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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 details of taking out loans to buy an automobile.
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 committed to helping readers gain confidence to take control of their finances through providing clear, well-researched facts that break down otherwise 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 better financial choices by offering interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct 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 Money The deals that are advertised on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not contain the universe of companies or financial deals that may be open to you.
Reviewer’s disclosures: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees that are included in the review is correct at the time when the review first appeared. Check the data at the top of this page, and the lender’s site for the most up-to-date details.
A look 3.6 Score: 3.6 stars out of five
Score of the Bankrate
Availability Rating: 4 stars out 5
Affordability Rating: 4 stars out of 5
The Customer Service Rating is 4.4 stars out of five
A rating of Transparency: 2.5 stars out of 5
Compare auto loan rates
Around Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score of 660
APR from 6.41%-10.05%
Funds available in Same day as closing
Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, think about whether the advantages of an in-person transaction is greater than the negatives.
PROS Autopay discount
Variety of repayment options
In-person convenience
CONS Limited state availability
APR at a minimum of high
No prequalification
Fifth Third Bank, a regional financial institution headquartered in Cincinnati it offers financing for new and pre-owned vehicles as well as automobile refinancing loans to members who have savings and checking accounts. This, along with its through partnered dealers make it a great alternative for those who want an in-person communications. 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 accessible 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 contrary, is available in all states except Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than being a resident of one of the states that are served and having a valid credit card for direct financing. We like it and what we don’t like Fifth Third Bank offers the accessibility of personal support, however it is only available to drivers in some states.
What we like Autopay discount. Borrowers can benefit from the benefit of a 0.25 percentage discount when linked to the Fifth Third checking account. A variety of options for repayment. You can finance loans for between 12 and 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branches across 10 states. What we don’t like Limited availability in states. Drivers in only 10 of the 50 states may apply for an Fifth Third auto loan. Minimum APR of 6.41. Minimum APR 6.41 percent for dealer purchases and external refinance is higher than other lenders. No prequalification. It is impossible to get an idea of how much you’ll pay until you submit a full application. Contact details Fifth Third Bank Customer support is available Monday through Friday between 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. until 4 p.m. ET. Help in person at branch locations can help you through the application process. You can also reach customer service at any time via the internet chat once you are an account holder.
Auto loan types offered Fifth Third Bank offers new and used automobile loans through direct and dealerships, in addition to 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 about its new and used auto loans the information obtained from bank representatives outlines the specifics. The loans can be financed up to $80,000 and you can choose an interest rate between 12 and 75 months. 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 payment and adjust the rate. The minimum APR is 6.41 percent. You can get an .25 percent discount for refinancing an unrelated Fifth Third auto loan or enrolling to have your payments automatically deducted from a Fifth Third bank 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 new vehicle franchise dealers. These are available in all states except Alaska, Hawaii, Louisiana and Wyoming. How do you make an application for a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to visit a banking branch in your area or contact 866-671-5353. Unfortunately, you cannot apply online. But , you are able to manage your loan via your online account once you have been approved. Before heading to a banking office, make use of an to understand the amount you are able to afford. While there’s no application fee, prepare for an initial fee of $165 if you accept the loan conditions. Following approval, take advantage of the automatic payment option to ensure you never miss a payment, as there are additional late fees.
The required information for applicants Valid form of identification is determined by the findings of the underwriter during the review process
Third Third Bank FAQs
What interest rate should you anticipate when you take out an auto loan from Fifth Third Bank? Fifth Third Bank does not reveal auto loan rates on the internet or over the phone. It is necessary to apply in writing for an loan quote , which includes the cost of borrowing.
Do you require a good credit score to be able to get the automobile loan at Fifth Third Bank? It is possible to qualify even if you don’t have perfect credit, as Fifth Third Bank requires a minimum credit score of 666. 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. You’ll need to schedule an appointment with a banker or call 1-866-671-5353 in order to apply for the loan.
Which Bankrate Rates Fifth Third Bank
Overall score
3.6
Accessibility
4.0
State availability is limited, but it is compensated by numerous loan terms and ample limits on loan amounts.
Affordability
3.4
A high minimum APR and undisclosed includes leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment with online access, as well as customer support six days 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. Acceptance criteria, fees and rates are offered and APR range all influence lender scores. The scores are divided into 4 categories. The availability of loans, repayment options, dealership requirements, and state availability all play a role in this category. Affordability: This section contains APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you have to shop, customer service accessibility, whether you have autopay and an app are covered by this segment. Transparency: This section accounts for the accessibility of rates and fees as well as the availability of prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information such as rates and charges that are included in the review are accurate as of the date of the review. Review the information at the top of this page as well as the lender’s website for the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to take control of their finances by providing precise, well-studied information that break down complex topics into manageable bites.
Auto loans editor
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