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Fifth Third Bank auto loans review

Last updated:  

Residents of 10 states can look forward to large loans offered by this bank.

  • Best for current Fifth Third customers looking to buy a car from a dealership.
  • Pick something else if you want transparent rates before applying.

$2,000

Min. Loan Amount

$80,000

Max. Loan Amount

Not stated

APR

Details

Product NameFifth Third Bank auto loans
Min. Loan Amount$2,000
Max. Loan Amount$80,000
APRNot stated
Interest Rate TypeFixed

Expert review

Kellye Guinan

Review by


Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

Fifth Third bank has been around for over 160 years — and its car loans are pretty standard, if slightly antiquated. You won’t receive monthly statements, but you will get a coupon book that outlines every payment.

But for your final payoff amount, you’ll have to call in. The system is less than modern, but it does give you a broad look at how interest will add up over the life of your loan.

And while it has some pretty good discounts for existing customers and people refinancing car loans from a different provider, Fifth Third doesn’t state how much borrowing might cost you. To find out more, you’ll need to apply.

Before settling on Fifth Third, be sure to compare more auto loan lenders to find the best deal.

First, am I eligible?

To qualify for an auto loan from Fifth Third Bank, you must meet some basic eligibility criteria:

  • Resident of a state Fifth Third services
  • US citizen or permanent resident
  • At least 18 years old

Fifth Third Bank will also consider your income, debts and credit when reviewing your loan request.

Where does Fifth Third Bank have branches?

Fifth Third Bank has branches in 10 states:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • Tennessee
  • West Virginia

What types of car loans does Fifth Third Bank offer?

Fifth Third Bank offers four types of car loans:

  • New car
  • Used car
  • Car loan refinance
  • Cash out refinance

However, it doesn’t provide details about its interest rates online. For more information, you will need to call Fifth Third or schedule an appointment at your local branch.

Pros

  • 0.25% discount for Preferred and Enhanced checking account holders
  • 0.25% rate discount for refinanced loans
  • Option to wait 90 days to make first payment
  • Wide range of loan amounts

Cons

  • Only available in 10 states
  • Must make an appointment to apply
  • No private-party auto loans
  • Loan fee of $165

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Fifth Third Bank reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 149 customer reviews
BBB customer complaints 1,135 customer complaints
Trustpilot Score 2.7 out of 5 stars, based on 9 customer reviews
App Store Score 4.5 out of 5 stars, based on 13,960 customer reviews
Google Play Score 4.4 out of 5 stars, based on 40,969 customer reviews
Customer reviews verified as of 19 October 2020

As of October 2020, Fifth Third Bank has over 1,100 customer complaints lodged against it through the Better Business Bureau (BBB). Its customer reviews on the BBB site are also overwhelmingly negative, with many customers reporting issues with making car loan payments — including one customer who claims to have been harassed about late payments despite being on an autopay plan.

How do I apply?

You’ll need to schedule an appointment to apply. To do so, follow these five steps:

  1. Visit Fifth Third Bank’s website and click Schedule an appointment to begin.
  2. Select Personal borrowing and click Continue.
  3. Enter your city and state or ZIP code, select the branch nearest to you and click Continue.
  4. Choose the date and time that works for you and select Continue.
  5. Enter your first and last name, email address and phone number. Then click Schedule it to confirm your appointment.

What documents do I need to apply?

To apply for a car loan with Fifth Third Bank, you’ll need to provide some basic information:

  • Date of birth
  • Social Security number
  • Monthly housing payment
  • Gross annual income

How do repayments work?

You make a payment one of five ways:

  • Through Fifth Third’s website
  • By mail
  • By phone — may be charged an additional fee
  • Through wire transfer or a third-party service
  • At a Fifth Third branch

Your first repayment will be due 30 days after your loan is finalized. Fifth Third will mail you a coupon book that covers all of your monthly payments — excluding the final repayment.

Your coupon book covers the same information as a monthly billing statement. Review it or log in to your account on Fifth Third’s website to see your past payments and future due dates.

If you don’t live near a Fifth Third branch, read our guide to car loans and compare more options.

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