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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 specializes in assisting readers in navigating the ways and pitfalls of 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 committed to helping readers gain confidence to manage their finances by providing concise, well-studied information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct your own 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 who pay us. This compensation may impact how and where products appear on this website, for example the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.
Reviewer’s disclosures The reviews are written by staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate at the time that the review was written. Review the data on the right and the lender’s site for the most current details.
At a look 3.6 Rating: 3.6 stars out of five
Score of the Bankrate
Available Rating: 4 stars out 5
Affordability Rating 4 stars out of 5
The Customer Service Rating is 4.4 5 stars from 5
A rating of Transparency: 2.5 stars out of 5
Find out about auto loan rates
The approximate Fifth Third Bank Loan amount $2,000 to $80,000
Min. credit score of 660
APR ranging from 6.41%-10.05 10.0
Available funds on the same day as closing
Fifth Third Bank pros and cons Before submitting a Fifth Third Bank auto loan application, consider whether the advantages of an in-person transaction overpowers the negatives.
PROS Autopay discount
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 pre-owned vehicles as well as automobile refinancing loans to its members that have checking or savings accounts. This, together with its partnered dealers make it a great option for drivers who prefer 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 other hand, is accessible in all states , excluding Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? The financing is only available to the states where Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect loans, on the other hand, is available across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than being a resident of one of the states they serve and having a valid credit card if you’re seeking direct financing. What we like and do not like is that Fifth Third Bank offers the accessibility of personal support, however it is only available to drivers in some states.
What we love about the Autopay discount. The borrower can take advantage of the benefit of a 0.25 per cent discount when they are linked to an account with a Fifth Third check account. A variety of options for repayment. The loan can be financed 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 availability by state. Drivers only in 10 of 50 states are able to apply for an Fifth Third auto loan. High minimum APR. A minimum APR of 6.41% percent for purchase by dealers and refinancing externally is greater than other lenders. No prequalification. It’s impossible to determine what your rate is before you complete your application. How to contact Fifth Third Bank Customer support is available Monday through Friday between 8 a.m. to 6 p.m. ET and on Saturday between 10 a.m. until 4 p.m. ET. In-person assistance at bank branches can help you through the process of applying. You can also reach customer service 24/7 via online chat once you are an account holder.
Auto loan kinds offered Fifth Third Bank offers new and used auto loans either directly or through dealerships, as well as 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 divulge much on its website about the new and used auto loans information, the information provided by a bank representative outlines the particulars. The loans can be financed up to $80,000 and you can select the 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 existing loan with Fifth Third Bank can be an excellent option to reduce the monthly cost of your loan and also to adjust your rate. The APR for the minimum is 6.41 percent. You can get a .25 percent discount for refinancing an unrelated Fifth Third auto loan or signing up to have the payments automatically taken from a 5th Third checking account. Indirect financing
Quick facts about loans: $5,000-$100,000. The terms vary by dealer APR: 48-84 month.
Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. They are available in all states , except Alaska, Hawaii, Louisiana and Wyoming. How do you apply for a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan, you can either go to a branch in your area or call 866-671-5353. Unfortunately, you are not able to apply online. But you can manage your loan by using your online account after approval. Before heading to a banking office, make use of an to understand how much you can afford. While there is no application fee, prepare for an initial cost of $165 if you accept the loan terms. Once you have been approved, take advantage of the automated payment option to ensure you never fail to make a payment as there are additional late fees.
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 anticipate when you take out an auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates on the internet or over the phone. It is necessary to apply in writing for a loan quote that includes the cost of borrowing.
Do you require good credit to be eligible for the automobile loan from Fifth Third Bank? You could be eligible even in the absence of perfect credit score, since Fifth Third Bank requires a minimum credit score of 660. Keep in mind that the bank will only consider well-qualified borrowers, so it is beneficial to have a better credit score.
Can you apply via the web to get 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 a loan.
What is the best way to Bankrate rates Fifth Third Bank
Overall score
3.6
Accessibility
4.0
The limited state availability is offset by a variety of loan terms and ample minimum and maximum loan amounts.
Affordability
3.4
The high APR and unknown features leave 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 every day of the week.
Transparency
2.5
Fifth Third does not allow the loan prequalification and rates and fees aren’t disclosed on the internet.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are readily available and the range of APR all affect lender scores. These scores are split in four different categories. Availability: Loan amounts as well as repayment options, dealer requirements, and state availability all play a role in this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’ll need to shop, the customer service availability, whether there’s an app and autopay availability are all covered within this category. Transparency: This category is responsible for the availability of rates and fees along with the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information, including rates and fees that are included in the review are 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 site 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 with the ins and outs of securely using 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 dedicated to helping their readers feel confident to control their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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