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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 with the ins and outs of securely taking out loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through 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 offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open to you.
About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor accepted by any advertising company. The information, including rates and fees, presented in the review are accurate up to the date that the review was written. Look over the information at the top of this page and the lender's website for the most recent information.
At a glimpse 3.6 rating: 3.6 stars out of five
Bankrate Score
Rating of Availability 4 stars out five
Affordability Rating: 4 .
The Customer Service Rating is 4.4 stars out of 5
The Transparency Score: 2.5 stars out of 5
Check auto loan rates
Around 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 the day of closing.
Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, think about whether the advantages of an in-person transaction overpowers the negatives.
PROS Autopay discount
A 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, offers for new and used vehicles and auto refinance loans to members who have checking or savings accounts. This, in conjunction with its through partnered dealers, makes it an excellent alternative for those who want an in-person contact. It is only available to the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect credit, on the contrary side, is offered across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? 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 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 any of the states that are served and having a license directly-financed loan. What we like and what we 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 5th Third checking account. There are a variety of repayment options. You can finance loans 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 by state. Drivers only in 10 of 50 states are able to apply for an Fifth Third auto loan. The minimum APR is high. A minimum APR of 6.41 percent for dealer purchases and refinance to the external is more than other lenders. No prequalification. It's impossible to determine how much you'll pay until you fill out a complete application. How to contact Fifth Third Bank Customer support is available Monday through Friday between 8 a.m. until 6 p.m. ET and on Saturday from 10 a.m. to 4 p.m. ET. Assistance in person at branches of banks will assist you with the application process. Customers can also contact customer service 24/7 via online 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, as well as 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 the new and used auto loans, information gathered from bank representatives outlines the details. The loans can be financed up to $80,000, and you can 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 existing loan through Fifth Third Bank can be a great option to lower the monthly cost of your loan and also to adjust your rate. The APR for the minimum for a loan is 6.41 percent. Get a .25 percent discount when refinancing an unrelated Fifth Third auto loan or enrolling to have your the payments automatically taken from a fifth Third bank account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000. The terms vary by the dealership's APR, which ranges from 48 to 84 months.
Fifth Third Bank also offers through its network of brand new franchise dealerships for vehicles. The franchises are available across all states except 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 go to a branch in your local area or call 866-671-5353. Unfortunately, you can't apply online. But , you are able to manage your loan by using your online account following approval. Before you visit a bank office, take advantage of an opportunity to know how much you are able to afford. While there's no charge for application, you will need for an initial cost of $165 if you accept the loan terms. Following approval, take advantage of the automated payment option to make sure that you never miss a payment, as there are late fees as well.
Required application information Valid form of identification varies based on the underwriter's findings during the review process
Fifth Third Bank FAQs
What rate of interest should you be expecting from your auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or by telephone. You must formally apply for a loan quote that includes the cost of borrowing.
Do you need good credit to qualify for an auto loan at Fifth Third Bank? It is possible to qualify even if you don't have perfect credit, because Fifth Third Bank requires a minimum credit score of at least 660. Keep in mind that the bank will only consider qualified borrowers, therefore it helps to have a higher credit score.
Are you able to get preapproved on the internet for an auto loan through Fifth Third Bank? Unfortunately, no. You must schedule an appointment with a banker or call 1-866-671-5353 to formally apply for a loan.
Which Bankrate rates Fifth Third Bank
Overall score
3.6
The availability
4.0
Limited state availability is offset by multiple loan terms , as well as ample minimum and maximum loan amounts.
Affordability
3.4
A high minimum APR as well as unidentified features leaves Fifth Third with a middling score.
Customer experience
4.4
Fifth Third allows for automatic payments as well as online access to support for customers seven days a 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 available and the range of APR all affect lender scores. The scores are divided in four different categories. The availability of loans, repayment options, dealership requirements and state availability all contribute to this section. Affordability: This section contains APR ranges and acceptance criteria, along with discounts and fees. Customer experience: The length of time you have to spend shopping, customer service accessibility, whether you have autopay and an app are all covered by this segment. Transparency: This category is responsible for the availability of rates and fees as well as whether or not prequalification is offered.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review is correct up to the date of the review. Look over the information at the top of this page as well as the lender's site for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to manage their finances with concise, well-researched and well-structured information that breaks down complex topics into manageable bites.
Auto loans editor
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