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Nationwide: 2022 Auto Loan Review

2022-09-29 12:00:00

At a glance

3.7
Rating: 3.7 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.7 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

    $10,000 to $90,000

  • Credit Good

    Min. credit score

    500

  • Rates

    APR from

    Not specified

  • Funds available in

    Not specified

Pros and cons of Nationwide auto loans

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

PROS

  • Checkmark

    Prequalification available

  • Checkmark

    High maximum loan amount

  • Checkmark

    No prepayment penalty

CONS

  • Close X

    Unknown funding timeline

  • 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.

Pros and cons of Nationwide auto loans  

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

Pros 

  • Prequalification. Following a soft credit pull, you can see what type of loans you may qualify for. 
  • High maximum loan amount. You can refinance up to $90,000.
  • No prepayment penalty. You can pay off your loan early with zero financial penalties.

Cons  

  • Unknown funding timeline. Nationwide does not disclose when funding will be available following approval.
  • Vehicle restrictions. The vehicle must be 2012 or newer and have 15,000 miles or less.
  • No rates or fees disclosed. You won't find minimum or maximum interest rates or fees disclosed on the Nationwide website.

Who is Nationwide best for?

Refinancing your vehicle through Nationwide is best for a driver who prefers to handle the application process entirely online. The minimum credit score requirement of 500 can make refinancing with Axos a good option for drivers with less-than-perfect credit, but undisclosed APRs can mean higher rates. 

Additionally, Axos carries a high maximum loan amount of $90,000, so if you are looking to refinance a vehicle that is higher in price this may be a good option for you. But keep in mind the age and mileage restrictions that could make approval more of a challenge. Finally, to avoid the risk of becoming upside-down on your loan do not finance for a longer term unless absolutely necessary.  

Nationwide provides refinance auto loans through Axos Bank 

As explained, Nationwide Bank does not directly refinance auto loans but instead works with Axos Bank to enable drivers to save money on their monthly payments and lower interest rates. Before deciding to refinance it is wise to take advantage of an auto refinance calculator to understand the best loan terms for your monthly budget.

Interest rates and terms  

Nationwide does not disclose its expected APRs for auto loan refinancing. Typically the most competitive rates will be offered to those with very good to excellent credit scores of 740 or higher. Terms can extend up to 84 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. Before diving into the online portal, gather the following information: 

  • 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 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 the 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.

Auto loan requirements  

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. A credit score of at least 500 and no open bankruptcies are required. 
  • Vehicle age. The vehicle model year must be 2012 or newer. 
  • Vehicle mileage. The vehicle must have 150,000 miles or less.
  • Income. A combined household gross income of at least $1500 per month with income source verification is required.
  • Age. Borrowers must be at least 18 years of age. 

Customer service  

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

How Bankrate rates Nationwide

Overall score 3.7  
Availability 3.8 Nationwide has a high maximum loan amount but carries some vehicle restrictions.
Affordability 3.0 APRs are not disclosed, leading to a middling score.
Customer experience 4.2 Axos offers automatic payments and app availability combined with support five days a week.
Transparency 4.0 Rates and fees are not clearly displayed on site but drivers can apply to prequalify following a soft credit pull.
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