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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 in navigating the ways and pitfalls of taking out loans to buy a car.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-researched and accurate information that breaks down otherwise 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 better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be accessible to you.




Reviewer's disclosures The reviews are written by staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed or approved by any advertising company. The information, including rates and fees provided in the review are accurate at the time when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website for the most up-to-date information.








A look 3.6 rating: 3.6 stars out of 5
Bankrate Score

Availability Rating 4 stars out 5
Affordability Rating: 4 stars out of 5
The Customer Service Rating is 4.4 five stars of 5
Transparency Rating: 2.5 stars out of 5


Check rates for auto loan rates


About Fifth Third Bank Loan amount $2,000-$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 cons Before submitting a Fifth Third Bank auto loan application, think about whether the ease of a personal 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 financial institution headquartered in Cincinnati, offers for new and pre-owned vehicles as well as automobile refinancing loans to members who have savings and checking accounts. This, in conjunction with its partnerships with dealers make it a great option for drivers who prefer an in-person communication. 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 side, is offered in all states except 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 loans, on the other hand, is available in all states except Alaska, Hawaii, Louisiana and Wyoming. Fifth Third Bank does not specify specific requirements, other than having a residence in at least one state that are served and having a license for direct financing. The things we love and what do not like Fifth Third Bank offers the convenience of support in person, but is only available for drivers from certain states.
We like the Autopay discount. Customers who borrow can enjoy a 0.25 per cent discount when linked to an account with a Fifth Third checking account. There are a variety of options for repayment. 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. We don't like the limited availability by state. Drivers in only 10 of the 50 states can apply for an Fifth Third auto loan. Minimum APR of 6.41. The minimum rate of 6.41 percent for dealer purchases and refinancing externally is greater than other lenders. No prequalification. It's impossible to determine how much you'll pay until you submit a full application. How to contact Fifth Third Bank Customer support is open Monday through Friday, from 8 a.m. until 6 p.m. ET and on Saturday from 10 a.m. until 4 p.m. ET. Assistance in person at branches of banks can assist you in the application process. Customers can also contact customer service 24 hours a day via live chat once you become an active member.
Auto loan types available Fifth Third Bank offers new and pre-owned auto loans both directly and through dealerships, as well as 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 divulge much on its website about the new and used auto loans, information gathered from an agent from the bank outlines specifics. The loans can be financed up to $80,000 and you can select a 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 your current loan with Fifth Third Bank can be an ideal option to lower your monthly payment and adjust your rate. The APR for the minimum of 6.41 percent. Receive an .25 percent discount for refinancing an unrelated Fifth Third auto loan or enrolling to have your the payments automatically taken from the 5th Third check account. Indirect financing
Loan quick facts Amounts: $5,000-$100,000 Terms: Varies by dealer APR: 48-84 month.


Fifth Third Bank also offers through its network of brand new vehicle franchise dealers. They are available in every state, with the exception of 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 visit a banking branch in your area or contact 866-671-5353. Unfortunately, you cannot apply online. But , you are able to manage your loan by using your online account once you have been approved. Before you visit a bank office, make use of an to understand how much you are able to afford. Although there isn't an charge for application, you will need to pay an origination fee of $165 if you accept the loan conditions. After approval, make use of the option to pay by automatic to make sure that you never make a late payment, since there are additional 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 expect with the auto loan from Fifth Third Bank? Fifth Third Bank does not provide auto loan rates online or via phone. You must formally apply for a loan quote , which includes borrowing costs.



Do you require a good credit score to be eligible for an auto loan at Fifth Third Bank? You could be eligible even if you don't have perfect credit score, since Fifth Third Bank requires a minimum credit score of 660. Be aware that they only accept highly qualified borrowers, which is why it's helpful to have a better credit score.



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



Which Bankrate rates Fifth Third Bank
Overall score
3.6
The availability
4.0
Limited state availability is offset by multiple loan terms and ample minimal and maximal loan amounts.
Affordability
3.4
An APR that is high as well as unknown features leaves 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 every day of the week.
Transparency
2.5
Fifth Third does not allow for loan prequalification and rates and fees are not disclosed on the internet.


Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether rates and fees are available and the APR range are all factors that affect lender scores. These scores are split into four categories. Availability: Loan amounts as well as repayment options, dealer requirements, and availability in the state all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, along with fees and discounts. Customer experience: The length of time you have to spend shopping, customer service accessibility, whether you have autopay or an app available are accounted for by this segment. Transparency: This category accounts for the accessibility of rates and fees as well as whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is correct up to the date of the review. Look over the information in the upper right hand corner of the page, and the lender's website for the most up-to-date details.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details 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 since late 2021. They are committed to helping readers gain the confidence to take control of 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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