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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 has a specialization in helping readers with the ways and pitfalls of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing precise, well-researched and accurate facts that break down complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and compare information for free and help you make sound financial decisions. 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 are from companies who pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial deals that may be available to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review is accurate up to the date that the review was written. Review the data on the right, and the lender’s website for the most current information.
A glimpse 3.6 rating: 3.6 stars out of five
Bankrate Score
Rating of Availability 4 stars out 5
Affordability Rating 4 stars out of 5
Customer Experience Rating: 4.4 stars out of 5
A rating of Transparency: 2.5 stars out of 5
Compare rates for auto loan rates
Around Fifth Third Bank Loan amount $2,000 to $80,000
Min. credit score 660
APR from 6.41%-10.05 percent
The funds are available on the same day, as close
Fifth Third Bank pros and cons before submitting a Fifth Third Bank auto loan application, you should consider whether the convenience of an in-person experience outweighs its disadvantages.
PROS Autopay discount
A variety of repayment options
In-person convenience
CONS Limited state availability
High minimum APR
No prequalification
Fifth Third Bank, a regional bank with its headquarters in Cincinnati, offers for new and pre-owned vehicles as well as automobile refinancing loans to its customers who have savings and checking accounts. This, along with its partnered dealers, makes it an excellent alternative for those who want having the comfort of face-to-face communications. 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 contrary hand, is accessible in all states except Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Financing is only available in the states where 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 having a residence in one of the states they serve and holding a directly-financed loan. The things we love and do not like Fifth Third Bank offers the convenience of support in person, but is only available to drivers from certain states.
What we like Autopay discount. Borrowers can benefit from an 0.25 per cent discount when linked to a fifth Third Checking account. A variety of repayment options. Loans can be financed for anywhere from 12 to 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 state availability. Drivers in only 10 of 50 states are able to apply for an Fifth Third auto loan. Minimum APR of 6.41. The minimum rate of 6.41 percent for purchase by dealers and refinance to the external is more than other lenders. No prequalification. You won’t be able to know how much you’ll pay 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. until 4 p.m. ET. Help in person at branch locations can assist you in the application process. You can also reach customer service 24 hours a day via live chat once you are an account holder.
Auto loan types available Fifth Third Bank offers new and used automobile loans both directly and through 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%
While Fifth Third Bank does not divulge much on its website regarding its new and used auto loans, information gathered from a bank representative outlines the details. Loans are able to be financed up to $80,000 and you can select an interest rate 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 existing loan with Fifth Third Bank can be a great option to lower your monthly payments and to alter the rate. The APR for the minimum for a loan is 6.41 percent. You can get an .25 percent discount when refinancing a non-Fifth Third auto loan or enrolling to have your the payments automatically taken from an account with a fifth Third checking account. Indirect financing
Quick facts about loans: $5,000-$100,000. The terms vary by dealership APR: 48-84 months.
Fifth Third Bank also offers through its network of 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 go to a branch of the bank within your region or call 866-671-553. Unfortunately, you are not able to apply online. But , you are able to manage your loan through your account online following approval. Before heading to a banking office, take advantage of the opportunity to determine how much you can afford. Although there isn’t an charge for application, you will need to pay an origination cost of $165, if you are willing to accept the loan conditions. Following approval, take advantage of the option to pay by automatic to make sure you don’t make a late payment, since there are also late fees.
Form of identification required of identification is determined by the underwriter’s findings during the review process
Fifth Third Bank FAQs
What interest rate should you be expecting from the auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or via phone. It is necessary to apply in writing to receive a loan estimate that includes borrowing costs.
Do you require a good credit score to be able to get an automobile loan at Fifth Third Bank? You may qualify even if you don’t have perfect credit, as Fifth Third Bank requires a minimum credit score of 660. Remember that the go to well-qualified borrowers, so it’s helpful to have a better credit score.
Are you able to get preapproved on the internet for an auto loan with Fifth Third Bank? Unfortunately, no. It is necessary to make an appointment to a banker or dial 1-866-671-5353 to formally apply for the loan.
Which Bankrate rate Fifth Third Bank
Overall score
3.6
The availability
4.0
State availability is limited, but it is compensated by numerous loan conditions and large minimum and maximum loan amounts.
Affordability
3.4
The high APR, as well as unknown features leaves Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment as well as online access to support for customers seven days seven days a week.
Transparency
2.5
Fifth Third does not allow for loan prequalification, and rates and fees aren’t disclosed online.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are available and APR range all influence lender scores. The scores are divided into four categories. The availability of loans as well as repayment options, dealer requirements and state availability all play a role in this section. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you have to shop, the customer service accessibility, whether you have autopay and an app are covered within this category. Transparency: This category is responsible for the accessibility of rates and fees along with whether or not prequalification is offered.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges provided in the review is accurate as of the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender’s website for the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase a car.
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 control their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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