BB&T Auto Loans Review

BB&T Bank auto loans offer you a variety of options for your auto, whether you’re purchasing, refinancing or trying to maneuver a lease buyout. But you’ll have to live in one of the 15 states within its service area (or Washington D.C.) and you’ll have to apply in person.

Fixed APR
Starting at 2.24%
Loan Amount
N/A
Term
Up to 84 months
SimpleScore
3.7 / 5.0
close
SimpleScore Truist 3.7
New Car Rates 5
Loan Size 5
Used Car Rates N/A
Customer Satisfaction N/A
Fees 1

BB&T Bank, now known as Truist after a recent merger with Suntrust, is part of one of the nation’s largest financial service companies. Having been in business for almost 150 years, lending is certainly nothing new to BB&T Bank, and the same is true for the auto loans. BB&T Bank not only offers a wide array of financial services but a variety of auto loans as well.

BB&T auto loans at a glance

LenderLoan AmountAPRTermsKey Benefit
BB&TN/A2% – 20%12 – 84 monthsWide variety of loan options

Rates accurate as of July 2020

What we like about BB&T auto loans

BB&T Bank reviews often point out the tremendous selection of financing options, including for auto loans. Whether you need a loan to purchase a new or used car, refinance your existing auto loan or a lease buyout, chances are a BB&T Bank auto loan is an option for you. If you have a tight timeline, BB&T Bank can offer you a decision on your qualification within 10 minutes for both purchase or a refinance and have funds transferred within seven days. This makes it a great choice for those shopping around for quotes for auto loan rates. BB&T Bank auto loan rates are low and fixed to make it even easier on your auto loan budget.

Check Your Auto Loan Rates

View our top-rated lenders and find the best rates today. It’s quick and easy.

In this article

    Things to consider

    BB&T Bank auto loans may offer an extensive number of financing choices, but you’ll have to apply for this loan in person. Currently, the only way to get your application started is to physically walk into a branch and apply, which is one reason why you see negative BB&T Bank ratings. You should also be aware you have to be a resident in one of the 15 states and Washington, D.C., that BB&T Bank services. And if you’re looking for a loan for a used car 10 years old or older, you won’t be able to secure financing through BB&T Bank.

    Read More: The Best Auto Loans of 2020

    Everything you need to know about BB&T auto loans

    BB&T Bank is now under the Truist brand name. Although it has recently merged and the name is different, you can still find the same auto loan program. BB&T Bank offers financing for new cars from individuals or a dealer, used cars (that meet eligibility requirements) and lease buyouts. You can also use BB&T Bank auto loans for refinancing your current auto loan.

    As far as loan terms and rates, BB&T Bank offers quite a bit of flexibility. Minimum loan terms are for 12 months, but you can finance up to 75 months if you need it. The loan rates vary from 2% to 20%, with the rate depending heavily on your credit score. As with most other auto loan applications, a credit application will result in a hard inquiry on your credit report, which could impact your overall credit score.

    How to apply

    The application is straightforward and requires the typical information from most lenders. Remember, you have to apply in person, so it will be helpful to have all your information gathered before you head to the branch. You’ll be asked for:

    • Personal details such as Social Security number, date of birth, current address and previous addresses.
    • Employment verification including contact information, address and phone number for your employer.
    • Income verification such as a pay stub or tax return to show proof of income.
    • Vehicle details of the car you are purchasing or refinancing, including the VIN.
    • Bank account information, including assets and liabilities (like savings account info or child support payments).

    Read More: The Best Auto Loans For Bad Credit of 2020

    Here’s what you’ll need to qualify

    For those who are cash-strapped or prefer not to use a down payment, a BB&T Bank auto loan doesn’t require you to put one down. Keep in mind this will result in a higher car payment since you will be financing a greater amount, but it’s important to know for your budgeting purposes.

    If you’re looking for the best auto loans for bad credit, a BB&T Bank auto loan may be an alternative for you. The BB&T website doesn’t list a minimum FICO® score requirement, but the BB&T Bank site does say even if you have less than “stellar credit” you can still apply — it might result in a higher interest rate, though.

    BB&T auto loans vs. the competition

    BB&T Bank vs. Bank of America

    If location is a hindrance for your BB&T Bank auto loan, then Bank of America could be another consideration. Bank of America is available in all 50 states (including Washington D.C.) and has over 4,000 branches to choose from. Another convenience factor worth noting is you can fill out the entire application process online. Depending on your creditworthiness, you can get a low fixed interest rate too, whether you’re buying a new or used car from a dealer or an individual. You can also use Bank of America for refinancing options, similar to the BB&T Bank auto loan program.

    BB&T Bank vs. Chase

    Another option available in all 50 states and with nearly 5,000 branches is an auto loan through Chase Bank. Unlike BB&T Bank and Bank of America, Chase only offers financing for new and used cars from its dealer network (although it is a very large network). There are no auto loans offered for private sellers, but refinancing and auto lease buyouts are possible. Another difference with Chase is with the auto loan rates and terms. The lowest interest rate Chase offers currently is 4.33%, and it goes up to 15% (depending on creditworthiness). And with the loan terms, Chase only offers options of 48 to 72 months.

    Read More: The Best Refinance Auto Loans of 2020

    Last updated July 13, 2020 – Updated auto loan rates.

    We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    We’ve created the SimpleScore™ to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore™

    We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020.

    Why do some brands have different SimpleScores™ on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores™ because they offer more than one financial solution — like auto loans, home loans, personal loans and banking.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore™ to each financial solution, we’re able to give you a more accurate view of their services and how they compare to competitors’ services.

    Minimum new car rate

    Companies that look out for new car buyers with lower rates receive higher scores from us.

    Minimum used car rate

    We also give higher ratings to companies that look out for used car buyers by offering lower rates.

    Maximum loan size

    Having enough money to cover your auto loan is important –– that’s why companies with higher maximum loan amount receive better scores from us.

    Customer satisfaction

    We use the J.D. Power 2019 Consumer Lending Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Fees

    Fees can add up very fast –– that’s why we give a higher score to companies who have fewer fees.

    Sara Coleman

    Contributing Writer

    Sara Coleman is a personal finance journalist based in Charlotte, NC. A journalism major who studied at the University of Georgia, she enjoys creating approachable content. She’s written for sites such as The Simple Dollar, Interest.com, WorkingMother, BetterYouMag and SmartMoneyMamas. She loves spending time with her husband and three kids, and has a healthy obsession with coffee.

    Reviewed by

    • Adam Morgan
      Adam Morgan
      Senior Editor

      Adam Morgan is a senior editor at The Simple Dollar and an award-winning journalist who’s covered finance and culture for 15 years. His writing has been featured in The Guardian, Los Angeles Times, Chicago Tribune, The AV Club, and elsewhere.