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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.
$30,000
Max. Loan Amount
Starting at 5.49%
APR
Product Name | Dollar Bank auto loans |
---|---|
Max. Loan Amount | $30,000 |
APR | Starting at 5.49% |
Interest Rate Type | Fixed |
Requirements | Live in eligible state, used car is no more than 8 years old |
You need to live in one of the three areas Dollar Bank serves to qualify for this loan:
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.
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.
Dollar Bank offers the following types of car loans:
Maximum loan amounts, APRs and terms vary depending on the age of your vehicle. Here’s how it breaks down:
Model year | Starting APR | Maximum amount | Maximum term |
---|---|---|---|
2019 | 3.89% | $30,000 | 6 years |
2018 | 3.89% | $25,000 | 6 years |
2017 | 3.79% | $20,000 | 5 years |
2016 | 4.14% | $18,000 | 5 years |
2015 | 4.34% | $15,000 | 5 years |
2011 to 2014 | 5.24% | $10,000 | 5 years |
All starting APRs include a 0.25% customer loyalty discount for having a qualifying Dollar Bank checking account prior to applying.
In addition to car loans, Dollar Bank also offers boat and RV financing:
Once again, all starting rates include a 0.25% interest rate discount for having a qualifying Dollar Bank checking account before submitting an application.
From its customer loyalty discount to its private-party options, here are a few perks of taking out a Dollar Bank car loan:
Consider these potential drawbacks before taking out a car loan from Dollar Bank:
BBB accredited | No |
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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.
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:
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.
While Dollar Bank doesn’t specify what documents you need to provide, most car loan providers ask to see:
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.
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.
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.