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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 with the ins and outs of securely 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 the confidence to manage their finances through providing concise, well-studied data that breaks complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions 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 information for free and help you make informed 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 offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we publish, or the reviews you read on this site. We do not cover the vast array of companies or financial deals that may be available to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information, including rates and fees provided in the review is accurate up to the date when the review first appeared. Check the data on the right as well as the lender’s website for the most up-to-date details.
At a glimpse 3.6 rating: 3.6 stars out of 5
Score of the Bankrate
Rating of Availability 4 stars out five
Affordability Rating 4 stars out of 5
The Customer Service Rating is 4.4 5 stars from 5
Transparency Rating: 2.5 stars out of 5
Find out about rates for auto loan rates
The approximate Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score 660
APR from 6.41%-10.05%
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, consider whether the ease of a personal experience outweighs its disadvantages.
PROS Autopay discount
Range 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 offers new and used cars as well as automobile refinancing loans to members who hold checking and savings accounts. This, together with its partnered dealers, make it a fantastic option for motorists who like the convenience of in-person communication. 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 side, is offered in all states , excluding 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 other hand, 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 at least one state they serve and having a license for direct financing. The things we love and do not like Fifth Third Bank offers the accessibility of personal support, however it is only available to drivers who reside in certain states.
What we love about the Autopay discount. Customers who borrow can enjoy an 0.25 percentage discount when linked to an account with a 5th Third checking account. There are a variety of options for repayment. 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 from only 10 of 50 states are able to apply for an Fifth Third auto loan. Minimum APR of 6.41. A minimum APR of 6.41% percent for dealer purchase and refinance to the external is more than competitors. No prequalification. You won’t be able to know how much you’ll pay until you fill out a complete application. Contact information Fifth Third Bank Customer support is available Monday through Friday between 8 a.m. until 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 process of applying. You can also reach customer service at any time via the internet chat after you have become an active member.
Auto loan types available Fifth Third Bank offers new and used auto loans both directly and through dealerships, as well as loan refinancing.
New and used 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 its used and new auto loans, information gathered from bank representatives outlines the specifics. Loans can be financed for up to $80,000, and you are able to choose an interest rate 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 your rate. The minimum APR of 6.41 percent. Receive an .25 percent discount when refinancing a non-Fifth Third auto loan or making a commitment to have automatic deductions from the 5th Third checking account. Indirect financing
Quick facts about loans: $5,000-$100,000 Terms: Varies by dealership APR: 48-84 months.
Fifth Third Bank also offers through its network of new franchise dealerships for vehicles. These are available in every state, with the exception of 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 within your region or call 866-671-5353. Unfortunately, you cannot apply online. However, you can manage your loan via your online account after approval. Before you visit a bank office, take advantage of an to understand what you can afford. While there is no charge for application, you will need to pay an origination fee of $165 if you accept the loan terms. Following approval, take advantage of the automatic payment option to ensure you never fail to make a payment as there are also late fees.
The required information for applicants Valid form of identification varies based on the results of the underwriter’s review process
Third Third Bank FAQs
What is the interest rate you should anticipate when you take out an auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates online or via telephone. It is necessary to apply in writing to receive a loan quote , which includes borrowing costs.
Do you require a good credit score to be eligible for an automobile loan from Fifth Third Bank? It is possible to qualify even in the absence of perfect credit score, since Fifth Third Bank requires a minimum credit score of at least 660. Be aware that they only accept qualified borrowers, therefore it helps to have a higher credit score.
Can you apply via the web in order to apply for an auto loan with Fifth Third Bank? Unfortunately, no. You’ll need to schedule an appointment to a banker or dial 1-866-671-5353 to formally apply for the loan.
What is the best way to Bankrate rates Fifth Third Bank
Overall score
3.6
Availability
4.0
The limited state availability is offset by a variety of loan conditions and large minimal and maximal loan amounts.
Affordability
3.4
The high APR, as well as unidentified features leaves Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment, online access and support for customers seven days every day of the week.
Transparency
2.5
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 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. The scores are divided into 4 categories. Accessibility: Loan amounts as well as repayment options, dealer requirements, and state availability all play a role in this section. Affordability: This section houses APR ranges and acceptance criteria, along with discounts and fees. Customer experience: The length of time you have to spend shopping, customer service availability, whether there’s autopay or an app available are covered in this section. Transparency: This section accounts for the availability of rates and fees along with whether prequalification is available.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate at the time when the review first appeared. Check the data at the top of this page as well as the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy 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 by providing concise, well-researched and well-structured information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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