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Pros and cons of USAA auto loans
Who is USAA best for?
USAA is best for existing customers who want to take out a loan at a bank they have a relationship with. The bank's customer service and reputation are top-notch, and it offers solid starting rates on its auto loans.
However, USAA is rather opaque about most of its loan terms. It doesn't list the fees it charges on its website, the minimum credit score needed, or its maximum loan amount. Borrowers who want more clarity about what to expect before deciding to apply should look elsewhere.
How USAA auto loans compare
USAA's offer is good for 45 days, while Navy Federal's last for 90 days. PNC doesn't disclose how long its offer is good for.
Frequently asked questions
Is USAA trustworthy?
USAA has a top-notch A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines a company's ratings by evaluating if a company's response to consumer complaints, transparency about business practices, and truthfulness in advertising.
USAA has been at the center of a controversy over the past few years. The Office of the Comptroller of Currency forced the bank to pay an $85 million fine in 2020 after the regulator determined the bank failed to properly manage risk in their compliance and information technology programs.
Even though USAA has a great BBB rating, that doesn't guarantee you'll have a good relationship with the bank. Reach out to friends and family and ask them about their experiences with the lender before deciding to borrow. You may also not feel comfortable with the lender given its recent scandal, so you might choose to look elsewhere.
How hard is it to get a USAA car loan?
Generally speaking, its harder to get a USAA car loan than one from most other lenders.
Some borrowers may not be able to get a USAA car loan, no matter how good their credit score. Membership is restricted to the military community or family members of that group. If you don't meet those requirements, you won't be able to get a loan from the bank.
Is USAA a good place to get a loan?
If you qualify for membership, USAA is a solid place to get a loan. It offers excellent customer service and a discount for making automatic payments. Additionally, you can get a new or used car, refinance, or buy out your lease with USAA.