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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 is a specialist in helping readers to navigate the details of taking out loans to buy a car.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct research and compare data for free — so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site are from companies that pay us. This compensation could affect how and where products are displayed on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not contain the vast array of companies or financial offers that may be open to you.

About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only those of the reviewer and have not been reviewed nor accepted by any advertising company. The information such as rates and charges provided in the review are accurate up to the date of the review. Look over the information in the upper right hand corner of the page as well as the lender’s website for the most recent details.

At a glance 3.6 rating: 3.6 stars out of five

Bankrate Score

Rating of Availability 4 stars out five

Affordability Rating 4 stars out of 5

The Customer Service Rating is 4.4 stars out of five

A rating of Transparency: 2.5 stars out of 5

Check rates for auto loan rates

About Fifth Third Bank Loan amount $2,000 to $80,000

Min. credit score of 660

APR ranging from 6.41%-10.05 10.0

Funds available in Same day as closing

Fifth Third Bank pros and cons Before submitting a Fifth Third Bank auto loan application, you should consider whether the convenience of an in-person experience overpowers the negatives.

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 with its headquarters 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, along with its through partnered dealers, makes it an excellent alternative for those who want the convenience of in-person contact. 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 hand, is accessible in all states except Alaska, Hawaii, Louisiana and Wyoming.

Do you qualify? 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 hand, is accessible in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not define specific requirements other than being a resident of at least one state that are served and holding a for direct financing. What we like and do not like is that Fifth Third Bank offers the ease of in-person support but is only available for drivers in some states.

What we love about the Autopay discount. Borrowers can benefit from an 0.25 percentage discount when linked to a Fifth Third checking account. Range of repayment options. You can finance loans for 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 by state. Drivers only in 10 of the 50 states may apply for an Fifth Third auto loan. Minimum APR of 6.41. Minimum APR 6.41% percent for dealer purchases and refinancing externally is greater than other lenders. There is no prequalification. You won’t be able to know the rate you’ll be charged until you submit a full application. Contact details Fifth Third Bank Customer support is available Monday to Friday, from 8 a.m. until 6 p.m. ET and Saturday from 10 a.m. to 4 p.m. ET. Help in person at branch locations will assist you with the process of applying. You can also reach customer service 24 hours a day via live chat once you are an active member.

Auto loan types offered Fifth Third Bank offers new and used auto loans both directly and through dealerships, along with loan refinancing.

Used and new auto loans

Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%

While Fifth Third Bank does not disclose much on its website about the new and used auto loans the information obtained from bank representatives outlines the particulars. Loans are able to be financed up to $80,000, and you can choose an interest rate of between 12 to 75 years. Refinance

Loan quick facts Amounts: $2,000-$80,000 Terms: 12-75 months APR: 6.41%-10.05%

Refinancing your existing loan through Fifth Third Bank can be an ideal option to lower the monthly cost of your loan and also to adjust the rate. The minimum APR is 6.41 percent. Receive an .25 percent discount when refinancing a non-Fifth Third auto loan or signing up to have the payments automatically taken from a fifth Third check account. Indirect financing

Quick facts about loans: $5,000-$100,000 Terms: Varies by dealership APR: 48-84 months.

Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. These are available in every state, with the exception of Alaska, Hawaii, Louisiana and Wyoming. How to make an application for a loan through Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to go to a branch in your area or call 866-671-5353. Unfortunately, you are not able to apply online. But , you are able to manage your loan through your account online once you have been approved. Before visiting a bank branch, use an to understand what you can afford. Although there isn’t an charge for application, you will need the payment of an origination fee of $165, if you are willing to accept the loan conditions. Following approval, take advantage of the automated payment option to ensure you never miss a payment, as there are also late fees.

Form of identification required of identification is determined 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 online or by telephone. You must apply for a loan in writing to receive an auto loan quote , which includes the cost of borrowing.

Do you need good credit to qualify for an automobile loan from Fifth Third Bank? You may qualify even when you don’t have the best credit score, since Fifth Third Bank requires a minimum credit score of at least 660. Be aware that they only accept qualified borrowers, therefore it helps to have a higher credit score.

Can you apply on the internet for an auto loan through Fifth Third Bank? Unfortunately, no. You must schedule an appointment to speak with a banker , or call 1-866-671-5353 in order to apply for a loan.

How Bankrate rate Fifth Third Bank

Overall score

3.6

Availability

4.0

Limited state availability is offset by multiple loan terms , as well as generous minimal and maximal loan amounts.

Affordability

3.4

A high minimum APR as well as unidentified includes leave Fifth Third with a middling score.

Customer experience

4.4

Fifth Third allows automatic payments as well as online access to 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 are not disclosed online.

Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, rates and fees are readily available and the APR range are all factors that affect lender scores. These scores are split in four different categories. Accessibility: 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, acceptance criteria, discounts and fees. Customer experience: The length of time you have to shop, the customer service availability, whether there’s an app and autopay availability are covered in this section. Transparency: This section accounts for the availability of fees and rates as well as whether or not prequalification is offered.

Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor accepted by any advertising company. The information that is included, including rates and fees, presented in the review is accurate at the time that the review was written. Look over the information in the upper right hand corner of the page and 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 has a specialization in helping readers to navigate the ins and outs of securely borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied information that breaks down complicated topics into bite-sized pieces.

Auto loans editor

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