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KeyBank auto loans review

Car loans, refinancing and more for residents of 15 states.

KeyBank is a one-stop shop when it comes to auto financing, with a wide range of loan amounts and terms. But it’s only available in 15 states and it can take over a week to get your funds.

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Min. Loan Amount

Varies by state



Min. Loan Amount$5,000
APRVaries by state
Interest Rate TypeFixed
RequirementsAges 18+, live in eligible state

First, do I qualify?

KeyBank only has two hard eligibility requirements:

  • Be at least 18 years old
  • Live in an eligible state

However, the bank considers your personal finances when you apply for a loan. You’ll likely get the best deal if you have good credit, a steady income and minimal monthly debt obligations.

Eligible states

  • Alaska
  • Colorado
  • Connecticut
  • Idaho
  • Indiana
  • Maine
  • Massachusetts
  • Michigan
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Utah
  • Vermont
  • Washington

What makes KeyBank auto loans unique?

KeyBank’s car loans are uniquely flexible. Starting at a relatively low $5,000 with no cap and terms as long 20 years, there’s a good chance you’ll find what you’re looking for. It could also be a particularly good deal if you’re a KeyBank account holder: You’ll score a 0.25% rate discount if you sign up for autopay.

What types of car loans does KeyBank offer?

KeyBank offers three different types of auto loans:

  • New car loans. Borrow to purchase a new vehicle from a dealership.
  • Used car loans. Funding to buy a used car from a dealership.
  • Auto loan refinancing. Trade in your current car loan for a better deal.

How much you can borrow typically depends on the value of the car you’d like to buy and your debt. Terms range from 1 year to 20 years depending on how much you’re borrowing. Larger loan amounts — over $25,000 — come with the longest terms and lowest starting rates.

KeyBank doesn’t charge an origination fee for its auto loans, though you have to pay a $150 prepayment penalty if you pay off your loan in the first 18 months.

What rates can I expect?

The rates you can expect vary depending on your location, how much you borrow, term length and if the car is used or new. Here’s what you might expect from key bank with a 0.25% autopay discount:

TermNew car starting APRUsed car starting APR
12–36 months3.89% – 5.39%3.79% – 5.64%
37–48 months3.34% – 5.44%3.84% – 5.69%
49–66 months3.49% – 5.24%3.99% – 5.19%
67–72 months3.64% – 4.89%4.14% – 5.04%

Generally, the more you borrow, the lower the rate you can get. Borrowing more also makes you eligible for longer terms — car loans under $10,000 are only eligible for up to 48-month terms. Different states might have different starting APRs.

Does KeyBank finance any other vehicles?

It does. Through KeyBank, you can get financing for a new or used motorcycle, boat or RV. Key bank also offers refinancing for these vehicles. These loans come with a $125 origination fee and a $150 prepayment penalty.

  • Motorcycle loans. Get a loan that starts at $5,000 with terms from one to five years.
  • Boat loans. Borrow starting at $5,000. Terms run from one to 20 years, rates vary by state.
  • RV loans. These loans start at $5,000 and terms range from one to 20 years. As with KeyBank’s other vehicle loans, rates vary by state and depend on your loan amount and term.

What are the benefits of a KeyBank auto loan?

The wide range of loan amounts and autopay discount are just two of the benefits of financing a car through KeyBank.

  • No fee to apply. KeyBank doesn’t charge application or origination fees on its auto loans — though its other vehicle financing options come with a $125 origination fee.
  • Autopay discount. You can shave 0.25% off your interest rate by signing up for automatic payments from a KeyBank account.
  • No maximum amount. There’s no limit to how much you can borrow, other than your personal finances and the cost of the car you’re purchasing.
  • Accepts coapplicants. Sharing your car with someone else? You can also share the responsibility of paying back the loan and combine your income and credit ratings by applying together.
  • Online support. You can chat with a customer service representative without having to pick up the phone if you have any questions about your application.

What to watch out for

Though KeyBank’s auto loans come with plenty of perks, keep these potential drawbacks in mind before applying with this lender.

  • Only available in 15 states. You must live in an eligible state to apply for a KeyBank auto loan.
  • Prepayment penalty. If you pay off your loan within the first 18 months of your loan term, you’ll have to pay a $150 fee.
  • Few stated requirements. KeyBank considers factors like your credit score and income when you apply for a loan, but doesn’t state any minimum requirements.
  • Long turnaround time without KeyBank account. It can take up to 10 days to get your money if you don’t have an account with KeyBank and apply online.

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KeyBank reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.1 out of 5 stars, based on 108 customer reviews
BBB customer complaints 309 customer complaints
Trustpilot Score 2.8 out of 5 stars, based on 9 customer reviews
App Store Score 4.4 out of 5 stars, based on 21,536 customer reviews
Google Play Score 3.8 out of 5 stars, based on 24,225 customer reviews
Customer reviews verified as of 19 October 2020

The two reviews specifically addressing auto loans with KeyBank on its Better Business Bureau profile are both negative. Both report issues with communication, which is a common theme throughout the reviews regardless of the specific product.

How do I apply?

Before you apply, double-check that you live in an eligible state. KeyBank also doesn’t lend to customers younger than 18. Meet these requirements? You can either apply online or directly through your dealership.

Here’s how to get started on the application online:

  1. Go to the KeyBank website and click Products in the main navigation bar.
  2. Select Loans & mortgages, then click Vehicle loans.
  3. Scroll down until you see the section on Auto & motorcycle loans. Click Learn more.
  4. Click Apply Now under the header Auto Loans.
  5. Select Start a new application if you’re new to KeyBank or Save time if you already have an account.
  6. Fill in the required fields with your personal and contact information.
  7. If you plan on applying with a cosigner, check the box at the bottom and enter their information. You can also add them to your application later by visiting a KeyBank branch or calling 800-539-9055. Click Continue.
  8. Complete the form with your bank account information and click Continue.
  9. Review and submit your application.

What happens after I apply?

After you submit your application, a KeyBank representative should get back to you with a decision in two business days. If you like the offer and want to move forward with the loan, you can review and sign your loan documents. KeyBank then deposits your funds directly into your account if that’s where you bank. Otherwise, it’ll send you a check, which can take up to 10 days to arrive. Once you have your money, you’re free to go to the dealership and buy your car.

Can I get KeyBank financing directly through my dealership?

You can go directly to your dealer and ask them to finance your car through KeyBank. They’ll handle the application and have the funds directly sent to them, which can often speed up the process. Depending on the dealership, you might be able to drive away in your new wheels as soon as you sign your documents.

What documents do I need to apply?

It depends on your application and personal financial situation. However, you might be asked to provide one or more of the following documents:

  • Government-issued ID. Unless you already have an account with KeyBank, it’ll ask to see your driver’s license or another government-issued ID to verify your identity.
  • Recent tax returns. KeyBank might ask to see your most recent tax return to get an idea of your monthly income and personal finances as a whole.
  • Bank statements. Bank statements give KeyBank an idea of the money you have coming in and out each month.
  • Pay stubs. It’s common for lenders to ask to see recent pay stubs to verify your income.

I got an auto loan from KeyBank. Now what?

Once you’ve financed your car through KeyBank, it’s time to start paying off your loan. KeyBank account holders in particular might want to sign up for autopay to take advantage of the 0.25% rate discount. But other borrowers should consider this option as well — that way you won’t accidentally forget a repayment.

Have any questions about your loan? Reach out to KeyBank’s customer service team by calling 800-539-2968.

Bottom line

With no limits to how much you can borrow, KeyBank’s auto loans could be ideal if you have your eye on an expensive car. It’s also a solid choice if you’re looking to apply with a coapplicant to strengthen your application. But it’s not available in every state and can take up to 10 days to get your funds if you don’t bank with KeyBank.

Find out how it compares to other lenders by reading our guide to car loans.

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