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Fifth Third Bank

Fifth Third Bank: 2023 Auto Loan Review Published 2023-01-01 00:00:00

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely using loans to buy a car.

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

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and accurate facts that break down complicated subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow 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 limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example 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 home lending products. However, this compensation will have no impact on the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that could be available to you.

Reviewer’s disclosures Reviewers are supervised by our staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is accurate at the time that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website for the most recent details.

A look 3.6 rating: 3.6 stars out of five

Bankrate Score

Available Rating 4 stars out five

Affordability Rating 4 stars out of 5

The Customer Service Rating is 4.4 stars out of 5

Transparency Rating: 2.5 stars out of 5

Compare rates for auto loan rates

The approximate Fifth Third Bank Loan amount between $2,000 and $80,000

Min. credit score 660

APR ranges from 6.41%-10.05 10.0

The funds are available on the same day, as close

Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, you should consider whether the advantages of an in-person transaction outweighs its disadvantages.

PROS Autopay discount

A variety of repayment options

In-person convenience

CONS Limited state availability

APR with a high minimum

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 auto refinance loans to members who hold checking and savings accounts. This, in conjunction with its partnered dealers make it a great alternative for those who want having the comfort of face-to-face communications. 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 hand, is available 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 lending, on the other hand, is available in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not outline specific requirements outside of being a resident of at least one state that are served and holding a if you’re seeking direct financing. What we like and do not like is that Fifth Third Bank offers the convenience of support in person, but is only available for drivers from certain states.

What we love about the Autopay discount. Customers who borrow can enjoy an 0.25 percent discount when they are linked to the fifth Third Checking account. Range 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 branch locations across 10 states. We don’t like the limited state availability. Drivers in only 10 of 50 states are able to apply for a Fifth Third auto loan. The minimum APR is high. A minimum APR of 6.41% percent for purchase by dealers and refinancing externally is greater than the competition. No prequalification. It is impossible to get an idea of what your rate is before you fill out a complete application. How to contact Fifth Third Bank Customer support is available Monday to Friday, from 8 a.m. to 6 p.m. ET and on Saturdays from 10 a.m. until 4 p.m. ET. Assistance in person at branches of banks will assist you with the process of applying. Customers can also contact customer service 24/7 via online chat once you become an active member.

Auto loan kinds offered Fifth Third Bank offers new and used automobile loans through direct and dealerships, as well as loan refinancing.

Used and new auto loans

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

Although Fifth Third Bank does not provide much information on its website concerning its new and used auto loans, information gathered from an agent from the bank outlines particulars. Loans are able to be financed up to $80,000 and you can select the term between 12 and 75 months. Refinance

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

Refinancing the current loan with Fifth Third Bank can be a great option to lower your monthly payment and adjust your rate. The APR for the minimum for a loan is 6.41 percent. Receive a .25 percent discount for refinancing an unrelated Fifth Third auto loan or signing up to have the payments automatically taken from the Fifth Third checking account. Indirect financing

Loan quick facts Amounts: $5,000-$100,000. Terms: Vary based on the dealership’s APR, which ranges from 48 to 84 months.

Fifth Third Bank also offers through its network of brand new franchise dealerships for vehicles. They are available in every state, with the exception of Alaska, Hawaii, Louisiana and Wyoming. How do you get a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan You can go to a branch in your area or call 866-671-553. Unfortunately, you can’t apply online. However, you can manage your loan through your account online after approval. Before you visit a bank office, make use of an to understand how much you can manage. Although there isn’t an cost for applying, be prepared the payment of an origination charge of $165 if you agree to the loan terms. Once you have been approved, take advantage of the automatic payment option to make sure you don’t fail to make a payment as there are late fees as well.

Form of identification required of identification varies based on the findings of the underwriter during the review process

Fifth Third Bank FAQs

What interest rate should you anticipate when you take out the auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates on the internet or over the phone. You must apply for a loan in writing to receive an loan quote that includes the cost of borrowing.

Do you require a good credit score to be eligible for the auto loan through Fifth Third Bank? It is possible to qualify even when you don’t have the best credit, as Fifth Third Bank requires a minimum credit score of at least 660. Keep in mind that the bank will only consider well-qualified borrowers, so it’s helpful to have a higher credit score.

Can you get preapproved on the internet in order to apply for an auto loan with Fifth Third Bank? Unfortunately, no. You must schedule an appointment to speak to a banker or dial 1-866-671-553 to make an application for an loan.

What is the best way to Bankrate rates Fifth Third Bank

Overall score

3.6

Accessibility

4.0

State availability is limited, but it is compensated by multiple loan terms , as well as generous limits on loan amounts.

Affordability

3.4

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

Customer experience

4.4

Fifth Third allows automatic payments with online access, as well as support for customers seven days a week.

Transparency

2.5

Fifth Third does not allow for loan prequalification. Rates and fees are not available online.

Methodology Bankrate considers 18 data points when selecting top auto loans. Criteria for acceptance, whether rates and fees are available and APR range all influence lender scores. The scores are divided in four different categories. Accessibility: Loan amounts as well as repayment options, dealer requirements, and state availability all play a role in this section. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’re required to shop, customer service availability, whether there’s autopay or an app available are all covered by this segment. Transparency: This category accounts for the availability of rates and fees and whether or not prequalification is offered.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review are accurate as of the date of the review. Look over the information at the top of this page as well as the lender’s site for the most recent details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces.

Auto loans editor

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