BBVA Compass auto loans review September 2019 | finder.com

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BBVA Compass auto loans review

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Flexible terms, competitive rates and fixed payments.

Among the nation’s top 25 largest banks, BBVA Compass is a Sunbelt Bank with over 700 locations across seven states. Among its suite of loan options are competitive rates when you’re ready to finance your next set of wheels.

$5,000

Min. Loan Amount

$15,000

Max. Loan Amount

5.24% to 13.74%

APR

Details

Product NameBBVA Compass Car Loans
Min. Loan Amount$5,000
Max. Loan Amount$15,000
APR5.24% to 13.74%
Interest Rate TypeFixed
RequirementsLive in one of the BBVA Compass’s serviced states, be at least 18 years old, be a US citizen or permanent resident.

What makes BBVA Compass auto loans unique?

BBVA compass auto loans run higher than your average lender. It also offers lower rates for loans over $15,000, making it a competitive option for buying an exotic or luxury car. Current customers also might want to look closely at this lender, since they can qualify for rate discounts up to 0.5%.

What is a BBVA Compass auto loan?

With a BBVA auto loan, you can borrow from $5,000 to $15,000. Terms range from 12 to 72 months with fixed interest rates and no prepayment penalties. Rates are competitive — starting at 13.74% APR for loans starting at $5,000 and 5.24% APR for loans of $15,000 and over. But ultimately depend on your credit, income and state of residence.

What types of auto loans does BBVA offer?

  • New car loans. Financing to buy a new vehicle from a dealership.
  • Used car loans. Financing to buy a used vehicle from a dealership.

Both types of car loans come with the same rates and terms.

Compare BBVA auto loans to other car loans

Updated September 18th, 2019
Name Product Filter Values Minimum credit score Loan term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

What are the benefits of a BBVA auto loan?

Recognized as a leading lender by the SBA, BBVA Compass could be a place to turn when you’re looking to fund your next vehicle.

  • Easily apply online. Apply online and you’ll typically hear back from a banker the same day.
  • Rate discounts. Save up to 0.5% by signing up for autopay from a BBVA Compass checking account and 0.25% by enrolling in Premier Personal Banking, Everyday Heroes, Workplace Solutions or Global Wealth.
  • No prepayment penalties. Unlike other auto loans, you can pay off this one early without extra fees.
  • Higher loans come with lower rates. Get a lower rate on loans of $15,000 or more.

What to watch out for

Fixed interest and flexible terms make BBVA Compass a solid choice for auto loans. But you’ll want to look out for a few things before applying.

  • Potentially high APR. If you have poor credit, you could face an APR as high as 12.49%.
  • Limited services. Loans are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

What do borrowers say about BBVA Compass?

BBVA Compass has mostly negative online reviews — not uncommon for a bank. It scores a relatively meaningless 7.4 out of 10 on Trustpilot based on one review, as of July 2019. It only scores just over 1 out of 5 stars on the Better Business Bureau (BBB). The bank receives a B- rating for failure to respond to four complaints filed against the business.

The main problem? Slow service. One customer had their car totaled and had a hard time getting their loan paid off through the insurance company. Several other customers complained about the poor quality of customer service.

How much can I expect to pay for an auto loan with BBVA Compass?

According to the bank, a 60-month auto loan for $20,000 at the posted 5.24% APR and no money down will result in monthly payments of $359.28 each. Note that the minimum loan size for this rate is $15,000.

Am I eligible for a BBVA Compass auto loan?

To be approved for an auto loan with BBVA Compass, you must:

  • Live in one of the BBVA Compass’s serviced states.
  • Be at least 18 years old.
  • Be a US citizenor permanent resident.

What do I need to apply?

To apply for a BBVA Signature Express loan be ready to supply:

  • Your personal contact information.
  • Employment and financial information.
  • Property and collateral information.

How to apply with pictures

I got a BBVA Compass auto loan loan. Now what?

Once you have your BBVA auto loan, keep up with monthly payments to avoid unnecessary penalties.

  • Set up autopay. Avoid late payment fees and save on your rate by setting up automatic withdrawals from a BBVA Compass bank account.
  • Customer service. If you need support, call BBVA Compass loan support at 800-239-1996, send a secure form online or request for customer service contact you online. Connect on Facebook at BBVACompass or on Twitter @BBVACompass.
  • Get payment assistance. If you’re ever struggling with repayments, BBVA allows you to pause your repayments while you get back on your feet. Sign up by calling 800-239-1940.

Bottom line

When you’re looking for a car loan, it can be as easy as visiting your local bank. BBVA auto loans get you the money you need quickly with competitive fixed APR and flexible terms. But if you’re not in BBVA Compass’s seven-state service area, you’ll need to compare your other car loan options to find the right financing for you.

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4 Comments

  1. Default Gravatar
    Ralph
    April 27, 2019

    Hi,

    What is the maximum LTV on a BBVA Compass Auto Loan?

    • AvatarStaff
      Jeni
      April 28, 2019

      Hi Ralph,

      Thank you for getting in touch with Finder.

      I’m afraid that you would need to discuss this matter with BBVA directly. Our page only has the info on how much you may borrow with BBVA auto loan – from $5,000 to $15,000 for your next new or used vehicle.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    Shawn
    March 19, 2018

    I got a vehicle loan currently, and i am making pymts. My credit score not so good. I am wanting to trade my car for a new one. Will the bank do another loan or am i outta luck??

    • AvatarStaff
      Joshua
      March 25, 2018

      Hi Shawn,

      Thanks for getting in touch with finder.

      If you are still making monthly repayments on your car and planning to trade it, please note that you still have to pay off the remaining balance. However, if the value of your car is higher than the money you owe, then that should not be a problem.

      Now, if want to trade your car for a new one and you have a bad credit score, your options might be limited. But if you can prove to your lender that you can make the repayment, then they will most likely approve your application.

      To explore your options, please go to this page. On that page, you will be able to compare and apply for a car loan.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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