KeyBank auto loans review December 2018 | finder.com

KeyBank auto loans review

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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
Max. Loan Amountnone
APR3.89% (starting at)
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term6 years
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% (starting at) 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 yearsdepending 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.

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Rates last updated December 14th, 2018

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Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
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Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
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510
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LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
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MotoRefi Car Loan Refinancing
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LendingTree Auto Loans
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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

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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