Nationwide: 2023 Auto Loan Review

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.

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 

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 

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

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.