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USAA is a financial services company that provides banking, insurance, and investment products to members of the military and their families. The company was founded in 1922 when a group of Army officers joined together to insure each other’s vehicles. Today, the company serves millions of military members and their families. USAA offers compelling auto loan rates, especially for borrowers with excellent credit. They also offer fast approval decisions, which can be helpful for borrowers who want to get on the road with their new car as soon as possible. USAA also offers a variety of loan options, including new, used, refinancing, and lease buyouts.
USAA auto loans are available to active-duty and former military members, their spouses, and their children. The lender’s auto loan terms range from 12 to 84 months, and they can be used to finance vehicles from dealers or private sellers. These terms are based on the vehicle’s model year and cost. USAA also offers low-interest rates on new vehicles and no prepayment penalties for refinances. USAA also offers flexible loan repayment terms and no prepayment penalties. In addition, they don’t charge application fees or origination fees, and borrowers can save 0.25 percent on their rate by enrolling in automatic payments. USAA also reports loan payments to the credit bureaus, so on-time payments can help build a borrower’s credit.
USAA Car Loan Rates 2024
| NEW CAR LOAN | USED CAR LOAN | OLDER CAR LOAN |
|---|---|---|
| As low as 5.89%APR on a 36-month term | As low as 6.14% APR on a 36-month term | As low as 9.14% APR on a 36-month term |
| Available for 2022 or newer models | Available for 2016 to 2021 models | Available for 2015 and older models |
| Terms from 12 to 84 months | Terms from 12 to 84 months | Terms from 12 to 72 months |
| Rate shown includes 0.25% discount for enrolling in automatic payments | Rate shown includes 0.25% discount for enrolling in automatic payments | Rate shown includes 0.25% discount for enrolling in automatic payments |
How to Qualify?
To qualify for a USAA auto loan, you must be an active-duty United States Armed Forces member or a veteran honorably discharged from the military. You must also have a valid driver’s license and proof of income. The company does not accept applications from people with criminal records or bankruptcy filings.
Fees
Getting a new car loan through USAA is easy and convenient. There are no application fees, and the entire process can be completed online. Once you’ve applied, USAA will review your credit and send you an offer. This offer will include the annual percentage rate, loan amount, terms, and minimum down payment, if any. You can then use the offer to make your purchase at a dealership or private seller.
How to Apply for USAA Auto Loan?
To apply for a refinance with USAA, you will need to provide personal information such as your name, driver’s license number, employment details, and income statements. You will also need to provide details of your existing loan, including its loan account number and the loan annual percentage rate (APR). Once you are approved, you can sign your documents online via USAA’s website.
Applicants can apply for an auto loan online or over the phone and can e-sign their loan documents. USAA will conduct a credit check before approving the loan. It will also consider the applicant’s income and debt-to-income ratio when evaluating their application. In addition, the company has no origination or prepayment fees and will defer payments during natural disasters. It also offers a 0.25% rate discount for customers who sign up for autopay.
USAA 84 Months Auto Loan
The USAA auto loan rate is one of the lowest in the industry. They offer rates as low as 4.04 percent for new car loans and used cars, which is significantly lower than the average 6.79 percent in 2023. They also don’t charge application or prepayment fees. Additionally, they offer payment relief options if you are affected by natural disasters.
Whether you’re looking for an 84-month auto loan or another term, shopping around is important. You can use auto loan calculators to see how much your monthly payments will be and compare them to other lenders. You can also find out what kind of credit score you need to qualify for the best rates.
Aside from their competitive auto loan rates, USAA offers a variety of other financial products for military members and their families. From insurance to retirement planning, they have something for everyone. However, they have a mixed reputation online and have lost half a letter grade with the Better Business Bureau. They have also been fined by federal regulators for not honoring stop payment requests from customers and improperly repossessing vehicles. Despite these issues, they’re still a good choice for many people who need an affordable car.
