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Dollar Bank auto loans review

Dealership and private-party financing — but only for residents of 3 states.

Dollar Bank offers financing for new and used vehicles from a dealership or private party — though the more recent the model, the better deal you can qualify for.
It could be a good choice if you’d rather keep all of your finances in one place, since checking account holders can qualify for lower rates. But you’ll want to look elsewhere if you live outside the three states this local bank serves.


Max. Loan Amount

Starting at 5.49%



Max. Loan Amount$30,000
APRStarting at 5.49%
Interest Rate TypeFixed
RequirementsLive in eligible state, used car is no more than 8 years old

First, do I qualify?

You need to live in one of the three areas Dollar Bank serves to qualify for this loan:

  • Northeast Ohio
  • Western Pennsylvania
  • Hampton Roads, Virginia

You also must be purchasing a car that’s no more than eight years old. Dollar Bank doesn’t advertise credit or income requirements online. But you likely need to have excellent credit and a low debt-to-income (DTI) ratio to get the best deal from this lender.

What makes Dollar Bank auto loans unique?

Dollar Bank could be a good choice if you’d rather work with a local institution that rewards loyalty. Current customers can get a 0.25% interest rate deduction on all auto loans if they have an eligible checking account.

What types of car loans does Dollar Bank offer?

Dollar Bank offers the following types of car loans:

  • New car loans. Buy a new car from a dealership with rates starting at 5.49% APR.
  • Used car loans. Buy a model as much as eight years old from a dealership or private party with rates starting at 5.49% APR.
  • Auto loan refinancing. Trade in your current car loan for a better deal.

Maximum loan amounts, APRs and terms vary depending on the age of your vehicle. Here’s how it breaks down:

Model yearStarting APRMaximum amountMaximum term
20193.89%$30,0006 years
20183.89%$25,0006 years
20173.79%$20,0005 years
20164.14%$18,0005 years
20154.34%$15,0005 years
2011 to 20145.24%$10,0005 years

All starting APRs include a 0.25% customer loyalty discount for having a qualifying Dollar Bank checking account prior to applying.

Other vehicle financing options from Dollar Bank

In addition to car loans, Dollar Bank also offers boat and RV financing:

  • New boat loans. Borrow up to $25,000 with rates starting at 5.49% APR and terms up to 10 years.
  • Used boat loans. Borrow up to $10,000 with rates starting 5.99% APR and terms up to five years.
  • New RV loans. Borrow up to $50,000 with rates starting at 5.24% APR and terms as long as 15 years.
  • Used RV loans. Borrow up to $25,000 with rates starting at 5.99% APR and terms up to 10 years.

Once again, all starting rates include a 0.25% interest rate discount for having a qualifying Dollar Bank checking account before submitting an application.

What are the benefits of a Dollar Bank car loan?

From its customer loyalty discount to its private-party options, here are a few perks of taking out a Dollar Bank car loan:

  • Dealership and private-party loans. Many lenders only offer financing through a dealership, but Dollar Bank also lets you use the funds to buy from a private seller.
  • Customer discount. You can get an interest rate reduction of up to 0.25% if you already have a checking account with Dollar Bank.
  • Personalized service. Dollar Bank loan specialists prefer to walk you through the application themselves — ideal for borrowers who value face-to-face interactions.
  • Live chat available on website. You don’t necessarily have to pick up the phone if you have questions for a customer service representative.

What to watch out for

Consider these potential drawbacks before taking out a car loan from Dollar Bank:

  • Limited availability. Dollar Bank is only available in parts of three states — and not every city with a Dollar Bank has a Loans Center where you can apply in person.
  • Requires a visit. Even if you fill out your application online or over the phone, you still have to visit your local branch to sign your loan documents.
  • Low maximum amount. You’ll need to find another lender if you want to borrow more than $30,000 for a new or used car.
  • Limited website. You won’t find much information about how these car loans work on Dollar Bank’s website, meaning you’ll likely need to chat with a customer service representative.

Compare more car loan options

Name Product Filter Values Minimum credit score APR Loan term Requirements
No minimum credit score
3.9% to 27.9%
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans
Varies by network lender
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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.
CarsDirect auto loans
No minimum credit score
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Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
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.
Monevo Auto Loans
3.99% to 35.99%
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Dollar Bank customer reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 6 customer reviews
BBB customer complaints 20 customer complaints
App Store Score 4.6 out of 5 stars, based on 11,013 customer reviews
Google Play Score 4.3 out of 5 stars, based on 2,817 customer reviews
Customer reviews verified as of 16 October 2020

Dollar Bank doesn’t have much in the way of online customer reviews — in fact it doesn’t even have a Trustpilot page. It does have a Better Business Bureau profile, but there are only a handful of reviews and complaints. What’s there is generally negative, earning it 1 out of 5 stars for the customer review rating. None of the reviews revolve around the auto loan product, though there are general complaints about issues with payments.

How do I apply?

Dollar Bank recommends that you apply in person at a Dollar Bank Loan Center. You can find out if there’s a Loan Center near you through its website. Otherwise, you can call 800-242-2265 or follow these steps to get started online:

  1. Go to the Dollar Bank website.
  2. Click Personal in the main menu.
  3. Hover over Borrowing and click Auto/Boat/RV Loans.
  4. Scroll down and click Apply Now.
  5. Select whether you want to apply with a cosigner, the type of loan you want, how you plan to spend the funds and the Dollar Bank location where you’d like to close the loan.
  6. Read the disclosures and click Continue.
  7. Enter your personal and financial information. Click Continue.
  8. Enter details about the loan you’d like and the car you plan on buying. Click Continue.
  9. Add any additional notes and check the box agreeing to the terms.
  10. Enter your email address and click Submit.

After you submit your application, Dollar Bank sends you an email asking you to verify your email address. Once you do, you’ll receive instructions on how to complete your application. If approved, you’ll need to visit the branch you selected in the application to sign your loan documents.

What documents do I need to apply?

While Dollar Bank doesn’t specify what documents you need to provide, most car loan providers ask to see:

  • Government-issued ID. Lenders use a driver’s license or passport to verify your identity.
  • Proof of income. You likely need to provide recent pay stubs or bank statements to verify your income.

You’ll also need to know information about the car you’re purchasing, including the model, make, year and mileage. While the VIN isn’t required, it can speed up your application for a used car.

I got a Dollar Bank auto loan. Now what?

You can use your loan to purchase your car through a dealership or private seller. Your contract should outline when and how to make your monthly repayments. If possible, consider signing up for autopay so you don’t have to take the time each month to make repayments. Keep an eye on your account and contact customer service as soon as possible it you have any questions or concerns.

Bottom line

Dollar Bank could be a good choice if you’d prefer to borrow from a local lender in person. And unlike some car loan providers, you can use this loan for both private-party and dealership purchases. But it’s only available in a few states and doesn’t offer more than $30,000 in financing.

See how it stacks up to the competition with our guide to car loans.

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