BBVA Compass auto loans review February 2018 | finder.com
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BBVA Compass auto loans review

Purchase a used or new car with flexible terms, competitive rates and fixed, predictable payments.

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

What is a BBVA Compass auto loan?

With a BBVA auto loan, you can borrow from $5,000 to $15,000 to pay for your next new or used vehicle. Terms range from 12 to 72 months with fixed interest rates and no prepayment penalties. Rates are competitive — starting at 4.99% APR for $5,000 and 3.49% APR for up to $15,000 — but ultimately depend on your creditworthiness and state of residence.

Product nameBBVA Auto Loan
APR3.49%–12.49%
Loan securitySecured
Repayment typeFixed rate
Minimum loan$5,000
Maximum loan$100,000
Minimum term12 months
Maximum term72 months
Minimum income requirementNot listed
Credit score rangeNot listed
Application fee$0
Late fee or penaltyNot listed
Returned check fee or penaltyNot listed
Restricted usesCar loan
States availableAlabama, Arizona, California, Colorado, Florida, New Mexico and Texas

Compare BBVA auto loans to other car loans

Rates last updated February 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be at least 18 years old, a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be at least 18 years old and a current resident of the US or Canada. Must be employed full-time or have guaranteed fixed income of at least $1,500/month.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must be at least 18+ years old; have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

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 more with autopay from a BBVA Compass checking account, which knocks 1% off your APR, by enrolling in Premier Personal Banking, Everyday Heroes, Workplace Solutions or Global Wealth for 0.25% off the base rate.
  • No prepayment penalties. Unlike other auto loans, you can pay off this one early without unexpected 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 available in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas only.

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 3.49% APR and no money down will result in 60 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:

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.

BBVA auto loan review 1

Complete the seven steps required for the online application to be contacted by a banker with BBVA Compass’s decision.

BBVA auto loan review 2

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.

Bottom line

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.

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