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BBVA Compass auto loans review
Last updated:
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 Name | BBVA Compass Car Loans |
|---|---|
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $15,000 |
| APR | 5.24% to 13.74% |
| Interest Rate Type | Fixed |
| Requirements | Live 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
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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.
BBVA Compass reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 1 out of 5 stars, based on 88 customer reviews |
| BBB customer complaints | 746 customer complaints |
| Trustpilot Score | 2.8 out of 5 stars, based on 9 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
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.