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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 details of taking out loans to buy an automobile.







Edited by Rhys Subitch Edited by Auto loans editor

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









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. 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 site are from companies that compensate us. This compensation can affect the way and where products appear on this site, including the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be accessible to you.




Reviewer's disclosures: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review are accurate at the time that the review was written. Check the data at the top of this page as well as the lender's site for the most recent details.








A glance 3.6 Rating: 3.6 stars out of five
Score of the Bankrate

Available Rating 4 stars out 5
Affordability Rating: 4 .
Customers Experience Score: 4.4 five stars of 5
Transparency Rating: 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 of 660
APR ranging from 6.41%-10.05 percent
The funds are available on the same day as closing



Fifth Third Bank pros and cons Before submitting a Fifth Third Bank auto loan application, you should consider whether the ease of a personal experience is greater than the drawbacks.
PROS Autopay discount
Variety of repayment options
In-person convenience

CONS Limited state availability
APR with a high minimum
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 members that have savings and checking accounts. This, in conjunction with its partnerships with dealers make it a great option for drivers who prefer the convenience of 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 credit, on the contrary hand, is accessible 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 accessible in all states , excluding Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not define specific requirements other than residing in at least one state served and having a valid credit card for direct financing. What we like and what we do not like is that Fifth Third Bank offers the ease of in-person support but is only available for drivers from certain states.
What we like Autopay discount. Customers who borrow can enjoy a 0.25 per cent discount when they are linked to a 5th Third checking account. A variety 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 in only 10 of the 50 states can apply for an Fifth Third auto loan. The minimum APR is high. The minimum rate of 6.41 percent for dealer purchase and refinance to the external is more than the competition. No prequalification. It's impossible to know what your rate is before you submit a full application. How to contact Fifth Third Bank Customer support is available Monday to Friday, from 8 a.m. until 6 p.m. ET and on Saturday between 10 a.m. until 4 p.m. ET. Help in person at branch locations can help you through the process of applying. You can also contact customer service 24/7 via online 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, in addition to 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 divulge much on its website concerning its new and used auto loans the information obtained from an agent from the bank outlines details. The loans can be financed up to $80,000, and you can choose 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 the current loan through Fifth Third Bank can be a great option to lower your monthly payments and to alter the rate. The APR for the minimum of 6.41 percent. Receive an .25 percent discount for refinancing an unrelated Fifth Third auto loan or signing up to have payments automatically deducted from an account with a 5th Third check account. Indirect financing
Quick facts about loans: $5,000-$100,000. Terms: Vary based on dealer APR: 48-84 month.


Fifth Third Bank also offers through its network of 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 through Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to visit a banking branch in your area or call 866-671-5353. Unfortunately, you can't apply online. However, you can manage your loan via your online account after approval. Before visiting a bank office, make use of an to understand how much you can afford. Although there isn't an application fee, prepare for an initial charge of $165 if you agree to the loan conditions. Once you have been approved, take advantage of the option to pay by automatic to make sure you don't fail to make a payment as there are also late fees.
Required application information Valid form of identification Varies by the underwriter's findings during the review process


Third Third Bank FAQs
What is the interest rate you should anticipate when you take out your auto loan from Fifth Third Bank? Fifth Third Bank does not disclose auto loan rates online or by telephone. It is necessary to apply in writing to receive a loan quote that includes borrowing costs.



Do you require good credit to be able to get the auto loan from 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 666. Remember that the go to well-qualified borrowers, so it's helpful to have a higher credit score.



Can you apply via the web in order to apply for an auto loan through Fifth Third Bank? Unfortunately, no. It is necessary to make an appointment to a banker or dial 1-866-671-5353 in order to apply for the loan.



What is the best way to Bankrate rate Fifth Third Bank
Overall score
3.6
Accessibility
4.0
Limited state availability is offset by numerous loan conditions and generous minimum and maximum loan amounts.
Affordability
3.4
The high APR and undisclosed features leave Fifth Third with a middling score.
Customer experience
4.4
Fifth Third allows for automatic payments as well as online access to customer support six 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 choosing the best auto loans. Acceptance criteria, rates and fees are available and the range of APR all affect lender scores. These scores are broken up in four different categories. The availability of loans, repayment options, dealership requirements, and state availability all play a role in this section. Accessibility: This section includes 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 an app and autopay availability are all covered in this section. Transparency: This category is responsible for the availability of rates and fees as well as the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct at the time that the review was written. Look over the information at the top of this page, and the lender's site for the most recent information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase an automobile.
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 the confidence to control their finances by providing concise, well-researched and well-structured information that break down complex topics into manageable bites.






Auto loans editor










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