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Fifth Third Bank
Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances through providing concise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct research and compare data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and where products appear on the site, such as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be available to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review is accurate up to the date that the review was written. Review the data at the top of this page as well as the lender’s site for the most current details.
At a glance 3.6 Score: 3.6 stars out of five
Bankrate Score
Available Rating: 4 stars out five
Affordability Rating 4 .
Customers Experience Score: 4.4 five stars of five
Transparency Rating: 2.5 stars out of 5
Compare auto loan rates
Around Fifth Third Bank Loan amount between $2,000 and $80,000
Min. credit score of 660
APR from 6.41%-10.05 percent
Available funds on the same day as closing
Fifth Third Bank pros and cons before submitting a Fifth Third Bank auto loan application, consider whether the ease of a personal experience is greater than the disadvantages.
PROS Autopay discount
Range of repayment options
In-person convenience
CONS Limited state availability
High minimum APR
No prequalification
Fifth Third Bank, a regional bank that is headquartered in Cincinnati, offers for new and pre-owned vehicles as well as car refinance loans to its customers who have checking or savings accounts. This, together with its partnered dealers make it a great alternative for those who want the convenience of in-person communications. The financing is only available in the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect credit, on the other hand, is available across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Financing is only available in the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect loans, on the other hand, is accessible across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than residing in one of the states they serve and having a license directly-financed loan. The things we love and what don’t like Fifth Third Bank offers the accessibility of personal support, however it is only available to drivers in some states.
We like the Autopay discount. Borrowers can benefit from an 0.25 per cent discount when linked to a 5th Third Checking account. A variety of repayment options. The loan can be financed between 12 and 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branch locations across 10 states. We don’t like the limited availability in states. Drivers only in 10 of the 50 states may apply for a Fifth Third auto loan. High minimum APR. The minimum rate of 6.41 percent for purchase by dealers and refinance to the external is more than competitors. There is no prequalification. It is impossible to determine the rate you’ll be charged until you submit a full application. Contact details Fifth Third Bank Customer support is available Monday to Friday, from 8 a.m. until 6 p.m. ET and on Saturdays from 10 a.m. to 4 p.m. ET. In-person assistance at bank branches will assist you with the process of applying. Customers can also contact customer service at any time via the internet chat once you become an account holder.
Auto loan types available Fifth Third Bank offers new and used automobile loans through direct and dealerships, along with loan refinancing.
Used and new auto loans
Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%
Although Fifth Third Bank does not divulge much on its website concerning the new and used auto loans the information obtained from bank representatives outlines the particulars. Loans are able to be financed up to $80,000 and you are able to choose the term of between 12 to 75 years. Refinance
Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%
Refinancing your existing loan with Fifth Third Bank can be an excellent option to reduce your monthly payments and to alter your rate. The APR for the minimum for a loan is 6.41 percent. You can get the benefit of a .25 percent discount for refinancing an unrelated Fifth Third auto loan or signing up to have the payments automatically taken from a 5th Third check account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000 Terms: Varies by dealership APR: 48-84 months.
Fifth Third Bank also offers through its network of brand new franchise dealerships for vehicles. The franchises are available across every state, with the exception of Alaska, Hawaii, Louisiana and Wyoming. How to make an application for a loan through Fifth Third Bank To apply for a Fifth Third Bank auto loan You can go to a branch within your region or call 866-671-553. Unfortunately, you cannot apply online. But , you are able to manage your loan by using your online account after approval. Before visiting a bank office, take advantage of the opportunity to determine what you are able to afford. While there is no cost for applying, be prepared to pay an origination charge of $165 if you agree to the loan terms. Once you have been approved, take advantage of the option to pay by automatic to ensure you never make a late payment, since there are additional late fees.
Required application information Valid form of identification Varies by the underwriter’s findings during the review process
Third Third Bank FAQs
What interest rate should you anticipate when you take out your auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates online or via phone. You must formally apply for an auto loan quote that includes the cost of borrowing.
Do you need good credit to be eligible for an automobile loan from Fifth Third Bank? You could be eligible even when you don’t have the best credit, as Fifth Third Bank requires a minimum credit score of 666. Be aware that they only accept well-qualified borrowers, so it’s helpful to have a higher credit score.
Can you apply via the web for an auto loan through Fifth Third Bank? Unfortunately, no. It is necessary to make an appointment to talk to a banker or dial 1-866-671-5353 in order to apply for the loan.
How Bankrate rates Fifth Third Bank
Overall score
3.6
The availability
4.0
State availability is limited, but it is compensated by multiple loan conditions and generous minimum and maximum loan amounts.
Affordability
3.4
An APR that is high and unknown features leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment, online access and customer support six days seven days a week.
Transparency
2.5
Fifth Third does not allow for loan prequalification and rates and fees are not disclosed on the internet.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, rates and fees are available and the APR range are all factors that affect lender scores. The scores are divided into 4 categories. The availability of loans, repayment options, dealership requirements, and availability in the state all play a role in this section. Affordability: This section houses APR ranges and acceptance criteria, along with discounts and fees. Customer experience: How long you’ll need to spend shopping, customer service availability, whether there’s an app and autopay availability are all covered by this segment. Transparency: This category accounts for the accessibility of rates and fees as well as whether prequalification is available.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date when the review first appeared. Check the data at the top of this page, and the lender’s website for the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that break down complicated subjects into digestible pieces.
Auto loans editor
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