Buy a new car or refinance your current loan, but only for residents of the Midwest and South.
|Product Name||Regions Bank Auto Loans|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
|APR||6.64% to 12.96%|
|Interest Rate Type||Fixed|
|Requirements||Strong personal credit, minimal debts, live in an eligible state and vehicle no more than 7 years old with 90,000 miles or less|
First, do I qualify?
Regions Bank doesn’t have any hard eligibility requirements, though it does take your credit score and debt-to-income ratio (DTI) into account. You likely won’t qualify for the most competitive rates unless you have excellent credit and minimal debts.
If you don’t have a Regions Bank checking account, you’ll have to open one during the application process. You’ll also need to live in one of the 15 states that Regions Bank serves.
Buying a used car? Refinancing? Your vehicle cannot be older than seven years old and have less than 90,000 miles.
Regions Bank car loans are only available to residents of these states
- North Carolina
- South Carolina
What makes Regions Bank auto loans unique?
Regions Bank doesn’t just help finance a car, it can help you every step of the car-buying process. It’s partnership with TrueCar gives you access to a dealership near you and helps you find a vehicle in your budget without leaving your home. It even has a dedicated customer service line for customers who need help buying a car.
Already got a car in mind? Just want to refinance? Skip shopping around and get started on your application right away.
What types of car loans does Regions Bank offer?
- New car loans. Borrow between $5,000 and $100,000 or up to 110% of the car’s value to purchase a new vehicle.
- Used car loans. Get between $5,000 and $90,000 to buy a used car that meets Regions Bank’s eligibility requirements.
- Auto loan refinancing. Trade your current car loan with a balance between $5,000 and $100,000. Loan terms start at 3 years and can last as long as the remaining term on your current loan.
What are the benefits of a Regions Bank car loan?
- Autopay discount. If you sign up for automatic repayments from a Regions Bank checking account, you could get as much as 0.25% deducted from your interest rate if you meet other creditworthiness requirements.
- No fees to apply for refinancing. There are no fees associated with applying for refinancing through Regions Bank.
- Joint applicants allowed. You can apply with another person — like your spouse — to strengthen your application.
What to watch out for
- Upfront fees on purchase loans. Regions Bank charges an upfront application fee of $150 to apply for a loan for a new car. If approved, you can have that fee added to your loan amount.
- Complicated customer service. It’s not always clear where to call for questions about Regions Bank’s car loans — even if you call its auto loans line.
- Can’t refinance for a longer term. While you can refinance for shorter loan terms, you can’t be approved for longer terms than what’s on your current loan.
- Only available in 15 states. For most Regions Bank auto loans, you’ll need to visit a branch in person to complete your application — which are only located in 15 states.
Compare more car loan providers
How do I apply?
The application process depends on the type of loan you’re looking for. If you’re looking to refinance a loan or buy a used car, make sure that it has 90,000 miles or less and is no more than seven years old.
You’ll need to visit your local branch to fill out the application for a new or used car. For refinancing, you can also fill out an online application. Here’s how to set up an appointment in person.
- Go to the Regions Bank website and click Borrow.
- Select Auto Loans.
- Scroll down and click Apply Now under Auto Loan In-Person.
- Enter your ZIP code or your state and city before hitting Find a Branch.
- Select a branch near you before choosing whether you’re a new customer, already have an account with Regions Bank or have already started an application. Answer any additional questions before hitting Continue.
- Follow the directions to complete the preliminary car loan application. If you don’t have a Regions Bank account, this will include setting up a checking account.
- Check your preliminary application for mistakes and review the terms and conditions before submitting it.
- Wait for Regions Bank to reach out and set up an appointment to go over your application.
Typically, you can get a preapproval decision in one to three business days. Once your loan is finalized, you’ll go to your branch again to sign the documents. At that point, Regions Bank directly sends funds to your dealership or current car lender.
What documents does Regions Bank typically ask for?
It depends on your type of loan. Regions Bank might ask to see the following documents:
- Your current car title.
- A car buyer’s order.
- Your current loan’s payoff amount.
- Your driver’s license.
I got a car loan from Regions Bank. Now what?
Consider signing up for automatic payments from your Regions Bank account — even if you don’t qualify for the 0.25% rate discount, you won’t to remember to make repayments each month. If you don’t have enough funds in your account when a repayment is due, Regions Bank charges a $15 returned payment fee.
Keep an eye on your loan balance and bank account. If you notice anything off or have any questions, you might have more luck reaching out to your local bank than calling the standard customer service line.
Regions Bank offers the nuts and bolts of auto financing: new car loans, used car loans and refinancing. The application is a bit involved, however, and you’ll need to apply in person if you’re looking to purchase a vehicle. Plus, with APRs starting at a relatively high 6.64%, you may be able to find more competitive rates elsewhere.
Want to learn more about how car financing works? Check out our car loans guide and compare more lenders.