How to Get Pre-Approved for an Auto Loan

Knowing how much you can borrow will help you narrow down your choices and save time as you shop for your next set of wheels.

If you’re shopping for a new or used vehicle, online pre-approval can put you ahead of the game when you find the right car.

  • Five minutes is all it takes for most customers to complete our online pre-approval application
  • No vehicle information is needed to establish your pre-approved loan amount
  • We’ll send you a confirmation letter with your pre-approved loan amount and next steps
  • Additional Resources are available to help you with the loan approval process.

  • Is pre-approval different from applying for a loan?

    The pre-approval does include a credit check. However, the pre-approval process doesn’t require you to provide information about the specific vehicle you want to purchase, which makes it ideal if you’re still shopping around and want to narrow down your choices by knowing how much you can borrow.

    How long does it take to get pre-approved?

    It takes most customers just a few minutes to fill out the online pre-approval application, and you may get your answer within seconds. However, we might need to follow up with a phone call for more detailed information before a credit decision can be made. If that’s the case, the confirmation message will tell you what to expect next.

    What happens when I find the car I want?

    When you apply for pre-approval online, you’ll have the choice of completing your loan at a U.S. Bank branch or – for extra convenience – choose the Purchase Ready™ Auto Program and have your loan documents delivered directly to you. (Note: The Purchase Ready™ Auto Program is available exclusively to existing U.S. Bank customers.)
    Learn more about our Purchase Ready Auto Program

    If I get pre-approved, am I obligated to pay or do anything?

    There is no cost to apply for a pre-approval or an auto loan online. You’re not obligated until you complete the loan process. You’ll have 30 days to find the car you want and complete the loan process. (Note: The Purchase Ready™ Auto Program is available exclusively to existing U.S. Bank customers.)
    Learn more about our Purchase Ready Auto Program

Offer is subject to credit approval and program guidelines. Rates are subject to change. Some additional restrictions may apply. Installment loans are offered through U.S. Bank National Association.

Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. Using this calculator does not constitute an application for credit and we are not qualifying you for any credit product. We encourage you to seek professional advice from qualified U.S. Bank professionals regarding all personal finance issues. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

Rates as low as 3.12% APR are available for 3-year auto loans $10,000 and higher at 100% loan-to-value (LTV) or less. Rates may be higher for loans to purchase a vehicle from a private party, smaller loan amounts, longer terms, vehicles older than 6 model years and a lower credit score. In order to receive the lowest rate advertised, a setup of automatic payment from a U.S. Bank Consumer Checking Package is required. Automatic payments are not required for loan approval. The Consumer Pricing Information brochure lists terms and conditions that apply to Consumer U.S. Bank Checking Packages and can be obtained by calling 800.872.2657. Loan fees apply. Loan payment and APR will vary based on the loan amount, the term, and any fees. Origination fees vary by state and range from $50 to $125 or up to 1% of the loan amount. Loan payment example: a $10,000 automobile loan at a 2.31% Interest rate for 36 months with a $125 origination fee will have a 3.12% APR and a $291.38 monthly payment. An early closure fee of 1% of the original loan amount applies if the account is closed within 1 year, with a $50 minimum and $100 maximum. There may be a title registration fee which is determined by your state of residence. Offer is subject to credit qualifications. Rates are subject to change. Some additional restrictions may apply. Installment loans are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC ©2017 U.S. Bank.

Offer not available for refinance transactions. Valid for purchase transactions only. Subject to normal credit approval. Terms and conditions may vary between branch locations.