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Fifth Third Bank: 2022 Auto Loan Review

2022-09-27 12:00:00

At a glance

3.5
Rating: 3.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 4.4 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

    4.58%

  • Funds available in

    Not specified

Pros and cons of Fifth Third Bank auto loans

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

PROS

  • Checkmark

    Autopay discount

  • Checkmark

    Range of repayment options

  • Checkmark

    In-person convenience

CONS

  • Close X

    Limited state availability

  • Close X

    High minimum APR

  • Close X

    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 that hold checking and savings accounts. This, along with its indirect loans through partnered dealers make it a great option for drivers who prefer the convenience of in-person 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 lending, on the other hand, is available in all states except Alaska, Hawaii, Louisiana and Wyoming.

Pros and cons of Fifth Third Bank auto loans  

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

Pros 

  • 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 12 to 75 months.
  • In-person convenience. Fifth Third Bank operates at more than 1,100 branch locations across ten states. 

Cons  

  • Limited state availability. Drivers in only 10 of the 50 states can apply for a Fifth Third auto loan.
  • High minimum APR. A minimum APR of 4.58 percent for dealer purchase and external refinance is higher than competitors.
  • No prequalification. You won't be able to get an idea of what your rate is before you submit a full application.

Who is Fifth Third Bank best for?

An auto loan from Fifth Third Bank could be a smart option for a current account holder due to the available rate discounts. Along with this, the limited state availability makes getting a direct auto loan with Fifth Third Bank more of a challenge. 

Undisclosed rates may also mean high-interest rates for those with less than excellent credit, so consider shopping elsewhere before contacting Fifth Third for more information if you fall under that group. Generally, the better your credit score is the more competitive your interest rates will be. 

With no ability to apply for prequalification, a Fifth Third Bank auto loan is not best for a borrower who wishes to shop around and compare many rates. But instead is best for a driver looking for the familiarity and convenience of a brick-and-mortar experience.

Types of auto loans offered 

Fifth Third Bank offers new and used auto loans, along with refinance loans.

New and used auto loans 

While Fifth Third Bank does not disclose much on its website regarding its new and used auto loans, information gathered from a representative for the bank outlines the specifics. Loans can generally be financed for amounts up to $80,000 and you can choose a term between 12 and 75 months.

Refinance 

Refinancing your current loan with Fifth Third Bank can be a great option to lower your monthly payment and adjust your rate. The minimum APR is 4.58 percent for external refinance. And drivers refinancing a non-Fifth Third auto loan can receive a 0.25 percent rate discount. 

Indirect financing 

Fifth Third Bank also offers indirect financing through its network of new vehicle franchise dealers. These are available in all states except Alaska, Hawaii, Louisiana and Wyoming with no ability to apply for prequalification. Key features include: 

  • Loan amount: $5,000 to $100,000
  • APR from: 4.58 percent
  • Loan terms: 48 to 84 months 

Interest rates and terms  

Fifth Third Bank gives a 0.25 percent rate discount when the payment is deducted from a Fifth Third checking account. The starting 4.58 percent interest rate for all products reflects this discount. 

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 is it wise to take advantage of an auto loan calculator to understand how much you can afford. 

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

Auto loan requirements  

Fifth Third Bank does not outline specific requirements outside of residing in one of the states served and holding an account if looking for a direct financing option. 

Customer service  

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. 

How Bankrate rates Fifth Third Bank 

Overall score 3.5  
Availability 3.8 Limited state availability and an undisclosed minimum loan amount lower a score otherwise high due to loan terms and a fair maximum loan amount.
Affordability 3.4 A high minimum APR and undisclosed features leave Fifth Third with a middling score.
Customer experience 4.4 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.
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
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Auto loans editor