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Fifth Third Bank
Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 are from companies who pay us. This compensation could affect how and where products are displayed on this site, including the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not include the universe of companies or financial offerings that could be open to you.
Reviewer’s disclosures Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review are accurate as of the date of the review. Review the data in the upper right hand corner of the page as well as the lender’s website for the most current information.
At a look 3.6 Rating: 3.6 stars out of five
Bankrate Score
Availability Rating 4 stars out 5
Affordability Rating: 4 stars out of 5
Customer Experience Rating: 4.4 five stars of 5
A rating of Transparency: 2.5 stars out of 5
Check auto loan rates
The approximate Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score 660
APR from 6.41%-10.05 percent
Funds available in Same day as closing
Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, you should consider whether the advantages of an in-person transaction outweighs its negatives.
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 new and used vehicles and car refinance loans to its members that hold checking and savings accounts. This, along with its partnerships with dealers make it a great option for drivers who prefer having the comfort of face-to-face communication. 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 hand, is available 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 accessible across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than residing in one of the states served and holding a if you’re seeking direct financing. What we like and what don’t like Fifth Third Bank offers the ease of in-person support but is only available for 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 checking account. There are a variety of options for repayment. Loans can be financed for anywhere from 12 to 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branches across 10 states. We are not a fan of the limited availability in states. Drivers only in 10 of the 50 states can apply for an Fifth Third auto loan. The minimum APR is high. A minimum APR of 6.41 percent for purchase by dealers and external refinance is higher than other lenders. No prequalification. You won’t be able to know how much you’ll pay until you fill out a complete application. Contact details Fifth Third Bank Customer support is available Monday through Friday, from 8 a.m. until 6 p.m. ET and on Saturdays from 10 a.m. until 4 p.m. ET. Help in person at branch locations will assist you with the application process. Customers can also contact customer service 24 hours a day via live chat once you become an active member.
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 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 disclose much on its website regarding its used and new auto loans, information gathered from a bank representative outlines the specifics. Loans can be financed for up to $80,000 and you can choose a 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 an ideal option to lower your monthly payments and to alter the rate. The minimum APR is 6.41 percent. Receive the benefit of a .25 percent discount for refinancing an unrelated Fifth Third auto loan or enrolling to have your automatic deductions from a fifth Third bank account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000 Terms: Varies by dealership APR: 48-84 months.
Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. They are available in every state, with the exception of Alaska, Hawaii, Louisiana and Wyoming. How to get a loan through Fifth Third Bank To apply for a Fifth Third Bank auto loan, you can either go to a branch of the bank in your local area or call 866-671-553. Unfortunately, you cannot apply online. But you can manage your loan via your online account following approval. Before heading to a banking branch, use an opportunity to know the amount you are able to afford. While there is no charge for application, you will need the payment of an origination fee of $165 if you accept the loan terms. Once you have been approved, take advantage of the automatic payment option to make sure you don’t miss a payment, as there are late fees as well.
Form of identification required of identification Varies by the findings of the underwriter during the review process
Third Third Bank FAQs
What is the interest rate you should be expecting from your auto loan from Fifth Third Bank? Fifth Third Bank does not reveal auto loan rates online or via phone. It is necessary to apply in writing for a loan estimate that includes the cost of borrowing.
Do you need good credit to qualify for the automobile loan at Fifth Third Bank? You could be eligible even in the absence of perfect credit, as Fifth Third Bank requires a minimum credit score of 666. Keep in mind that the bank will only consider qualified borrowers, therefore it’s helpful to have a better credit score.
Can you get preapproved via the web in order to apply for an auto loan with Fifth Third Bank? Unfortunately, no. It is necessary to make an appointment to talk to a banker or dial 1-866-671-5353 to formally apply for an loan.
What is the best way to Bankrate rate Fifth Third Bank
Overall score
3.6
Accessibility
4.0
Limited state availability is offset by numerous loan conditions and generous minimum and maximum loan amounts.
Affordability
3.4
A high minimum APR and undisclosed features leaves Fifth Third with a middling score.
Customer experience
4.4
Fifth Third allows automatic payments with online access, as well as support for customers seven days a week.
Transparency
2.5
Fifth Third does not allow for loan prequalification. Rates and fees are not available online.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are readily available and the range of APR all affect lender scores. These scores are split into four categories. Availability: Loan amounts and repayment options, dealership requirements, and availability in the state 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 availability, and whether there’s an app and autopay availability are accounted for in this section. Transparency: This section accounts for the accessibility of rates and fees and whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertiser. The information such as rates and charges that are included in the review is accurate as of the date of the review. Review the information in the upper right hand corner of the page as well as the lender’s website for the most current details.
Written by
Rebecca Betterton
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 the car they want.
The edit was done 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 gain the confidence to take control of their finances through providing concise, well-researched and well-structured information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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