Fifth Third Bank: 2023 auto loan review

Fifth Third Bank auto loans are 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 1,100 branch locations brick-and-mortar locations across 10 states.

On top of the additional support that in-person financing offers, Fifth Third boasts a wide range of repayment terms and the ability to sign off on an indirect loan with a partnered dealer.

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 drawbacks.

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 that 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, 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 primarily the South and Midwest regions. 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.

Fifth Third Bank versus Bank of America

With a similar funding experience, Bank of America is another excellent option for borrowers that prefer a familiar national bank. Bank of America surpasses Fifth Third in state footprint: Drivers in every state across the country 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 10 states. 

What we don’t like 

• Limited state availability. Drivers in only 10 of the 50 states can apply 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, take advantage of 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 additional 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. Nor do they charge an early repayment fee. But the bank does enforce a $165 origination fee and a fee for late payments. 

Fifth Third Bank FAQs

How Bankrate rates Fifth Third Bank

Methodology

Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

• Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
• Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
• Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
• Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.

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.