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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 specializes in assisting readers to navigate the ways and pitfalls of borrowing money to purchase a car.
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 confidence to manage their finances with concise, well-studied facts that break down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and unique content. We also allow you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not cover the universe of companies or financial deals that may be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is correct at the time that the review was written. Check the data at the top of this page as well as the lender’s website for the most up-to-date details.
A look 3.6 rating: 3.6 stars out of five
Bankrate Score
Rating of Availability 4 stars out 5
Affordability Rating: Four stars from five
The Customer Service Rating is 4.4 five stars of five
Transparency Rating: 2.5 stars out of 5
Check auto loan rates
About Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score 660
APR ranging from 6.41%-10.05 percent
The funds are available on the same day as closing
Fifth Third Bank pros and cons Before submitting a Fifth Third Bank auto loan application, think about whether the convenience of an in-person experience outweighs its drawbacks.
PROS Autopay discount
Variety of repayment options
In-person convenience
CONS Limited state availability
APR with a high minimum
No prequalification
Fifth Third Bank, a regional bank that is headquartered in Cincinnati it offers financing for new and used cars as well as automobile refinancing loans to members who hold checking and savings accounts. This, in conjunction with its partnerships with dealers, make it a fantastic option for motorists who like an in-person communication. The financing is only available in the states Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect credit, on the other hand, is available in all states except Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Finance is available only in the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect lending, on the other hand, is available in all states except Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not define specific requirements other than residing in one of the states that are served and holding a if you’re seeking direct financing. We like it and do not like Fifth Third Bank offers the convenience of support in person, but is only available to drivers who reside in certain states.
What we love about the Autopay discount. Borrowers can benefit from an 0.25 percent discount when linked to an account with a Fifth Third check account. Range of options for repayment. Loans can be financed for anything 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 may apply for an Fifth Third auto loan. High minimum APR. A minimum APR of 6.41 percent for dealer purchases and refinance to the external is more than the competition. There is no prequalification. You won’t be able to know how much you’ll pay until you fill out a complete 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 Saturday between 10 a.m. to 4 p.m. ET. In-person assistance at bank branches will assist you with the process of applying. You can also contact customer service 24/7 via online chat once you are an account holder.
Auto loan kinds offered Fifth Third Bank offers new and used auto loans both directly and through dealerships, along with loan refinancing.
Used and new automobile loans
Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%
While Fifth Third Bank does not provide much information on its website concerning its used and new auto loans information, the information provided by a bank representative outlines the particulars. The loans can be financed up to $80,000 and you can choose the term that ranges from 12 months to 75 month. Refinance
Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%
Refinancing your current loan through Fifth Third Bank can be a great option to lower the monthly cost of your loan and also to adjust the rate. The minimum APR is 6.41 percent. Receive a .25 percent discount when refinancing a non-Fifth Third auto loan or making a commitment to have the payments automatically taken from the Fifth Third check account. Indirect financing
The loan amount is $5,000-$100,000. Terms: Vary based on dealership APR: 48-84 months.
Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. The franchises are available across all states except Alaska, Hawaii, Louisiana and Wyoming. How do you get a loan through Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to visit a banking branch within your region or call 866-671-5353. Unfortunately, you are not able to apply online. However, you can manage your loan by using your online account following approval. Before visiting a bank office, make use of an to understand what you are able to afford. Although there isn’t an cost for applying, be prepared the payment of an origination cost of $165 if you accept the loan conditions. Once you have been approved, take advantage of the option to pay by automatic to make sure that you never miss a payment, as there are also late fees.
Form of identification required of identification Varies by the results of the underwriter’s review process
Third Third Bank FAQs
What rate of interest should you be expecting from an auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or by telephone. You must formally apply for an auto loan quote , which includes the cost of borrowing.
Do you require a good credit score to be eligible for the automobile loan through Fifth Third Bank? You could be eligible even when you don’t have the best credit, because Fifth Third Bank requires a minimum credit score of at least 660. Be aware that they only accept well-qualified borrowers, so it helps to have a higher credit score.
Can you get preapproved via the web in order to apply for an auto loan through Fifth Third Bank? Unfortunately, no. You must schedule an appointment to a banker or dial 1-866-671-5353 to formally apply for an loan.
What is the best way to Bankrate Rates Fifth Third Bank
Overall score
3.6
Accessibility
4.0
The limited state availability is offset by a variety of loan terms and large limits on loan amounts.
Affordability
3.4
An APR that is high as well as undisclosed features leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third allows automatic payments as well as online access to customer service 24 hours seven days a week.
Transparency
2.5
Fifth Third does not allow the loan prequalification, and rates and fees are not available online.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether rates and fees are readily available and the APR range are all factors that affect lender scores. These scores are broken up in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements, and state availability all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll need to shop, the customer service accessibility, whether you have an app and autopay availability are covered within this category. Transparency: This category accounts for the accessibility of rates and fees and the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Check the data on the right and the lender’s website for the most recent details.
Written by
Rebecca Betterton
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 purchase a car.
The edit was done 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 control their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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