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Fifth Third Bank
Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely using loans to buy a car.
Editor: 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 with 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 aim is to assist you make better financial decisions by offering interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted 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 who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not include the entire universe of businesses or financial offerings that could be available to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate at the time that the review was written. Look over the information in the upper right hand corner of the page, and the lender’s site for the most current details.
At a look 3.6 Rating: 3.6 stars out of 5
Bankrate Score
Availability Rating 4 stars out 5
Affordability Rating Four stars from five
Customer Experience Rating: 4.4 5 stars from five
The Transparency Score: 2.5 stars out of 5
Check rates for auto loan rates
About Fifth Third Bank Loan amount $2,000 to $80,000
Min. credit score 660
APR ranging from 6.41%-10.05 10.0
Available funds on the same day, as close
Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, think about whether the advantages of an in-person transaction outweighs its 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, offers for new and used cars as well as automobile refinancing loans to members who have checking or savings accounts. This, together with its through partnered dealers, make it a fantastic option for drivers who prefer the convenience of in-person communications. 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 lending, on the other 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 where Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect lending, on the other hand, is accessible in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not outline specific requirements outside of being a resident of one of the states served and having a license if you’re seeking direct financing. The things we love and do not like is that Fifth Third Bank offers the accessibility of personal support, however it is only available for drivers from certain states.
What we love about the Autopay discount. The borrower can take advantage of an 0.25 percentage discount when they are linked to the Fifth Third checking account. A variety of options for repayment. You can finance loans for anything from 12 to 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branches across 10 states. What we don’t like Limited state availability. Drivers from only 10 of the 50 states may apply for an Fifth Third auto loan. High minimum APR. Minimum APR 6.41 percent for dealer purchases and external refinance is higher than the competition. There is no prequalification. It is impossible to determine how much you’ll pay until you complete your application. Contact information Fifth Third Bank Customer support is open Monday through Friday, from 8 a.m. to 6 p.m. ET and on Saturdays between 10 a.m. to 4 p.m. ET. Assistance in person at branches of banks 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 kinds offered Fifth Third Bank offers new and used automobile loans either directly or through dealerships, along with 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 provide much information on its website about its new and used auto loans the information obtained from bank representatives outlines the details. Loans can be financed for 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 ideal option to lower your monthly payments and to alter your rate. The APR for the minimum of 6.41 percent. Get the benefit of a .25 percent discount when refinancing an unrelated Fifth Third auto loan or making a commitment to have the payments automatically taken from a 5th Third bank account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000. The terms vary by dealer APR: 48-84 month.
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 get a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to go to a branch in your area or contact 866-671-5353. Unfortunately, you are not able to apply online. However, you can manage your loan through your account online once you have been approved. Before heading to a banking branch, use an opportunity to know what you are able to afford. Although there isn’t an application fee, prepare the payment of an origination charge of $165 if you agree to the loan conditions. Following approval, take advantage of the automated payment option to make sure you don’t miss a payment, as there are also late fees.
Form of identification required of identification varies based on the underwriter’s findings during the review process
Fifth Third Bank FAQs
What interest rate should you expect with an auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or via telephone. It is necessary to apply in writing to receive an auto loan quote that includes borrowing costs.
Do you need good credit to be able to get an automobile loan from 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 660. Keep in mind that the bank will only consider qualified borrowers, therefore it’s helpful to have a higher credit score.
Can you apply on the internet to get an auto loan with Fifth Third Bank? Unfortunately, no. You’ll need to schedule an appointment to talk with a banker , or call 1-866-671-5353 in order to apply for the loan.
How Bankrate Rates Fifth Third Bank
Overall score
3.6
Accessibility
4.0
The limited state availability is offset by multiple loan terms , as well as generous minimum and maximum loan amounts.
Affordability
3.4
The high 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 customer service 24 hours 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 selecting top auto loans. Criteria for acceptance, whether rates and fees are available and the APR range are all factors that affect lender scores. These scores are broken up into 4 categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges and acceptance criteria, along with fees and discounts. Customer experience: The length of time you’re required to spend shopping, customer service availability, and whether there’s autopay or an app available are accounted for within this category. Transparency: This category accounts for the availability of rates and fees as well as whether prequalification is available.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date that the review was written. Look over the information at the top of this page as well as the lender’s website to find 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 to navigate 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 since the end of 2021. They are passionate about helping readers feel confident to take control of their finances with clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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