Auto refinancing guide

The current value of your car will affect your refinancing options. Your car should be worth more than the amount remaining on your loan, since the car itself is typically used as collateral. If you’re a U.S. Bank customer, you can enter your vehicle into our U.S. Bank Vehicle Manager for free, real-time Kelley Blue Book valuations and much more.

Once you’re ready to apply for an auto refinance loan, you’ll need to gather:

• Documents to verify your state of residence, employment, income and Social Security number
  
  
• Your current loan information
  
  
• Your vehicle registration and mileage
  
  
• Proof of car insurance
   

You can apply for an auto loan refinance with U.S. Bank online or by visiting your nearest branch. In most cases, you’ll receive a decision on your application the same day. You can always check your application’s status during the process.

Rates and terms may vary widely, so it’s important to compare lenders when looking to refinance. Also, know that while there are many factors involved, your credit score will significantly impact the rate you’re quoted. Generally speaking, the higher your credit score, the better rate you’ll be offered. (Note: If you’re a U.S. Bank customer, you can view your credit score for free anytime in the U.S. Bank Mobile App or online banking.)

When looking to refinance, also consider origination fees for your new loan and prepayment penalties on your previous loan, so you can understand the total cost of refinancing.

If you have questions about your U.S. Bank loan quote, visit a local U.S. Bank branch or call us at 800-USBANKS (872-2657).

Once you’ve decided on a lender and received an approval on your application, it’s time to close your loan in person. Schedule a time to visit your local branch or office to complete the paperwork, making sure to bring in the necessary documents that the lender requests. If you choose U.S. Bank as your auto lender, in most cases, you’ll be able to close within a day or two of applying.