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Fifth Third Bank
Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy the car they want.
Edited 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 confidence to control their finances with concise, well-studied facts that break down otherwise complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on the site, such as the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be available to you.
Reviewer’s disclosures: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is accurate as of the date when the review first appeared. Review the data in the upper right hand corner of the page and the lender’s website to find the most recent details.
A look 3.6 Rating: 3.6 stars out of five
Bankrate Score
Rating of Availability: 4 stars out 5
Affordability Rating: Four stars from five
Customer Experience Rating: 4.4 5 stars from 5
The Transparency Score: 2.5 stars out of 5
Compare rates for auto loan rates
Around Fifth Third Bank Loan amount between $2,000 and $80,000
Min. credit score 660
APR ranging from 6.41%-10.05 percent
Available funds on the same day as closing
Fifth Third Bank pros and cons before submitting a Fifth Third Bank auto loan application, think about whether the ease of a personal experience outweighs its disadvantages.
PROS Autopay discount
A variety of repayment options
In-person convenience
CONS Limited state availability
High minimum APR
No prequalification
Fifth Third Bank, a regional financial institution headquartered in Cincinnati it offers financing for new and pre-owned vehicles as well as car refinance loans to members who have checking or savings accounts. This, together with its partnerships with dealers, makes it an excellent option for drivers who prefer an in-person contact. 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 in all states except Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Finance is available only in the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect lending, on other hand, is available in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than residing in at least one state that are served and having a valid credit card for direct financing. What we like and what don’t like Fifth Third Bank offers the accessibility of personal support, however it is only available to drivers in some states.
We like the Autopay discount. Customers who borrow can enjoy the benefit of a 0.25 percent discount when linked to the fifth Third Checking account. A variety of options for repayment. The loan can be financed anywhere from 12 to 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branches in 10 states. What we don’t like Limited availability in states. Drivers in only 10 of 50 states are able to apply for a Fifth Third auto loan. Minimum APR of 6.41. Minimum APR 6.41% percent for dealer purchase and refinance to the external is more than competitors. There is no prequalification. It is impossible to determine how much you’ll pay until you complete your application. Contact details Fifth Third Bank Customer support is available Monday to Friday, from 8 a.m. to 6 p.m. ET and on Saturdays between 10 a.m. to 4 p.m. ET. Help in person at branch locations will assist you with the application process. You can also reach customer service 24 hours a day via live chat once you are a member.
Auto loan kinds offered Fifth Third Bank offers new and used automobile loans either directly or through dealerships, as well as loan refinancing.
Used and new automobile 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 concerning the new and used auto loans information, the information provided by bank representatives outlines the specifics. The loans can be financed up to $80,000, and you can select a 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 current loan with Fifth Third Bank can be an ideal option to lower the monthly cost of your loan and also to adjust your rate. The minimum APR for a loan is 6.41 percent. Get an .25 percent discount when refinancing a non-Fifth Third auto loan or enrolling to have your automatic deductions from a 5th Third checking account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000. Terms: Vary based on dealer APR: 48-84 month.
Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. The franchises are available across all states , except Alaska, Hawaii, Louisiana and Wyoming. How to apply for a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to visit a banking branch in your local area or call 866-671-553. Unfortunately, you cannot apply online. However, you can manage your loan by using your online account once you have been approved. Before visiting a bank office, make use of an to understand what you are able to afford. While there is no application fee, prepare the payment of an origination fee of $165 if you agree to the loan conditions. Following approval, take advantage of the automated payment option to ensure you never miss a payment, as there are late fees as well.
The required information for applicants Valid form of identification is determined by the findings of the underwriter during the review process
Third Third Bank FAQs
What rate of interest should you be expecting from an auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates online or via telephone. You must formally apply to receive a loan quote , which includes borrowing costs.
Do you need good credit to be able to get the automobile loan through Fifth Third Bank? You may qualify even in the absence of perfect credit score, since Fifth Third Bank requires a minimum credit score of at least 660. Be aware that they only accept well-qualified borrowers, so it’s helpful 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 to a banker or dial 1-866-671-5353 in order to apply for an loan.
How Bankrate rates Fifth Third Bank
Overall score
3.6
The availability
4.0
The limited state availability is offset by a variety of loan conditions and large minimum and maximum loan amounts.
Affordability
3.4
A high minimum APR and undisclosed features leaves Fifth Third with a middling score.
Customer experience
4.4
Fifth Third offers automatic payment as well as online access to support for customers seven days seven days a week.
Transparency
2.5
Fifth Third does not allow the loan prequalification and rates and fees are not disclosed on the internet.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, fees and rates are offered and the range of APR all affect lender scores. The scores are divided into four categories. Accessibility: Loan amounts and repayment options, dealership requirements, and state availability all play a role in this section. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’re required to spend shopping, customer service accessibility, whether you have autopay and an app are all covered in this section. Transparency: This category accounts for the accessibility of rates and fees and whether prequalification is available.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is accurate as of the date when the review first appeared. Check the data at the top of this page as well as the lender’s website to find the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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