Cheapest cars to insure

Nationwide Bank auto loan alternatives

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.

Compare lenders that offer similar auto financing options.

Nationwide Bank stopped offering auto loans in 2018. These loans boasted find large loan amounts, long terms and a generous discount if you sign up for autopay. While this online lender might be no more, you can find similar — or better — options.

Why doesn’t Nationwide Bank offer car loans?

Nationwide Bank announced was moving away from retail banking to focus on its retirement plan business. As a result, it’s no longer accepting applications for auto, boat, motorcycle or RV loans.

What does this mean for current customers?

At first, nothing changed for borrowers: You could still access your loan account through Nationwide Bank and make payments. Now, it’s moved all of its personal banking accounts over to Axos Bank.

If you have questions about your existing loan, email ACCTSPPT@nationwide.com. Be sure to include your name, address phone number and account number in the email. Typically it takes one business day to get a response. You might also be asked to provide a copy of a state-issued ID and a utility bill to verify your identity.

What did Nationwide offer?

Nationwide used to offer financing for new and used car from a dealership as well as auto loan refinancing. Loans started as low as $1,000 and topped out at $100,000 with rates starting at 2.55% APR.

Anyone with a Nationwide account could qualify for additional rate discounts and everyone could take advantage of its online car shopping service to compare dealerships while applying for a loan. Other features included the ability to hold of on repayments for up to 90 days and no restrictions on vehicle age as long as the car meets milage requirements.

3 alternatives to Nationwide Bank auto loans

While Nationwide Bank car loans might not be around anymore, there are similar options out there — some of which might even offer a better deal.

Best for a loan most similar to : LightStream

LightStream’s car loans are similar to what Nationwide Bank used to offer. This direct lender is the online division of SunTrust bank and offers loans up to $100,000. It also offers some of the most competitive rates out there — and could even beat the rates offered by other lenders in some circumstances.

It also offers more financing options than Nationwide did, such as funding for private-party loans. However, you can’t get preapproved and only borrowers with the strongest credit are eligible.

  • How much you can borrow: $5,000 to $100,000
  • APR: Competitive
  • Terms: 24 to 84 months
  • Eligibility requirements: Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Go to Lightstream's site

Best for low rates: PenFed Credit Union

With APRs starting at 2.49%, this credit union offers some of the lowest rates out there. It’s below Nationwide’s year-old starting 2.55% APR — which was available car loan rates were generally lower across the board. It also has one of the widest range of loan amounts, though terms don’t extend past 60 months.

While it’s not required, you might want to join ahead of time to take full advantage of benefits — especially the opportunity to get preapproved for a car loan.

  • How much you can borrow: $500 to $100,000
  • APR: Starting at 2.49%
  • Terms: Up to 60 months
  • Eligibility requirements: Active membership with PenFed

Read review

Best for large amounts and discounts: Alliant Credit Union

Alliant Credit Union offers funding up to $1 million — and has a special financing program for Teslas to boot. It also offers some of the most competitive discounts out there. You can qualify for a 0.4% discount just for using autopay and another 0.5% rate discount for using its car buying service.

However, it could take some extra time. You have to become a member before you apply, which many credit unions let you do during the application. Its rates are low, though not as competitive as what Nationwide used to offer.

  • How much you can borrow: $5,000 to $1 million
  • APR: Starting at 3.49%
  • Terms: Up to 84 months
  • Eligibility requirements: Must be a member of Alliant Credit Union, minimum credit score of 640, DTI under 50%, and be 18 or older.

Read review

Does Nationwide offer similar loans?

No. Currently Nationwide doesn’t offer any loans or banking products for regular consumers. However, you can still get auto refinancing through Axos, the bank that currently handles Nationwide’s loan repayments.

Axos auto loan refinancing

This online bank offers refinancing to borrowers with good credit and vehicles that have a high value. While rates aren’t as competitive as some other lenders out there, it doesn’t have restrictions on your car’s age. You can also hold off on repayments for up to 90 days and there are no penalties for paying it off early.

  • How much you can borrow: $10,000 to $90,000
  • APR: Starting at 4.45%
  • Terms: Up to 84 months
  • Eligibility requirements: 680 credit score or higher, loan from another lender, 125,000 miles or less, vehicle value between $8,500 and $90,000.

Compare more car loan providers

Updated October 20th, 2019
Name Product Filter Values Minimum credit score Loan term Requirements
300
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.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
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.
500
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
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.
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

Bottom line

Nationwide Bank might not offer car loans any more. But you can find similar products through other lenders like LightStream. Interested in learning about more options? Check out our guide to car loans.

Frequently asked questions

Image Source: Shutterstock

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com 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

Finder.com 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 finder.com 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