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Fifth Third Bank
Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Writen 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 ins and outs of securely taking out loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators as well as publishing objective and original content. This allows you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site come from companies that compensate us. This compensation can affect the way and where products are displayed on the site, such as the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information such as rates and charges, presented in the review is accurate at the time when the review first appeared. Check the data on the right and the lender’s website for the most up-to-date information.
At a glance 3.6 rating: 3.6 stars out of 5
Rating of Availability 4 stars out five
Affordability Rating Four stars from five
The Customer Service Rating is 4.4 stars out of 5
Transparency Rating: 2.5 stars out of 5
Find out about auto loan rates
Around Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score of 660
APR ranging from 6.41%-10.05%
Funds available in Same day as the day of closing.
Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, consider whether the ease of a personal experience is greater than the negatives.
PROS Autopay discount
Variety of repayment options
CONS Limited state availability
High minimum APR
Fifth Third Bank, a regional financial institution headquartered in Cincinnati it offers financing for new and used cars as well as car refinance loans to its members that hold checking and savings accounts. This, along with its partnered dealers, makes it an excellent option for motorists who like an in-person contact. It is only available to the states Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect credit, on the contrary side, is offered across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Finance is available only in the states where Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect loans, on the contrary, is available in all states except Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not outline specific requirements outside of being a resident of any of the states served and having a license if you’re seeking direct financing. The things we love and what don’t like Fifth Third Bank offers the ease of in-person support but is only available to drivers in some states.
We like the Autopay discount. Customers who borrow can enjoy the benefit of a 0.25 per cent discount when linked to an account with a 5th Third check account. A variety of options for repayment. You can finance loans for anywhere from 12 to 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branches in 10 states. What we don’t like Limited availability by state. Drivers in only 10 of the 50 states can apply for an Fifth Third auto loan. High minimum APR. The minimum rate of 6.41 percent for dealer purchase and external refinance is higher than other lenders. No prequalification. It’s impossible to know the rate you’ll be charged until you complete your application. How to contact Fifth Third Bank Customer support is available Monday to Friday from 8 a.m. to 6 p.m. ET and on Saturdays from 10 a.m. to 4 p.m. ET. Assistance in person at branches of banks will assist you with the application process. Customers can also contact customer service at any time via the internet chat after you have become a member.
Auto loan types available Fifth Third Bank offers new and pre-owned auto loans either directly or through dealerships, as well as loan refinancing.
Used and new auto loans
Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%
While Fifth Third Bank does not divulge much on its website regarding its used and new auto loans the information obtained from a bank representative outlines the details. The loans can be financed up to $80,000 and you can select a 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 current loan with Fifth Third Bank can be an ideal option to lower your monthly payments and to alter the rate. The minimum APR of 6.41 percent. Receive the benefit of a .25 percent discount for refinancing a non-Fifth Third auto loan or enrolling to have your the payments automatically taken from the fifth Third checking account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000. The terms vary by the dealership’s APR, which ranges from 48 to 84 months.
Fifth Third Bank also offers through its network of new franchise dealerships for vehicles. These are available in all states , except Alaska, Hawaii, Louisiana and Wyoming. How to make an application for a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to go to a branch in your area or call 866-671-5353. Unfortunately, you can’t apply online. But you can manage your loan through your account online after approval. Before you visit a bank office, make use of the opportunity to determine what you can manage. While there is no charge for application, you will need to pay an origination fee of $165, if you are willing to accept the loan terms. After approval, make use of the automated payment option to ensure you never miss a payment, as there are additional late fees.
The required information for applicants Valid form of identification Varies by the underwriter’s findings during the review process
Third Third Bank FAQs
What interest rate should you be expecting from your auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or by telephone. You must formally apply to receive an loan quote , which includes borrowing costs.
Do you require good credit to be able to get the auto loan through Fifth Third Bank? It is possible to qualify even in the absence of perfect credit, because Fifth Third Bank requires a minimum credit score of 666. Be aware that they only accept qualified borrowers, therefore it’s helpful to have a higher credit score.
Are you able to get preapproved online to get an auto loan with Fifth Third Bank? Unfortunately, no. It is necessary to make an appointment to speak to a banker or dial 1-866-671-5353 to formally apply for the loan.
Which Bankrate rate Fifth Third Bank
State availability is limited, but it is compensated by a variety of loan terms , as well as ample minimal and maximal loan amounts.
A high minimum APR as well as unknown features leaves Fifth Third with a middling score.
Fifth Third offers automatic payment, online access and customer support six days a week.
Fifth Third does not allow for loan prequalification, and rates and fees are not available on the internet.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are readily available and the range of APR all affect lender scores. The scores are divided into 4 categories. The availability of loans and repayment options, dealership requirements, and availability in the state all contribute to this section. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you have to shop, the customer service availability, and whether there’s an app and autopay availability are accounted for by this segment. Transparency: This category is responsible for the availability of rates and fees as well as whether prequalification is available.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is correct up to the date when the review first appeared. Review the information on the right, and the lender’s site for the most up-to-date details.
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to control their finances with precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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