If you plan to buy a car, you may spend plenty of time searching for the best model. Yet, it’s equally important to learn about auto loans.
How much do you know about the Fifth Third Bank auto loan? This bank offers drivers high-quality and reliable services, but there are some drawbacks as well.
You will find the ultimate guide to the bank’s auto loans here, such as different types of loans, how to apply for them, and which vehicle you can afford.
Let’s dive in!
What Is Fifth Third Bank Auto Loan?
A Fifth Third Bank auto loan is a policy that allows you to borrow money from the bank to buy an automobile. You will repay the loan with interest over a certain period in regular payments.
Fifth Third Bank offers this service in all 11 states in the Midwest and South of America. Customers may apply for a loan for either new or second-hand vehicles bought from a dealer, and the bank has refinancing alternatives.
Here is some basic information about Fifth Third Bank auto loans:
- Initial APR: 2.74%
- Loan amount: $2,000 to $80,000
- Loan terms: No more than 75 months
- Application fee: Free
- Preapproval or prequalification: No
Types Of Fifth Third Bank Auto Loans
Fifth Third Bank provides loans for old and new vehicles. Your options include the following:
Used and new auto loans
Fifth Third doesn’t share all the information about old and new auto loans on its official website. However, once you consult the bank’s representatives, they will outline all the specifics.
Often, the bank allows you to finance the loans for up to $80,000. You can choose the 12-month or 75-month terms to repay.
Refinance
A fantastic way to minimize your monthly payment and alter your rate is to refinance your loan with the bank. The external refinancing APR starts at 4.58%.
Additionally, customers who refinance an auto loan that is not from Fifth Third might get a 0.25% discount.
Indirect financing
Fifth Third Bank provides indirect loans through its system of franchise dealers for new vehicles. This service is available in many states except Louisiana, Wyoming, Hawaii, and Alaska. There is no prequalification application process in those states.
Indirect financing has these features:
- Total loan: $5,000 – $100,000
- APR: From 4.58%
- Loan terms: 48 – 84 months
Interest terms and rates
Fifth Third Bank offers a 0.25% discount rate when it deducts the payment from a checking account within the system. The initial interest rate of 4.58% for all services has this discount.
How To Apply For A Loan With Fifth Third Bank?
Visit a local branch of Fifth Third Bank or contact to Fifth Third Bank routing number at 866-671-5353 to make an application for your car loan. You should call on Fifth Third Bank hours for easily supporting.
Fifth Third Bank doesn’t allow any online applications. However, after the bank approves your loan, you may monitor it online through your banking account on Fifth Third online banking app.
Before dropping by the Fifth Third Bank, use a car loan Fifth Third Bank calculator. Then, you will better understand how much you can pay.
There is no charge for your application. However, expect to pay $165 for the origination fee if you agree to the loan’s terms.
After gaining approval, utilize the automatic method to ensure that you won’t forget the Fifth Third Bank auto loan payment.
How Is The Interest Calculated On The Auto Loan?
Your interest is a daily interest. To calculate it, simply multiply our loan’s principal balance a day by the daily interest rate.
The date of your payments with simple daily interest will affect the total rate of interest charged throughout the term of the loan and the full payment amount.
For example, if your payment is $500 and you have to pay it on the 5th of each month (due date) over a 48-month term, there are possible cases:
- If you can pay $500 on the due date, the last payment must be $500.
- If you pay late, the bank will deduct the additional interest from the monthly payment. Hence, there will be less money for principal repayment. It will result in the principal balance being greater than anticipated, and the bank will charge you additional interest.
- If you can’t pay enough $500 for any payment, the bank will reduce the interest amount you pay over the loan. It’s because you reduce the principal loan balance. Therefore, the bank calculates the interest on that lower balance.
Pros and Cons of Fifth Third Bank Auto Loans
Before applying for the Fifth Third Bank auto loan, you should consider the benefits and drawbacks of the service first.
Pros:
- Discount: When connected to your Fifth Third checking account, you can take advantage of a 0.25% discount.
- Payment term: A loan’s financing might vary between 12 and 75 months.
- Convenience: There are over 1,100 Fifth Third Bank branches across 11 states.
Cons:
- Limited availability: Fifth Third Bank only works in 11 states. Hence, drivers in other states can’t apply for the loan.
- High APR: The minimum APR for external refinances and dealer purchases is 4.58%, higher than the industry average.
- Lack of prequalification: You can only estimate your rate after filling out the application form.
Who Should Choose Fifth Third Bank?
Because of the different rate discounts, a current account user may find a Fifth Third Bank car loan to be a smart move.
Moreover, getting a direct loan from Fifth Third Bank is more difficult due to the restricted availability of the region.
For people with less-than-perfect credit, hidden rates might potentially imply higher interest rates.
Often, the better the credit score, the more competitive the interest rates. Hence, if you don’t have excellent credit, consider other options before getting in touch with Fifth Third.
Furthermore, Fifth Third Bank auto loan is not suitable for borrowers who intend to research and compare different banks.
What Vehicles Can I Afford?
Financial experts often suggest using at most 20% of your gross income on a monthly auto loan and related expenses, like fuel and maintenance.
Fifth Third Bank gives you an affordability calculator. Input the value, and you can see the total cost of an automobile that you may afford.
Frequently Asked Questions
1. Can I see monthly statements for my Fifth Third Bank auto loan?
You will get a coupon book immediately after signing for your loan. The book contains all the same information as seen on monthly statements.
On the bank’s website, you may easily view your banking details, including the amount owed and the amount you’ve already paid.
2. How to make payments on my Fifth Third Bank auto loan?
There are several methods for making payments on your auto loan, such as:
- Visiting the nearest branch.
- Pay automatically using Auto BillPayer. Contact the bank at 800-991-7771 to enroll.
- Choose the one-time payment from another account.
- Transfer money or check to Fifth Third Bank.
- Contact 800-972-3030 for help.
3. How can I view my auto loan online?
To access your loan online, please follow these steps:
- Visit Fifth Third Bank’s home page and log in.
- To register, choose “first-time user” and follow the on-screen instructions.
- Enter your account number, loan type, and Social Security number for online registration.
- Prepare loan documents so you can reply to pop-up questions on the screen. The bank asks you those questions to protect your private information.
If you have questions about checking your auto loan, call the bank at 800-972-3030.
4. When can I receive my new coupon book?
After closing and signing your loan documents, you will receive a letter that includes your coupon booklet—the book details all your payments except the last one.
5. How can I order a new coupon book if the current one gets lost or damaged?
You may get a new coupon book by contacting 800-972-3030. Other solutions are following the instructions of the automated system or asking the customer support team for help.
Fifth Third Bank is a good place for your auto loan thanks to its discount and convenience. However, also think about the APR before going for it.
You may have made up your mind about whether to choose Fifth Third Bank or not. If you haven’t, share your concerns with us. We are always ready to help.
Thank you for reading!
