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Nationwide Bank auto loan alternatives
Compare lenders that offer similar auto financing 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
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
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.
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
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.
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