Regions Bank car loans review February 2019 |

Regions Bank auto loans review

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Buy a new car or refinance your current loan, but only for residents of the Midwest and South.

Regions Bank can take you through the entire process of buying a new car or refinancing your current loan. While you’ll need to visit a branch to apply for a new or used car loan, it offers online tools to help you find a vehicle in your area and budget. Its rates aren’t the most competitive, however, and you’ll need to live in one of the 15 states it services to qualify.
Product NameRegions Bank Auto Loans
Min Loan Amount$5,000
Max. Loan Amount$100,000
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term6 years
RequirementsStrong personal credit, minimal debts, live in an eligible state and vehicle no more than 7 years old with 90,000 miles or less
  • Strong personal credit
  • Minimal debts
  • Live in an eligible state
  • Vehicle no more than 7 years old
  • Vehicle 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

  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Mississippi
  • Missouri
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas

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.

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Rates last updated February 21st, 2019

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Name Product Product Description Min. Credit Score Term of Loan Requirements Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
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.
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.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better 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.
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 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.

  1. Go to the Regions Bank website and click Borrow.
  2. Select Auto Loans.
  3. Scroll down and click Apply Now under Auto Loan In-Person.
  4. Enter your ZIP code or your state and city before hitting Find a Branch.
  5. 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.
  6. 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.
  7. Check your preliminary application for mistakes and review the terms and conditions before submitting it.
  8. 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.

Bottom 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.

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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