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Nationwide auto loans: 2024 review

2024-01-01 00:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.3 stars out of 5
  • Affordability
    Rating: 3.1 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

    Not specified

  • Funds available in

    48 hours

Best for bad-credit borrowers

When refinancing your auto loan, many lenders require good or better credit. Nationwide’s lending partner Axos sets its minimum credit score at just 500, which falls within the bad credit range. While it’s likely not all borrowers with low credit scores will qualify — and it’s unclear what their rate could be if they do — Axos allows borrowers to prequalify with no impact to their credit score, so finding out is low-risk.

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. All applicants — including joint applicants — must have a credit score of at least 500, no open bankruptcies, a verifiable source of income and a combined household gross income of at least $1,500 per month.

Their main requirements for vehicles are that they must be model year 2013 or newer, have less than 125,000 miles (less than 175,000 miles for diesel-powered vehicles) and be valued at $8,500 or more.  

Additionally, the following vehicles are ineligible for refinancing.

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 low minimum credit score requirement of 560, making it a solid alternative for bad-credit borrowers. 

Nationwide versus Caribou

Caribou offers borrowers the ability to compare refinancing rates online like Nationwide, with the added benefit of bundling add-ons such as gap protection, though not insurance. Both lenders work with a range of funding options and carry varying requirements. But Caribou is not available in every state. The lender doesn’t provide loans to consumers in Maryland, Mississippi, Nebraska, Nevada or West Virginia. 

Read more: Nationwide vs. Caribou comparison


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 (175,000 for diesel-powered vehicles), 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 for auto refinancing by phone. You can reach them at 844-517-5564 Monday through Friday from 8 a.m. to 4:30p.m. PT. The lender also offers support through 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 


  • Amounts: $10,000-$100,000
  • Terms: Up to 96 months
  • APR: Not specified

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 3.9
Availability 4.3 Nationwide has a high maximum loan amount but carries some vehicle age and mileage restrictions.
Affordability 3.1 Axos sets a low credit score requirement but doesn’t share an APR range online.
Customer experience 4.2 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.


The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

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 and Personal 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, Auto Loans