USAA Auto Refinance Review
USAA Auto Refinance is an auto loan refinance offering by USAA, based in San Antonio, TX. Founded in 1922, USAA offers auto refinance loans in state across the USA.
What are the auto loan refinancing rates offered through USAA Auto Refinance?
USAA Auto Refinance offers a
auto loan refinancing product
that ranges from 2.59% APR
up to 13.85% APR.
What is the maximum loan term you can get with USAA Auto Refinance?
USAA Auto Refinance offers auto refinancing with terms ranging from 12 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.
Does USAA Auto Refinance charge an origination fee on auto refinance loans?
No, USAA Auto Refinance does not charge a loan origination fee for refinancing an auto loan.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.
Does USAA Auto Refinance charge a late fee?
Yes, auto refinance loans via USAA Auto Refinance are subject to late payment penalty fees.
Does USAA Auto Refinance charge prepayment fees?
Yes, USAA Auto Refinance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for USAA Auto Refinance?
Applicants with a credit score
of at least 560
and up to 850
are eligible for USAA Auto Refinance.
The minimum age to be eligible is 18 or the state minimum, whichever is higher.
USAA Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement.
USAA Auto Refinance will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers.
Active duty service members and their covered dependents are eligible to apply for a loan via USAA Auto Refinance. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by USAA Auto Refinance.
Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Driver’s license
- Proof of citizenship or residence permit
What is the estimated funding time for an auto loan refinance with USAA Auto Refinance?
Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 0 to 1 days of approval.
USAA AUTO REFINANCE Disclosure:
Displayed rates are the lowest Annual Percentage Rates (APR) and include a discount for automatic payments (0.25%). Rates subject to change without notice and vary based on approved credit and other factors, such as term, model year, and loan amount.
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