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Fifth Third Auto Loans Review
Fifth Third auto loans are available to bank customers on new and used cars at competitive APR rates. Service is limited, though, to the states that the bank operates in, and is only available for bank customers. The good news is that if you do want to use a Fifth Third car loan, you can quickly open a checking or savings account and then apply for auto lending. The bank also offers special relationship rates based on your history and accounts with Fifth Third.
Fifth Third Bank was founded in 1858 and currently operates out of its headquarters office in Cincinnati, Ohio. The bank is the 15th largest bank by assets in the U.S., with an estimated $167 billion under management.
Fifth Third Bank at a glance
|Loan Amount||APR||Terms||Key Benefit|
|Fifth Third Bank||Up to 100% of the price of the vehicle||5.04%–8.91%||12–75 months||Relationship benefits for customers available|
*Rates accurate as of 6/24/2020; Michigan and $35,000 car used for rate quotes
What we like about it
The first thing that stood out during the Fifth Third auto loans review was the rates. On new and used cars, the APRs offered are competitive with the rest of the industry. While the bank does not publicly post rate ranges, you can call and get an estimated quote for your state and loan size. The final determination will be based on several other factors, though.
Fifth Third scoots up our list of the best auto loans a little further thanks to the helpful calculators, tools and educational resources provided. The bank has loan payment calculators, an extensive FAQ and blog articles on topics like whether you should lease or buy. If you’re newer to the car-buying process, the Fifth Third auto finance department has some really helpful assets to walk you through things step by step.
Things to consider
First, you have to be a customer of the bank to get an auto loan. While it’s not a huge step to open a checking or savings account, it would still be nice to see services opened up to everyone. You potentially can get special relationship rates, though, which does lighten this fact up quite a bit.
Additionally, much of the loan information is unavailable without speaking to a lending agent. While this might not be that big of a deal, it does potentially cost you some time if the bank ends up not being a good fit. However, for a purchase as big as a car, you might be able to find the time to dedicate to the process. Appointments are available in person or over the phone in 30-minute and 60-minute blocks.
What you need to know
Fifth Third auto loan rates vary based on the state that you live in, the amount you are looking to borrow and whether the car is new or used. Additionally, rates will be higher for people with less-than-great credit. As a benchmark example, the rates on a new car worth $35,000 in Michigan would span between 5.57% and 8.47% APR. On a used car under the same conditions, that rate climbs to 5.84% to 7.99%. Both rates reflect a 0.25% discount for using autopay.
Term lengths also vary based on new or used cars. New car loans are available from 12 to 72 months. Used car loans are available from 12 months out to 66 months. All loans come with a one-time origination fee of $165.
There are a few steps to follow to get a Fifth Third auto loan.
1. Collect your necessary documents. Before you contact the bank, make sure you have your bank account information, employment information and any other asset documents ready to go. If you don’t already have a checking account or savings account with the bank, open one first.
2. Set up an appointment on the company’s website. Navigate to the Fifth Third auto finance department section of the website and reserve an appointment to speak to a loan agent. Appointments come in 30-minute or 60-minute increments.
3. Complete your application. Once you’ve worked out arrangements with the loan officer, complete the paperwork they ask you to. From there, you’ll wait for final approval and then you can move forward with your purchase.
Collateral and criteria
The only restriction outlined by the bank is that you must be an active customer with a valid checking or savings account opened with the bank. Beyond that, approvals are decided on a case by case basis. Fifth Third does not outline specifics on age limits or mileage restrictions on used cars it will cover with a loan.
Fifth Third Bank vs. Bank of America
If you’re not a customer of Fifth Third, you can always shop elsewhere for an auto loan. Another provider to consider with very attractive auto loan rates is Bank of America. Rates for new cars start at 2.59% APR and rates on used cars from a dealer start at 2.89% APR. Refinancing rates start a little higher at 3.49% APR. Additionally, if you are a Bank of America customer, you may be able to get even better rates with relationship discounts up to 0.50% interest. Bank of America is certainly a better lender if you’re already a customer, or you don’t want to join any new banks to get a loan.
Fifth Third Bank vs. Wells Fargo
Wells Fargo offers auto loans on new and used vehicles, as long as you are purchasing from one of the 11,000 in-network dealers. If you’re looking for refinancing, though, it is no longer available through the bank. You will need to contact the bank to find out which dealers in your area are participating. But at 11,000 strong, there’s a good chance the car you’re looking for is covered somewhere in your area. Ideally, Wells Fargo may be a better fit if the car you want is offered through one of the bank’s partner dealerships. It’s worth at least contacting Wells Fargo to request a rate quote once you know what type of car you are interested in.
We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Contact us at firstname.lastname@example.org with comments or questions.