Fifth Third Bank Auto Loan Review
Transparency is important when you’re choosing a lender. Unfortunately, transparency is not what you’ll get when you’re looking for a Fifth Third Bank auto loan.
Unlike many other lenders, Fifth Third doesn’t offer prequalification for auto loans. Very little information is available up front when it comes to rates, loan amounts or even how to apply. If you want the 4-1-1 on these loans, you’ll have to call and speak to an agent or make a visit to a Fifth Third Bank branch.
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Fifth Third Bank loans at a glance
If you’re looking for information on Fifth Third’s auto loans, you won’t find much info online. Your best bet is to talk to a bank representative about what’s currently available. A bank representative advised us that you can generally expect the following:
| Loan Type | APR | Terms | Amount | Min. Credit Score |
|---|---|---|---|---|
| New | 4.58% and up | Up to 75 months | Up to $80,000 | Good credit |
| Used (dealers) | 4.58% and up | Up to 75 months | Up to $80,000 | Good credit |
| Refinance | 4.58% and up | Up to 75 months | Up to $80,000 | Good credit |
Fifth Third auto loans pros and cons
Fifth Third Bank auto loans aren’t for everyone. The loans are only available in a limited region of the U.S., and you’ll have to call the bank or visit in person to learn about what the bank offers.
| Pros | Cons |
|---|---|
Rate discounts are available Co-applicants are allowed | Little info is disclosed up-front Only available in 11 states Preapproval is not available No online applications $165 origination fee |
A closer look at Fifth Third auto loans
Fifth Third Bank offers loans for new and used cars and motorcycles when you buy through a dealership. Refinancing is also available if you have a loan from another lender.
Beyond that, the bank isn’t very transparent. There’s no public information available about interest rates, loan amounts or how to qualify. A spokesperson for Fifth Third informed us that rates start at 4.58% and there’s no prepayment penalty, however, borrowers will pay a $165 origination fee. Applicants will need “generally good credit” to qualify.
The bank’s June 2022 report to the Securities and Exchange Commission (SEC) showed that only 2% of Fifth Third auto borrowers had credit scores below 660. At the same time, 76% had scores of 720 or higher. With that in mind, it’s not surprising that Fifth Third has been recognized for catering to high-net-worth clients.
Loan preapproval isn’t available at Fifth Third Bank, and you can’t apply for an auto loan online. Here are some of the other features to consider before applying:
Rate Discounts
Looking to refinance your car loan? You can get a 0.25% discount off your interest rate when you refinance a non-Fifth Third auto loan through this bank.
Fifth Third’s website says that you can qualify for additional loan benefits if you have a Preferred Checking account, but few details are disclosed regarding the benefits. You’ll have to ask your banker for more information during the application process, but you can’t qualify for the benefits unless you have at least $100,000 in combined bank account deposits and investment deposits with the bank.
Payment Flexibility
Fifth Third’s website says there is a grace period for auto loan payments but does not specify how long this period lasts. The website also states that borrowers can change their payment due dates.
Other help may be available to borrowers facing hardships at Fifth Third, including alternative payment arrangements and loan modification.
Limited Availability
Fifth Third Bank has 1,080 full-service banking centers, but they’re only located in the following states:
- Florida
- Georgia
- Indiana
- Illinois
- Kentucky
- Michigan
- North Carolina
- Ohio
- South Carolina
- Tennessee
- West Virginia
How to apply for a Fifth Third auto loan
Fifth Third Bank doesn’t make it easy to apply for auto loans. In the past, the bank offered auto loan preapproval and an online application process, but neither of those options are available now.
Instead, you’ll have to apply in person or by phone. With Fifth Third Bank, the steps to complete an auto loan application are unclear. Most lenders require the following:
- Your contact information and SSN
- Your employment history and income
- A review of your credit reports and debts
- A copy of your driver’s license
- Information about the car you plan to buy
A bank rep advised us that in order to close on the loan, you’ll also need to submit the following:
- Your insurance information
- The car’s title and registration
- Dealer purchase order or lender payoff information
Once you close on a loan with Fifth Third, you’ll receive a packet by mail that includes your payment information.
Borrowers can make their auto loan payments online, by phone, in person or by mailing a check. The bank also has a mobile app for Android and iPhone, which you can use to make your payments or set up Auto Pay.
How Fifth Third auto loans compare
Like Fifth Third, Huntington National Bank and First National Bank only serve limited regions of the U.S. All three serve overlapping states, but if you want to apply for an auto loan online, you’ll have to try one of the other lenders.
| Fifth Third Bank | Huntington Bank | First National Bank | |
|---|---|---|---|
| Starting APR | 4.58% | 5.84% | Not disclosed |
| Terms | Up to 75 months | Up to 72 months | Not disclosed |
| Amount | $5,000-$100,000 | Not disclosed | $7,500-$100,000 |
| Min. Credit Score | Varies | Not disclosed | Not disclosed |
Is a Fifth Third loan right for you?
The lack of up-front information and the outdated application process make it easy to pass on Fifth Third Bank car loans.
Unless you’re already a bank customer, you might find it difficult to navigate the limited service options and there may not be a branch near your home.
Your best bet is to shop around with other auto lenders online. Look for a lender that offers more up-front information, a lower origination fee and the option to prequalify for a loan.