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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 pros and cons 

While drivers can benefit from prequalification, there are quite a few vehicle restrictions to be aware of if refinancing with the help of Nationwide.


  • Checkmark

    Prequalification available

  • Checkmark

    High maximum loan amount

  • Checkmark

    No prepayment penalty


  • Close X

    Vehicle restrictions

  • Close X

    No rates or fees disclosed

Nationwide Bank 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. 

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 termsmay qualify for in as soon as two minutes. 
  • High maximum loan amount. You can refinance up to $100,000.
  • 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.

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 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.   

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 and there is no payment required for 90 days after you agree to the loan.

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
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