KeyBank auto loans review May 2019 |

KeyBank auto loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

KeyBank auto loan

New and used car loans, refinancing and more — but only for residents of 15 states.

KeyBank is a one-stop shop when it comes to auto financing. Its wide range of loan amounts and terms mean you can use your funds to buy anything from a flashy new Ferrari to a beat up old Jeep — or refinance a car loan you already have. But you have to live in one of the 15 states where KeyBank operates to qualify. And it can sometimes take over a week to get your funds.
Product NameKeyBank auto loan
Min. Loan Amount$5,000
APRStarting at 3.89%
Interest Rate TypeFixed
RequirementsAges 18+, live in eligible state
  • Be at least 18 years old.
  • Live in an 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 6 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 new and used car loans, plus refinancing. All loans start at $5,000 and have no maximum amount, though how much you can borrow typically depends on the value of the car you’d like to buy and your debt.

APRs can go from 3.89% for new cars and 4.39% for used cars with a 0.25% discount for using autopay with a KeyBank account, though rates vary by state and loan amount. Terms range from 1 year to 6 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.

Does KeyBank finance any other vehicles?

It does. Through KeyBank, you can get financing for a motorcycle, boat or RV as well.

Motorcycle loans

You can use a KeyBank motorcycle loan to buy a new or used motorcycle or refinance you’re current motorcycle loan. Like with car loans, they start at $5,000 and have no limit other than the value of the vehicle you want to purchase.

The same rates and terms apply to all types of motorcycles and refinancing. Terms run from one to five years with rates varying by state, though they typically start slightly higher than car loans. Motorcycle loans come with a $125 origination fee and the same $150 prepayment penalty.

Boat loans

KeyBank boat loans cover new and used purchases in addition to refinancing. Loans start at $5,000 and have no ceiling. Terms run from one to 20 years, and rates vary by state and include a $125 origination fee. Like with KeyBank’s other loans, the $150 prepayment penalty also applies.

RV loans

You can finance a new or used RV through KeyBank or refinance your current RV loan. 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. KeyBank also charges a $125 origination fee on its RV loans, plus the $150 prepayment penalty.

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.

Compare more car loan providers

Updated May 21st, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
Varies by lender
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.
1 to 7 years
Find an offer and get rates from competing lenders without affecting your credit score.
Varies by lender
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.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

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.

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.

Already have a dealership in mind? 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.

Frequently asked questions

Was this content helpful to you? No  Yes

US Personal Loans Offers

Important Information*
Logo for Credible Personal Loans
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Logo for Even Financial Personal Loans
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Logo for LendingClub Personal Loan
LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

Logo for SoFi Personal Loan Fixed Rate (with Autopay)
SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site