Regions Bank car loans review September 2019 | finder.com

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Regions Bank auto loans review

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Car loans and refinancing 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 need to visit a branch to apply for a new or used car loan, it offers online tools to help with the process. You’ll also need to live in one of the 15 states it services to qualify.

$5,000

Min. Loan Amount

$100,000

Max. Loan Amount

4.05% to 12.96%

APR

Details

Product NameRegions Bank Auto Loans
Min. Loan Amount$5,000
Max. Loan Amount$100,000
APR4.05% to 12.96%
Interest Rate TypeFixed
RequirementsStrong 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

  • 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 rates on Regions Bank car loans?

Regions Bank auto loans start at 4.05% APR. However, not everyone can qualify for a rate this low. Generally, you need to have excellent credit, high income, low debt obligations and a short terms to qualify for the most competitive rates.

What are the benefits of a Regions Bank car loan?

  • Car finder tool. Regions Bank can walk you through the car buying and car buying process.
  • No down payment required. You can get up to 100% LTV financing through this lender.
  • Rate 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

Updated September 21st, 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.
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.
Fair or better credit
From 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.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
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%
Connect with a network of over 150 lenders to refinance your car loan.
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

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.

How does the Regions’ car finder service work?

You can use Regions’s car-finder service before you get started on your application. Follow the first two steps in the application process and click Find a car instead of Auto Loans. Enter the make you’re interested in and your ZIP code to find a used or new car.

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. Otherwise, call 888-462-7627 with any questions about your car loan.

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.

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