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Fifth Third Bank auto loans: 2024 review

2024-01-01 13:59:00

At a glance

3.5
Rating: 3.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.6 stars out of 5
  • Affordability
    Rating: 3.8 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 2.5 stars out of 5
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About Fifth Third Bank

  • Moneybag

    Loan amount

    Up to $80,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Not specified

  • Funds available in

    Same day as closing

Best for in-person shoppers

The auto loan landscape has dramatically shifted over the last couple of years, enabling many buyers to shop from home. But some borrowers prefer the reliability of in-person financial handling. If this is the case, Fifth Third Bank is an excellent choice. It has 1,087 branch locations across 11 states.

Fifth Third Bank pros and cons

Before submitting a Fifth Third Bank auto loan application, consider whether the convenience of an in-person experience outweighs its missing loan details.

Green circle with a checkmark inside

Pros

  • Autopay discount
  • Range of repayment options
  • In-person convenience
Red circle with an X inside

Cons

  • Limited state availability
  • Undisclosed APRs
  • No prequalification

Fifth Third Bank, a regional financial institution headquartered in Cincinnati, offers auto loans for new and used vehicles and auto refinance loans to its members who hold checking and savings accounts. This, along with its indirect loans through partnered dealers, makes it a great option for drivers who prefer the convenience of in-person communication. 

Do you qualify? 

Financing is only available in the states that Fifth Third serves: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, West Virginia, South Carolina and Tennessee. 

Indirect lending, on the other hand, is available in all states except Alaska, Hawaii, Louisiana and Wyoming.

Fifth Third Bank does not outline specific requirements outside of residing in one of the states served and holding a Fifth Third account if you’re seeking direct financing. 

Fifth Third Bank versus Regions Bank

With a similar Bankrate score, Regions Bank serves borrowers looking to refinance their current vehicle or purchase new or used. Like Fifth Third, state availability is limited to the South and Midwest. One standout feature of financing with Regions over Fifth Third is its large maximum loan amount. Borrowers can finance up to $125,000, perfect for larger vehicle purchases.

Read our Regions vs. Fifth Third breakdown

Fifth Third Bank versus Bank of America

With a similar funding experience, Bank of America is another excellent option for borrowers who prefer a familiar national bank. Bank of America surpasses Fifth Third in state footprint: Drivers in every state nationwide can secure financing. It is an especially strong option for borrowers who are unsure of what vehicle they plan to buy. The bank has a 30-day shopping window even after you lock in your rate. 

What we like and what we don’t like

Fifth Third Bank offers the ease of in-person support but is only available for drivers in some states. 

What we like 

  • Autopay discount. Borrowers can benefit from a 0.25 percent discount when linked to a Fifth Third checking account.
  • Range of repayment options. Loans can be financed for anywhere from 48 to 84 months.
  • In-person convenience. Fifth Third Bank operates at more than 1,100 branch locations across 11 states. 

What we don’t like 

  • Limited state availability. Drivers in only 11 of the 50 states can apply directly for a Fifth Third auto loan.
  • Undisclosed APRs. Fifth Third does not disclose expected APRs upfront, which can make applying seem risky for hesitant borrowers. 
  • No prequalification. You won't be able to get an idea of what your rate is before you submit a full application. That means taking a credit score hit just to see possible rates.

How to contact Fifth Third Bank

Customer support is available Monday through Friday from 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. to 4 p.m. ET. In-person assistance at bank branches can help you through the application process. You can also contact customer service 24/7 via online chat once you become a member. 

Auto loan types offered 

Fifth Third Bank offers new and used auto loans both directly and through dealerships, along with loan refinancing.

New and used auto loans 

  • Amounts: Up to $80,000
  • Terms: 48-84 months
  • APR: Not specified 

While Fifth Third Bank does not disclose much on its website regarding its new and used auto loans, information gathered from a bank representative outlines the specifics. But there are no restrictions on which dealership you purchase from, which greatly expands your options. 

Refinance  

  • Amounts: Up to $80,000
  • Terms: 48-84 months
  • APR: Not specified 

Refinancing your current loan with Fifth Third Bank can be a great option to lower your monthly payment and adjust your rate. Borrowers can receive a 0.25 percent discount for refinancing a non-Fifth Third auto loan or signing up to have payments automatically deducted from a Fifth Third checking account.

How to apply for a loan with Fifth Third Bank

To apply for a Fifth Third Bank auto loan, you can either visit a banking branch in your area or call 866-671-5353. Unfortunately, you cannot apply online. But you can manage your loan through your account online following approval. Before heading to a banking office, use an auto loan calculator to understand how much you can afford. 

While there is no application fee, prepare to pay an origination fee of $165 if you accept the loan terms. Following approval, take advantage of the automatic payment option to ensure you never miss a payment, as there are also late fees.

Features and perks 

Most of the perks offered to borrowers are afforded to Fifth Third Bank account holders. Consider this when comparing loan options. 

Fees and penalties  

There is no fee to apply for an auto loan with Fifth Third Bank, and they don’t charge an early repayment fee. However, the bank does enforce a $165 origination fee and a fee for late payments. 

Fifth Third Bank FAQs

How Bankrate rates Fifth Third Bank

Overall score 3.5
Availability 3.6 Limited state availability is offset by multiple loan terms and generous maximum loan amounts.
Affordability 3.8 Fifth Third Bank doesn’t share expected rates online, but does offer an autopay discount.
Customer experience 4.2 Fifth Third allows for automatic payments, online access and customer support six days a week.
Transparency 2.5 Fifth Third does not allow for loan prequalification and rates and fees are not disclosed online.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Auto Loans