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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 to navigate the ins and outs of securely taking out 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 passionate about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing objective and original content. We also allow you to conduct research and compare information at no cost to help you make sound 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 Money The products that appear on this website are provided by companies who pay us. This compensation can affect the way and when products are featured on this site, including the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date of the review. Look over the information on the right, and the lender’s website to find the most up-to-date information.
At a glance 3.6 rating: 3.6 stars out of 5
Score of the Bankrate
Availability Rating 4 stars out five
Affordability Rating: 4 stars out of 5
The Customer Service Rating is 4.4 five stars of five
Transparency Rating: 2.5 stars out of 5
Find out about auto loan rates
About Fifth Third Bank Loan amount $2,000-$80,000
Min. credit score 660
APR ranges from 6.41%-10.05 percent
Available funds on the same day, as close
Fifth Third Bank pros and cons Before submitting a Fifth Third Bank auto loan application, think about whether the convenience of an in-person experience overpowers the disadvantages.
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 bank that is headquartered in Cincinnati offers new and pre-owned vehicles as well as car refinance loans to its customers who have checking or savings accounts. This, together with its partnerships with dealers make it a great option for motorists who like having the comfort of face-to-face communication. The financing is only available in the states Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect credit, on the other side, is offered across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? The financing is only available to the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect loans, on the contrary, is available in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not outline specific requirements outside of having a residence in one of the states that are served and having a valid credit card for direct financing. The things we love and what we do not like Fifth Third Bank offers the convenience of support in person, but is only available to drivers from certain states.
We like the Autopay discount. Borrowers can benefit from an 0.25 percent discount when they are linked to a fifth Third checking account. Range of options for repayment. Loans can be financed for between 12 and 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’s impossible to determine the rate you’ll be charged until you submit a full application. How to contact Fifth Third Bank Customer support is open Monday through Friday, from 8 a.m. until 6 p.m. ET and Saturday from 10 a.m. to 4 p.m. ET. In-person assistance at bank branches can assist you in the process of applying. You can also reach customer service 24/7 via online chat once you become an active member.
Auto loan types available Fifth Third Bank offers new and pre-owned auto loans either directly or through dealerships, in addition to 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 about the new and used auto loans the information obtained from an agent from the bank outlines details. Loans can be financed for up to $80,000, and you can select 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 excellent option to reduce your monthly payment and adjust your rate. The minimum APR for a loan is 6.41 percent. Receive a .25 percent discount when refinancing an unrelated Fifth Third auto loan or making a commitment to have the payments automatically taken from the Fifth Third check account. Indirect financing
Quick facts about loans: $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 new vehicle franchise dealers. These are available in 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 of the bank in your area or call 866-671-553. Unfortunately, you cannot apply online. But you can manage your loan through your account online following approval. Before visiting a bank office, take advantage of an to understand the amount you can manage. Although there isn’t an cost for applying, be prepared to pay an origination cost of $165, if you are willing to accept the loan conditions. Once you have been approved, take advantage of the option to pay by automatic to make sure that you never miss a payment, as there are late fees as well.
The required information for applicants Valid form of identification varies based on the results of the underwriter’s review process
Fifth Third Bank FAQs
What interest rate should you expect with the auto loan from Fifth Third Bank? Fifth Third Bank does not reveal auto loan rates on the internet or over the phone. You must apply for a loan in writing to receive a loan estimate that includes the cost of borrowing.
Do you require a good credit score to be able to get the automobile loan at Fifth Third Bank? You could be eligible even if you don’t have perfect credit, because Fifth Third Bank requires a minimum credit score of 660. Remember that the go to highly qualified borrowers, which is why it is beneficial to have a better credit score.
Are you able to get preapproved via the web to get an auto loan with Fifth Third Bank? Unfortunately, no. You must schedule an appointment to speak 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
Accessibility
4.0
Limited state availability is offset by a variety of loan terms , as well as generous minimal and maximal loan amounts.
Affordability
3.4
The high APR and undisclosed includes leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment as well as online access to customer support six days seven days a week.
Transparency
2.5
Fifth Third does not allow for loan prequalification. Rates and fees are not disclosed online.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into 4 categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all play a role in this section. Affordability: This section houses APR ranges and acceptance criteria, along with fees and discounts. Customer experience: How long you’re required to spend shopping, customer service availability, and whether there’s autopay or an app available are accounted for in this section. Transparency: This category accounts for the accessibility of rates and fees and 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 acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is correct as of the date that the review was written. Check the data in the upper right hand corner of the page, and 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 has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase the car they want.
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 passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-structured information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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