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Regions Bank: 2022 Auto Loan Review

2022-09-27 12:00:00

At a glance

3.5
Rating: 3.5 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 3.6 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 2.5 stars out of 5
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About Regions Bank

  • Moneybag

    Loan amount

    $5,000 to $100,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    6.02% to 14.55%

  • Funds available in

    Not specified

Pros and cons of Regions Bank auto loans

A high maximum loan amount may not be enough to balance out Regions' steep minimum APR.

PROS

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    High maximum loan amount

  • Checkmark

    Autopay discount

  • Checkmark

    Offers EV auto loans

CONS

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    Steep minimum APR

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    Limited state availability

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    No prequalification

With about 1,500 branches across the U.S., Regions Bank offers auto loans to drivers who prefer the convenience of in-person communication while still having the option to access their loan online. 

Flagshipped in Alabama, Regions Bank primarily serves the South in all facets of personal finance and banking, including auto loans for new and used vehicles along with options for refinancing a current loan.

Pros and cons of Regions Bank auto loans  

Regions Bank allows for a large loan amount but is only available in a handful of states. 

Pros 
  • High maximum loan amount. Auto loans can be financed up to $100,000 — much higher than competitors.
  • Autopay discount. All Regions Bank holders can benefit from a 0.25 percent discount when signing up for autopay connected to a Regions checking account.
  • EV auto loans. Regions offers discounted rates for its qualifying electric vehicle loans.

Cons  

  • Steep minimum APR. A minimum APR of 4.6 percent is much steeper than other competitors in the space.
  • Limited state availability. Regions Bank auto loans are only available to drivers residing in 15 states.
  • No prequalification. There is no option to prequalify for an auto loan meaning you cannot lock in rates ahead of time.

Who is Regions Bank best for?

A Regions Bank auto loan is firstly best for a driver who lives in the areas that the Regions serves and already has an account with it. This accelerates the process and you can benefit from a 0.25 percent discount on your interest rate as a checking account holder. 

The high maximum loan amount is also useful for a driver who wishes to finance a new, particularly expensive vehicle. But without the option to apply for prequalification and a higher than usual minimum APR it's wise to be careful if you do not hold strong credit.

Types of auto loans offered 

Regions Bank offers auto loans for drivers looking to finance a new or used vehicle or refinance an existing auto loan. You can borrow anywhere between $5,000 and $100,000.

Financing with Regions includes complimentary guaranteed asset protection (GAP) coverage for new or pre-owned vehicles. GAP coverage protects you against vehicle payments if something were to happen to your vehicle.

New and used auto loans 

Drivers can finance their new and used vehicles in amounts between $5,000 and $100,000 with unspecified terms. Interest rates range between 4.6 and 13.04 percent and the best rates are offered to drivers with excellent credit history.  

Regions Bank also allows for a high loan-to-value ratio — up to 110 percent on private party purchases and 130 percent on those from dealerships — but financing more than you need can be a risk. Keep in mind that borrowing more than your vehicle is worth can increase the chance of becoming upside-down on your car loan. 

Refinance 

Refinance interest rates range from 4.6 percent to 13.04 percent at unspecified terms. Advice from Region Banks' blog outlines the steps to take when considering if refinancing is right for you. 

  • Organize your original loan documents 
  • Check credit history 
  • Contact the current lender to find loan payoff amount 

Interest rates and terms  

Regions Bank gives a 0.25 percent discount to borrowers that hold a checking account and sign off on automatic payments. The rate range of 4.6 percent to 13.04 percent for all products reflects this discount.   

How to apply for a loan with Regions Bank

You can either apply for an auto loan online or in person at one of Regions Bank branches. For the application you will need the following information:

  • Vehicle information
  • Driver’s license number (including issue and expiration date)
  • Personal contact information
  • Social Security number
  • Proof of employment
  • Proof of insurance  

Regions states a fast credit decision will be available following loan application but shares no specific timeline on funding. The Alabama-based bank also does not disclose any fees so it is worth your while to potentially prepare to pay application or origination fees.

Auto loan requirements  

To get an auto loan with Regions there are some vehicle-specific requirements to be aware of along with its residency requirement. 

  • Residency. You must be a resident of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee or Texas.
  • Vehicle. If you are financing a new or pre-owned vehicle or truck the vehicle must be seven years old or less and hold fewer than 90,000 miles on its odometer.
  • Loan-to-value. For those undergoing a private party purchase, there must be up to 110 percent LTV and up to 130 percent for a dealership and dollar-for-dollar refinancing.

Customer service  

Customer support is available almost seven days a week via toll-free phone call along with the support directly on the Regions app. Help is available from Monday through Friday 6 a.m. to 7 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT. Specific questions can also be directed to its email address, with answers provided within one business day.

How Bankrate rates Regions Bank 

Overall score 3.5  
Availability 3.8 Regions only offers loans in 15 states but does offer a large maximum loan amount.
Affordability 3.6 Regions has a high maximum APR but a steep minimum and undisclosed fees settles it with a middle-of-the-road score.
Customer experience 4.2 Regions scores high for customer support with service available six days a week and full online access.
Transparency 2.5 Rates are partially displayed on Regions site but fees and the ability to prequalify are not available.
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