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Nationwide: 2023 auto loan review

2023-01-01 00:00:00

At a glance

Rating: 4 stars out of 5

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
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About Nationwide

  • Moneybag

    Loan amount


  • Credit Good

    Min. credit score


  • Rates

    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.


  • Checkmark

    Prequalification available

  • Checkmark

    High maximum loan amount

  • Checkmark

    No prepayment penalty


  • Close X

    Vehicle restrictions

  • Close X

    No rates or fees disclosed

  • Close X

    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. 

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.  


  • 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.

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

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.


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 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

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, Personal Loans, Auto Loans, and Debt