At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About Fifth Third Bank
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Loan amount
$2,000-$80,000
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Min. credit score
660
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APR from
6.41%-10.05%
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Funds available in
Same day as closing
Fifth Third Bank: 2023 Auto Loan Review
Published 2023-01-01 00:00:00
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.
PROS
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Autopay discount
Range of repayment options
In-person convenience
CONS
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Limited state availability
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High minimum APR
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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.
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.
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 12 to 75 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.
- High minimum APR. A minimum APR of 6.41% 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.
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
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. Loans can be financed for 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 6.41 percent. Receive a .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.
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.
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.
Fifth Third Bank FAQs
How Bankrate rates Fifth Third Bank
Overall score 3.6 Availability 4.0 Limited state availability is offset by multiple loan terms and generous minimum and maximum loan amounts. 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. 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.