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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 is a specialist in helping readers with the ways and pitfalls of taking out loans to buy an automobile.
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 gain confidence to take control of their finances through providing concise, well-studied facts that break down otherwise 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 offering interactive financial calculators and tools as well as publishing objective and original content. This allows users to conduct research and compare data for free to help you 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 Make Money The offers that appear on this site come from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial deals that may be open to you.
About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertising company. The information such as rates and charges that are included in the review is correct up to the date when the review first appeared. Review the data at the top of this page as well as the lender’s website for the most current details.
A glance 3.6 rating: 3.6 stars out of 5
Bankrate Score
Availability Rating: 4 stars out five
Affordability Rating: 4 .
Customer Experience Rating: 4.4 stars out of 5
A rating of Transparency: 2.5 stars out of 5
Compare auto loan rates
About Fifth Third Bank Loan amount between $2,000 and $80,000
Min. credit score 660
APR from 6.41%-10.05 percent
The funds are available on the same day, as close
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 outweighs its drawbacks.
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 used cars as well as car refinance loans to its members that have checking or savings accounts. This, along with its partnered dealers, makes it an excellent option for motorists who like an in-person communications. Financing is only available in the states Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina and Tennessee. Indirect lending, on the other side, is offered across all states, with the exception of 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 available in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than having a residence in any of the states served and holding a directly-financed loan. We like it and what do not like Fifth Third Bank offers the convenience of support in person, but is only available to drivers from certain states.
What we like Autopay discount. Customers who borrow can enjoy an 0.25 per cent discount when linked to an account with a Fifth Third checking account. Range of options for repayment. The loan can be financed anything from 12 to 75 months. In-person convenience. Fifth Third Bank operates at more than 1,100 branch locations across 10 states. What we don’t like Limited availability in states. Drivers from only 10 of the 50 states can apply for a Fifth Third auto loan. Minimum APR of 6.41. The minimum rate of 6.41% percent for purchase by dealers and refinance to the external is more than the competition. There is no prequalification. It’s impossible to know what your rate is before you fill out a complete application. How to contact Fifth Third Bank Customer support is available Monday to Friday between 8 a.m. until 6 p.m. ET and on Saturdays from 10 a.m. until 4 p.m. ET. Assistance in person at branches of banks can help you through the application process. You can also contact customer service 24 hours a day via live chat once you are an account holder.
Auto loan kinds offered Fifth Third Bank offers new and pre-owned auto loans both directly and through dealerships, along with loan refinancing.
New and used 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 disclose much on its website about the new and used auto loans information, the information provided by an agent from the bank outlines particulars. Loans are able to be financed up to $80,000 and you can choose the 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 existing loan with Fifth Third Bank can be an excellent option to reduce your monthly payment and adjust the rate. The minimum APR is 6.41 percent. Get an .25 percent discount for refinancing a non-Fifth Third auto loan or signing up to have automatic deductions from an account with a Fifth Third bank account. Indirect financing
Loan quick facts Amounts: $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 apply for a loan with 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 866-671-5353. Unfortunately, you can’t apply online. But , you are able to manage your loan through your account online after approval. Before heading to a banking office, take advantage of an to understand the amount you are able to afford. While there is no application fee, prepare to pay an origination cost of $165 if you agree to the loan terms. After approval, make use of the automated payment option to ensure you never make a late payment, since there are late fees as well.
Form of identification required of identification Varies by the results of the underwriter’s review process
Fifth Third Bank FAQs
What rate of interest should you anticipate when you take out an auto loan from Fifth Third Bank? Fifth Third Bank does not reveal auto loan rates on the internet or over the phone. You must formally apply to receive an auto loan estimate that includes the cost of borrowing.
Do you need good credit to be eligible for an automobile loan at Fifth Third Bank? You could be eligible even when you don’t have the best credit, as Fifth Third Bank requires a minimum credit score of 666. Keep in mind that the bank will only consider highly qualified borrowers, which is why it is beneficial to have a higher credit score.
Can you get preapproved online for an auto loan through 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 the loan.
What is the best way to Bankrate rates Fifth Third Bank
Overall score
3.6
The availability
4.0
The limited state availability is offset by numerous loan terms , as well as generous minimum and maximum loan amounts.
Affordability
3.4
An APR that is high and unknown features leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third allows for automatic payments with online access, as well as customer service 24 hours a week.
Transparency
2.5
Fifth Third does not allow for loan prequalification, and rates and fees are not available online.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. The scores are divided into four categories. Availability: Loan amounts as well as repayment options, dealer requirements, and availability in the state all contribute to this category. Affordability: This section contains APR ranges and acceptance criteria, along with discounts and fees. Customer experience: How long you have to spend shopping, customer service availability, and whether there’s an app and autopay availability are covered by this segment. Transparency: This category is responsible for the availability of fees and rates along with the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges, presented in the review is correct at the time that the review was written. Review the information in the upper right hand corner of the page as well as the lender’s website for the most up-to-date information.
Written by
Rebecca Betterton
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 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 from late 2021. They are passionate about helping readers to control their finances with concise, well-researched and well-structured information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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