Wondering how to buy a used car? A personal loan may help.

If you’ve found the perfect car or truck, a personal loan could give you the funds you need to make it your own. We consider your credit score and history, debt-to-income ratio and other factors. U.S. Bank clients may be eligible to borrow at least $1,000 up to $50,000. Those who aren’t U.S. Bank clients may be able to borrow up to $25,000.

 

Personal loan details and benefits

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As low as X.XX% APR1

If approved, you'll pay the same amount every month for a term of 12 to 84 months (maximum 60 months for non-clients), with a fixed annual percentage rate (APR) ranging from X.XX% to 24.99% APR.1

No hidden costs or fees

With a personal loan from U.S. Bank, you’ll pay no origination fees and there is no prepayment penalty. You’re always free to make loan payments in full or make additional payments at any time.

No collateral required

A personal loan doesn’t require your home or car as collateral, so you won’t have to deal with inspections or appraisals.

Not a U.S. Bank client? Explore our checking account options.

Use this personal loan calculator to estimate your monthly payment.

What’s your desired loan term?

Enter a loan term from 12 to 84 months.
Choose a credit score range.

Would you prefer to buy a used car from a dealership?

View new and used cars, trucks, SUVs and more from our participating dealerships. When you find one you want, apply for financing online and if you're approved, the dealer will have your pre-approval ready when you arrive.

Learn more about car shopping with U.S. Bank

How to buy a used car from a private seller

Do your research.

Know what to look for when buying a used car. Research the market value of the vehicle you want to buy. Use online tools such as Kelley Blue Book to get an idea of how much you might pay. Look into both reviews of the vehicle you’d like and possible recalls.

Contact the seller to meet in person.

When you’re buying a car from another person, contact them to see and test drive the vehicle. Pay attention to how the car handles, accelerates and brakes. Bring along a mechanic if you want a professional opinion on its condition. You can also ask the seller for a CarFax report or the vehicle identification number (VIN) to find out if the car has been in an accident.

Draw up the bill of sale.

Once you’ve agreed on a price, draw up a bill of sale. Double-check what information is required with your DMV or see if the DMV has a template you can use. Expect to include information like:

  • The vehicle’s make, model, year and VIN
  • The odometer reading
  • The purchase price
  • The full names and addresses of the buyer and seller

Line up financing.

Make sure you have the funds necessary for the purchase. If you need financing, you may want to get pre-approved before you start shopping.

Negotiate the price.

Negotiate the price of the vehicle with the seller. Be prepared to walk away if you can't agree on a price that you’re comfortable with.

Transfer ownership.

Transfer ownership of the vehicle by transferring the title to your name. You’ll need to go to the Department of Motor Vehicles (DMV) to do this.

Get insurance.

Get the vehicle insured. (You may want to get insurance estimates before car shopping.) You’ll need to provide the DMV with the bill of sale, the vehicle's title and proof of insurance when you register in your name.

Get more tips on buying a car from a private seller

Find out more about buying a used car and personal loans.

How to choose the best car loan for you

Explore tips to get behind the wheel.

Learn about choosing a car loan

Buying a car: new vs used?

Common considerations before you go car shopping.

Things to know before buying

What’s a good credit score?

Know your score before applying for loans and lines of credit.

Learn more about credit scores

Take the next step

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Disclosures

  1. As of February 12, 2024 the fixed Annual Percentage Rate (APR) ranged from 8.99% APR to 24.99% APR, and varies based on credit score, loan amount, purpose and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months (up to 60 months for non-customers). The lowest APR in the range is available on loans of $10,000 or more with a term of 12-36 months, a credit score of 800 or greater, purpose of auto purchase and includes discount for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and U.S. Bank personal checking or savings account are not required for loan approval. Electronic funding to a non-U.S. Bank account requires verification and can take one to four business days. Not all loan programs are available in all states. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $317.95 and APR of 8.99% with automatic payments from a personal checking or savings account and for the purpose of auto purchase. Maximum loan amounts may vary by credit score. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice.

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Installment loans are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.