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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 is a specialist in helping readers in navigating the ways and pitfalls of 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 from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-researched and accurate data that breaks otherwise complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing objective and original content. This allows you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site come from companies that compensate us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial deals that may be accessible to you.




About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information such as rates and charges provided in the review is correct as of the date that the review was written. Look over the information at the top of this page, and the lender's website to find the most up-to-date information.








At a glance 3.6 rating: 3.6 stars out of 5
Bankrate Score

Available Rating 4 stars out five
Affordability Rating 4 .
Customers Experience Score: 4.4 five stars of 5
A rating of Transparency: 2.5 stars out of 5


Find out about auto loan rates


About Fifth Third Bank Loan amount between $2,000 and $80,000
Min. credit score 660
APR ranging from 6.41%-10.05 10.0
Available funds on the same day as closing



Fifth Third Bank pros and pros and Fifth Third Bank auto loan application, think about whether the convenience of an in-person experience overpowers the drawbacks.
PROS Autopay discount
A 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 offers new and used cars as well as automobile refinancing loans to its customers who have checking or savings accounts. This, along with its through partnered dealers, makes it an excellent option for motorists who like having the comfort of face-to-face communication. 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 credit, on the contrary hand, is accessible across all states, with the exception of Alaska, Hawaii, Louisiana and Wyoming.
Do you qualify? Finance is available only in the states where 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 except Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not outline specific requirements outside of having a residence in at least one state served and holding a directly-financed loan. What we like and do not like Fifth Third Bank offers the accessibility of personal support, however it is only available for drivers from certain states.
We like the Autopay discount. Customers who borrow can enjoy the benefit of a 0.25 percentage discount when linked to a 5th Third Checking account. Range of options for repayment. Loans can be financed for anything 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 availability in states. Drivers only in 10 of the 50 states may apply for a Fifth Third auto loan. The minimum APR is high. A minimum APR of 6.41% percent for purchase by dealers and external refinance is higher than other lenders. There is no prequalification. You won't be able to determine how much you'll pay until you fill out a complete application. How to contact Fifth Third Bank Customer support is available Monday to Friday between 8 a.m. to 6 p.m. ET and on Saturday between 10 a.m. to 4 p.m. ET. In-person assistance at bank branches can help you through the application process. You can also reach customer service at any time via the internet chat after you have become a member.
Auto loan types available 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%


While Fifth Third Bank does not provide much information on its website about its used and new auto loans, information gathered from an agent from the bank outlines specifics. Loans are able to be financed up to $80,000 and you can choose the term 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 current loan through Fifth Third Bank can be a great option to lower your monthly payment and adjust the rate. The APR for the minimum for a loan is 6.41 percent. Get a .25 percent discount when refinancing a non-Fifth Third auto loan or enrolling to have your the payments automatically taken from a 5th Third checking account. Indirect financing
The loan amount is $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 vehicle franchise dealers. The franchises are available across all states , except Alaska, Hawaii, Louisiana and Wyoming. How do you make an application for a loan with Fifth Third Bank To apply for a Fifth Third Bank auto loan it is possible to go to a branch of the bank in your local area or contact 866-671-5353. Unfortunately, you are not able to apply online. However, you can manage your loan by using your online account once you have been approved. Before you visit a bank office, make use of the opportunity to determine the amount you can afford. While there is no charge for application, you will need to pay an origination fee of $165 if you accept the loan conditions. Once you have been approved, take advantage of the option to pay by automatic to make sure that you never miss a payment, as there are also late fees.
Form of identification required of identification Varies by the findings of the underwriter during the review process


Third Third Bank FAQs
What interest rate should you be expecting from your auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or by telephone. You must formally apply for a loan quote , which includes borrowing costs.



Do you require good credit to be eligible for the auto loan from Fifth Third Bank? You could be eligible even in the absence of perfect credit, because Fifth Third Bank requires a minimum credit score of 660. Keep in mind that the bank will only consider qualified borrowers, therefore it's helpful to have a higher credit score.



Can you get preapproved via the web to get an auto loan with Fifth Third Bank? Unfortunately, no. You'll need to schedule an appointment to speak with a banker , or call 1-866-671-5353 to formally apply for a loan.



Which Bankrate rate Fifth Third Bank
Overall score
3.6
The availability
4.0
State availability is limited, but it is compensated by numerous loan terms , as well as large minimum and maximum 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 with online access, as well as customer support six days every day of the week.
Transparency
2.5
Fifth Third does not allow the loan prequalification. Rates and fees aren't disclosed online.


Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are available and APR range all influence lender scores. These scores are split in four different categories. Accessibility: Loan amounts as well as repayment options, dealer requirements, and availability in the state all contribute to this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you'll need to shop, the customer service accessibility, whether you have an app and autopay availability are accounted for by this segment. Transparency: This category accounts for the accessibility of rates and fees and whether prequalification is available.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information, including rates and fees, presented in the review is accurate at the time that the review was written. Look over the information on the right as well as the lender's site for 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 using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers feel confident to take control of their finances through providing concise, well-researched and well-structured information that breaks down complex topics into manageable bites.






Auto loans editor










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