What is the maximum loan amount offered by Nationwide?

If you’re approved for auto loan refinancing through Nationwide’s lending partner, Axos Bank, you could be eligible for a new auto loan between $10,000 and $100,000 to replace your current one.

What APR should I expect with Nationwide?

It depends on your creditworthiness. The minimum APR of 4.55 percent is likely reserved for borrowers with credit scores of 760 or higher, and the maximum APR is capped at 8.55 percent.

What’s the maximum loan term available to borrowers?

You could get a repayment of up to 96 months. It may not be in your best interest to do so despite the more affordable monthly payment since you’ll pay far more in interest over the loan term.

What happens if I pay off my loan early?

You could save a bundle in interest since there are no early prepayment penalties.

Nationwide: 2023 auto loan review

Published 2023-01-01 00:00:00

Written by

Rebecca Betterton

Edited by

Rhys Subitch

At a glance

4.0

Bankrate Score

Availability
Rating: 3.8 stars out of 5
Affordability
Rating: 3 stars out of 5
Customer Experience
Rating: 4.2 stars out of 5
Transparency
Rating: 4 stars out of 5

Compare auto loan rates

See rates

About Nationwide

Loan amount

$10,000-$100,000
Min. credit score

680
APR from

4.55-8.55 percent
Funds available in

48 hours

Nationwide auto loans are best for refinancing older vehicles

When refinancing your auto loan, many lenders require vehicles to be 10 or fewer years old. But Nationwide does not carry this restriction, making it a perfect loan for drivers that have an older vehicle that still carries value. Keep in mind that the lender does have rules regarding vehicle mileage and value.

Nationwide pros and cons

While drivers can benefit from prequalification, there are quite a few vehicle restrictions to be aware of when refinancing through Nationwide.

PROS

Prequalification available
High maximum loan amount
No prepayment penalty

CONS

Vehicle restrictions
No rates or fees disclosed
Limited products

Insurance company Nationwide does not directly provide refinance auto loans to drivers but serves customers through its relationship with Axos Bank. The California-based savings and loan association assists drivers in every U.S. state and can drop monthly loan payments by an average of $99 dollars per month, according to its site.

Do you qualify?

There are a few restrictions outlined on the Axos application to consider before applying to refinance your vehicle. These specifications are required for both parties if applying to a joint application.

- Credit: You’ll need a credit score of at least 680.
- Vehicle age: Axos Bank does not place restrictions on the maximum age of vehicles eligible for refinancing.
- Vehicle mileage: The vehicle must have 125,000 miles or less. If you have a diesel-powered light-duty truck, the mileage is limited to 175,000, and the vehicle must be worth more than $8,500.
- Vehicle make: Axos will not refinance commercial vehicles or Daewoo, Saab, Oldsmobile, Suzuki or Isuzu vehicles.
- Income: Required income varies depending on the borrower’s credit score.
- Age: Borrowers must be at least 18 years of age.

Nationwide versus iLending

Like Nationwide, iLending offers refinance loans with a seamless online application process. Borrowers working with the lending platform can benefit from dedicated customer support that Nationwide lacks. Along with this, iLending has a lower minimum credit score requirement of 560 compared to Nationwide’s minimum of 680 — making iLending a better option for borrowers with lower credit.

Nationwide versus Caribou

Caribou offers borrowers the ability to compare refinancing rates online like Nationwide with the added benefit of bundling insurance. Both lenders work with a range of funding options and carry varying requirements. But Caribou is not available in every state, which you should consider ahead of applying.

What we like and what we don’t like

Before you refinance your auto loan with Nationwide and Axos Bank, consider the following benefits and drawbacks.

What we like

Prequalification: Following a soft credit pull, you can see what loan terms may qualify for in as soon as two minutes.
High maximum loan amount: You can refinance up to $100,000. Many lenders cap their maximum amounts far lower.
No prepayment penalty: You can pay off your loan early with zero financial penalties.

What we don’t like

Vehicle restrictions: The mileage on the vehicle must not exceed 125,000 miles, and certain makes aren’t eligible for refinancing.
No rates or fees disclosed: You won't find minimum or maximum interest rates or fees disclosed on the Nationwide website.
Limited products: Drivers cannot finance new or used vehicle purchases — they can only refinance current loans.

How to contact Nationwide

Axos Bank offers support by phone Monday through Friday from 8 a.m. to 5 p.m. PT, along with its virtual financial assistant Evo, which serves users online. Otherwise, the intuitive website and app make for seamless online loan management.

Auto loan types offered

Nationwide Bank doesn’t offer auto loans to help with the initial purchase of a vehicle at this time.

Refinancing

Amounts: $10,000-$100,000
Terms: Up to 96 months
APR: 4.55%-8.55%

Nationwide Bank does not directly refinance auto loans but instead works with Axos Bank to help drivers save money on their monthly payments through lower interest rates. Before refinancing, try using an auto refinance calculator to understand the best loan terms for your monthly budget.

Typically, the most competitive rates will be offered to those with very good to excellent credit scores of 760 or higher. Terms can extend up to 96 months. Additionally, you can defer your first payment for up to 90 days.

How to apply for a loan with Nationwide

The application process can be done completely online and should only take 15 minutes of your time.

- Personal information, including your name, date of birth and Social Security number
- Contact information, including your address and phone number
- Employment information
- Vehicle make, model, mileage, year and identification number
- Current lender, payoff amount and monthly payment

The online process requires no application fee and can be completed in three main steps. Remember that a formal approval requires a hard credit pull, which can drop your credit score a few points for a short time.

To apply, simply fill out the application, create your account and provide details about your vehicle. Decisions are made in less than 24 hours.

Features and additional perks

Although Nationwide does not offer 24/7 customer service, the website does offer a helpful online assistant that can answer any questions you may have throughout the funding process. Along with this, there is no fee for applying or early loan payoff. And there is no payment required for 90 days after you agree to the loan.

Fees and penalties

Borrowers should prepare to spend money for the origination of the loan along with fees for late or returned loan payments.

Nationwide FAQs

If you’re approved for auto loan refinancing through Nationwide’s lending partner, Axos Bank, you could be eligible for a new auto loan between $10,000 and $100,000 to replace your current one.
It depends on your creditworthiness. The minimum APR of 4.55 percent is likely reserved for borrowers with credit scores of 760 or higher, and the maximum APR is capped at 8.55 percent.
You could get a repayment of up to 96 months. It may not be in your best interest to do so despite the more affordable monthly payment since you’ll pay far more in interest over the loan term.
You could save a bundle in interest since there are no prepayment penalties.

How Bankrate rates Nationwide

Overall score	4
Availability	4.3	Nationwide has a high maximum loan amount but carries some vehicle restrictions.
Affordability	3.5	Nationwide’s maximum APR is lower than competitors’. But its fees and high starting APR mean a middling score.
Customer experience	4.4	Axos offers automatic payments and app availability combined with support five days a week.
Transparency	4	Rates and fees are not clearly displayed on site but drivers can apply to prequalify following a soft credit pull.

Methodology

To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories.

Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees.
Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
Transparency: Here prequalification and disclosure of rates and fees are accounted for.

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.