Nationwide Bank auto loans review October 2018 | finder.com

Nationwide Bank auto loans review

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Score financing of up to $100,000 with a generous autopay discount and no prepayment penalties.

While searching for a new car can be fun, finding the right financing is probably not on your top ten list of Saturday activities. Fortunately, whether you’re a policyholder of Nationwide or not, you can apply for an auto loan through its affiliate, Nationwide Bank. Here, you’ll find large loan amounts, long terms and a generous discount if you sign up for autopay. It’s an online-only bank, however, so if you’re hoping to take out an auto loan in person, you’ll have to look elsewhere.
Product NameNationwide Bank auto loans
Min Loan Amount$1,000
Max. Loan Amount$100,000
APR2.55% (as low as)
Interest Rate TypeFixed
Minimum Loan Term4 years
Maximum Loan Term7 years
RequirementsCan’t be used to finance a non-personal vehicle or a used car with over 150,00 miles or over 20 years old; cars over 100,000 miles are only eligible for 5-year financing
  • Employed with a regular income.
  • A US citizen or legal resident.
  • At least 18 years old.

Nationwide Bank is no longer accepting auto loan applications

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

Visit our guide to car loans to compare other providers and learn more about how they work.

What does this mean if you already have an auto loan through Nationwide Bank? As of August 2018, nothing has changed for you. You can still access your loan account through Nationwide Bank and make payments. Later this year, it plans to move all of its personal banking accounts over to Bank of Internet USA.

If you have questions about your existing loan, you can call Nationwide Bank’s customer service team at 877-422-6569 weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 9 a.m. to 2 p.m. ET.

First, am I eligible?

To qualify for an auto loan with Nationwide, you need to be:

  • Employed with a regular income.
  • A US citizen or legal resident.
  • At least 18 years old.

What makes Nationwide Bank unique?

You’ve likely seen Nationwide commercials and heard its catchy jingles. But you might not have known that this insurance giant also has a bank that offers auto loans. You can apply online any time, and the application only takes a few minutes to fill out.

If you’re preapproved for an auto loan, you can use it to shop around at dealerships and increase your bargaining power. Once you find the right car, Nationwide Bank sends your loan directly to the dealership so you can close the deal and drive off in style. And if you apply for auto loan refinancing, Nationwide pays off your previous loan, meaning you don’t have to worry about transferring money from one lender to another.

What types of car loans does Nationwide Bank offer?

  • New car loans. You can use a Nationwide Bank auto loan preapproval to shop for a new car. With APRs under 6% for the majority of loan options, saving on your monthly payments is easy.
  • Used car loans. Find a good deal on a used car at a dealership? Nationwide Bank has loans to cover nearly any amount, and your APR could be under 6% if you sign up for autopay and have excellent credit.
  • Car loan refinancing. Already have a loan, but looking to extend your term or get a lower interest rate? You can refinance your car loan with Nationwide Bank, which has APRs as low as 3%.

The amount you finance, your loan term and your credit determines your interest rate, and your choice between a new car loan, used car loan or loan refinancing.

What are the benefits of a Nationwide Bank auto loan?

  • Lower APR for members. Have a Nationwide insurance policy or already a member of Nationwide Bank? You may qualify for a lower starting rate.
  • Generous autopay discount. Sign up for automatic payments and receive 1% off your loan’s APR — much higher than the usual 0.25% offered by its competitors.
  • No prepayment penalties. Pay off your car loan early without incurring additional fees.
  • Nationwide Auto Shopping Service. Once you’re preapproved for a loan, you can access the Nationwide Auto Shopping Service to view cars near you to help compare dealership prices and offers available.

Are there any drawbacks?

  • Online bank. If you’re looking for a bank with regional branches to service your car loan, look elsewhere. Nationwide Bank is online only. You can’t visit a branch if you have questions about your loan.
  • Other fees not included. Nationwide Bank won’t cover the sales tax, license and registration fees, dealer fees or extended warranty fees. Only the actual vehicle you buy can be financed.
  • High APRs for small loans. Loans less than $10,000 are charged a minimum APR of 10%, but this amount will likely be higher based on your loan term, credit and if you choose not to use automatic payments.

Other vehicle loan options

You’re not limited to just new and used cars with a loan from Nationwide. You can also get financing to purchase a boat, get a loan for your RV and a loan for your motorcycle. The process is largely the same as with an auto loan, but you’ll need to go through an authorized dealership and will be subject to higher interest rates.

  • Boat loans. Borrow between $2,000 and $150,000 through Nationwide Bank. Loan terms extend up to 144 months for amounts greater than $25,000.
  • Motorcycle loans. Borrow between $2,000 and $50,000 for a new or used motorcycle with terms ranging from 4 years to 5 years.
  • RV loans. Borrow between $5,000 and $200,000 for a recreational vehicle. Like boat loans, amounts over $25,000 are eligible for a 144-month term.

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Rates last updated October 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
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.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 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.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.

Compare up to 4 providers

What does the Internet say about Nationwide Bank?

Nationwide Bank is an affiliate of Nationwide Mutual Insurance Company. Because of this, many of the reviews left online concern the services offered by the insurance company, not the bank itself. However, there are a handful of reviews from borrowers who have taken out a car loan with Nationwide Bank.

People claim both positive and negative experiences with its customer service team, and many complaints concern mailing in documents to Nationwide Bank rather than submitting them online. Multiple borrowers who refinanced their auto loans with Nationwide said there was confusion over their car’s title, with the bank threatening to raise their interest rates to 24.99%

On the more positive end of the spectrum, borrowers say that preapproval is usually quick and interest rates are much lower than its competitors.

How do I apply?

To apply for a car loan from Nationwide Bank, you’ll need to be a US citizen or permanent resident, at least 18 years old and have a regular source of income.

  1. Visit the Nationwide Bank site and navigate to the loan application page.
  2. Select what type of loan you’re applying for, the purpose of the loan and enter an offer code if you have one.
  3. Select whether you want to apply as an individual or with a coapplicant.
  4. Enter personal information about you and your coapplicant, if applicable.
  5. Enter information about your address.
  6. Enter information about your employment and income.
  7. Submit your application.

If you’ve lived at an address or been employed at your current job for less than two years, Nationwide Bank will require you to enter information about your pervious place of residence or employment.

What documents will I need?

Nationwide Bank generally requires the following documents when you apply for preapproval:

  • Copy of a state-issued ID.
  • Proof of income.
  • Proof of residence.

Other documents may be necessary depending on your credit score and the loan you’re seeking.

What happens after I’m preapproved?

Once you’ve received a preapproval offer, you’ll have 30 days from the start of your application to shop for a car and submit documents for official approval. Once you’ve found a car at a dealer that suits your needs, contact Nationwide Bank. You’ll be sent the information you need to pay the dealer, which can then confirm the sale through Nationwide Bank and direct the payment to the correct account.

Your loan documents outline your monthly or biweekly payment amount based on your APR and loan term. You can start paying these by check or account transfer.

Keep an eye on your bank account and loan balance. If anything seems off, reach out to Nationwide Bank’s customer service team by calling 877-422-6569.

Bottom line

Nationwide is known for its insurance, but that doesn’t mean you can’t find an auto loan with low rates through its affiliated bank. Its auto loans come with a generous autopay discount and long terms, but you won’t be able to include the costs of tax or license and registration fees in the amount you borrow. If you don’t have the savings to pay for these costs up front, you may want to look elsewhere or compare your other car loan options.

Interested in Nationwide car insurance? Read our review.

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