Navy Federal
Capital One
Autopay
LendingTree
DCU
Navy Federal
Capital One
Autopay
LendingTree
DCU
If you’re a serving or retired member of the US armed forces, getting an auto loan refinanced should not be too much of a hassle. It’s the least you can get for serving the country. For such purposes, USAA auto refinance is a great choice for eligible borrowers!
The United Services Automobile Association (USAA) is headquartered in San Antonio and has a 100-year history of providing dependable banking, insurance, and investing services to US military members and their families. They provide personal loans, new auto loans, and USAA auto refinance.
In this USAA auto refinance review, we explore why exactly it’s an excellent fit for military members. The Refinance Team at Way.com has reviewed all the benefits while also finding some drawbacks you should know before deciding to refinance with USAA.
Auto refinancing means taking out a new loan with better terms and conditions to pay off the existing loan so that you can save money in the long run. Often, borrowers can end up with a bad deal when buying a car through dealership financing. Refinancing helps you get back on track and save several hundred dollars annually.
USAA auto refinance only caters to military members and their immediate families and has preferential rates for them. That means customers outside this eligibility criteria cannot take advantage of their rates.
The table below will give you a brief idea of USAA auto refinance.
| Benefits | Drawbacks |
|---|---|
| Low credit score of 560 for USAA auto refinance | Hard credit inquiry required: No pre-approval process |
| Large range of loan terms starting from 12 months | Membership in the military required |
| No origination fees, prepayment penalties, or other hidden fees | USAA auto refinance does not refinance existing USAA loans |
| Rate discount with automatic payment | Few in-person branches across the country |
| Also refinances lease buyouts | Minimum payoff amount or income requirements not specified |
| Quick approval and funding – usually within a day | |
| Best for customer who want to transport their car overseas |
*As of January 2022
USAA Auto refinance rates are best for military members who:
Here’s a detailed look at some of the unique features of the USAA Auto refinance process.
Before applying for USAA auto refinance, check the table below to see if you meet all the requirements.
| Criteria | Description |
|---|---|
| Minimum Age | 18 and above |
| Military Membership | Commissioned Officers Enlisted Men Retired Personnel Anyone who has served honorably in the US Armed Forces |
| USAA auto refinance credit Score Range | 560-850 |
| Minimum Annual Income | Not disclosed |
| Loan Payoff amount | Not disclosed |
| State restrictions | None. Available in all states |
| Refinance for existing USAA loans | Not allowed |
| Immigration Status |
U.S. Citizen U.S. Permanent Resident |
| Documents Required for verification |
Employment and income Loan account number 10-day payoff amount Loan APR Car model and mileage |
*As of January 2022
As USAA caters to the armed forces exclusively, your first step is to ensure you meet the eligibility requirements given in the table above. Also have all your documentation nearby, as there is only one application process.
Once you fill in your personal and vehicle details, a hard credit inquiry will be initiated. This might affect your credit score temporarily. Based on this, your application will either be approved or rejected within 1 hour.
If approved, you can submit the supporting documents and sign the final refinance offer. Once you choose a funding date, you can delay making monthly payments for up to 60 days.
USAA has built up a reputation for providing excellent service to the members of the US Armed Forces – a group that is usually considered high-risk. It has a Better Business Bureau (BBB) rating of A+, which generally indicates good feedback from customers.
You might not get an in-person meeting with a USAA auto loan advisor due to a shortage of branches, but they are more than happy to guide you through the process over the phone. If you’re a military member, we highly recommend applying to USAA auto refinance to get low rates and optimal loan terms today. Their starting rates are at least a few hundred dollars less than other competitors.
The auto refinance rates published here are based on the results of comparative research done by Way.com’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes
The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.
However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with way.com!
The official mailing address of USAA is 9800 Fredericksburg Rd, San Antonio, Texas.
You can reach out to the USAA auto refinance customer support at 800-531-8722.
USAA offers a fixed APR for car refinancing starting from 2.99%.
No, USAA does not charge any origination fees for processing your refinance application.
Yes, USAA charges a late fee for any delay in payment.
Yes, USAA reports account activity to credit bureaus like Equifax, TransUnion, and Experian.