need to apply?

For the auto loan application, you’ll need to supply:

  • Your personal information, including your date of birth and Social Security number
  • Details about you or your family member’s military service
  • Your financial information for monthly payments

I got a USAA auto loan. Now what?

Now that you have your auto loan, follow these steps to pay it off successfully:

  • Sign up for auto pay. Automatic repayments mean you don’t have to take the time each month to log in and make a payment. And you’ll qualify for a 0.25% rate discount.
  • Decide if you want to defer repayments. You can defer repayments for 60 days, but be aware that interest accrues from the first day.
  • Make timely payments. Avoid the 5% penalty on your late payments by signing up for automatic payments or keeping careful track.
  • Pay more than the minimum. To avoid excessive interest over the life of your loan, consider paying more than the amount required each month.
  • Reach out. Call customer service at 210-531-8722 if you have any questions or concerns.

Bottom line

USAA auto loans offer low rates with terms of up to 84 months and no prepayment penalty, depending on your credit and loan term. But you must be eligible for USAA membership, which is only open to members of the military or those who are part of a military family.

Read about:   The Pros and Cons of Assuming a VA Loan

You can compare other car loan options if you’re not eligible for a USAA membership.

Common questions about USAA auto loans

  • Are USAA auto loans available to non–military families?

  • What’s the maximum amount USAA offers for car loans?

  • How do I pay off my USAA auto loan?

  • Does USAA offer private party auto loans?

Loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate loan providers.

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