Fifth Third Bank auto loans: 2024 review

Best for multiple discounts for bank customers

Fifth Third gives its car loan customers more opportunities to save than many other auto lenders. In addition to the standard autopayment discount, you could be eligible for additional discounts depending on your Fifth Third checking account type. You could even get an extra discount if you replace your current auto loan with new Fifth Third auto financing.  

New/used car loans

Fifth Third loans are available for new and used cars wherever they do business. Fifth Third recommends asking the dealership if they participate in its lending program. Alternatively, you can apply for a loan directly through Fifth Third. You could get extra membership discounts if you apply directly through the bank.

The bank offers a wide range of terms, from one year for a quick payoff to an option to spread your payment over 75 months. The extra flexibility is helpful if you want a lower payment that fits your budget with a longer term or a short term to be paid off fast and minimize your interest charges. 

Refinance loans

If you’re stuck with a high auto rate, consider exploring auto loan refinancing rates. The process aims to lower your rate and payment. Falling rates may also allow you to switch to a shorter term and pay off your current balance faster without a bump in your payment. A bonus: If you refinance a non-Fifth Third loan, you’ll be eligible for an extra rate discount. 

Where Fifth Third Bank stands out

• Variety of discounts available: Becoming a Fifth Third banking customer could help you snag an impressive array of discounts if you set up automatic payments, have a preferred checking account or refinance an auto loan from another company. 
• Multiple repayment terms: Choose between paying off your loan in as little as 12 months or spreading it out over six years. Just remember, longer periods cost you more in interest over time. 
• Wide range of loan amounts: Fifth Third’s low $2,000 minimum may be handy if you’re buying a used clunker to drive short distances. Alternatively, the $80,000 maximum may be a better fit for a new, more expensive car purchase.

Where Fifth Bank falls short

• Undisclosed APRs: Unlike some lenders that share potential rates directly online, Fifth Third does not. If you want a ballpark of what kind of rate you will receive, you will need to apply. 
• No qualifying information: The bank also shares very little information on requirements. Fifth Third doesn’t disclose minimum credit score, income or details of what types of vehicles you can finance.
• No prequalification: You can schedule an appointment to talk to someone about a new loan, but prequalification isn’t an option. This can make it more difficult to gauge your expected rates and terms. 

Fifth Third customer resources

Customer support

You can phone a Fifth Third representative Monday through Friday from 8 a.m. to 6 p.m. ET and Saturday from 10 a.m. to 4 p.m. ET. The customer service center is closed on Sundays. 

Digital experience

Fifth Third offers a mobile app with 24/7 online access. The App Store gives it a 4.7 out of 5 with more than 449,000 ratings online. Users can access all of their accounts, view transactions, pay bills and find out if there is a nearby branch in the 11 states the lender does business in. 

How this lender compares

Fifth Third vs. Regions Bank

You can’t borrow less than $5,000 at Regions, which means you might not be able to finance an older used high-mileage car. But Fifth Third allows you to borrow as little as $2,000 for an auto purchase. Regions also enforces specific limits on the age and mileage of the vehicle you can finance, which may add extra hoops to buying used that Fifth Third doesn’t require. 

Regions advertises rates just above 7 percent, whereas Fifth Third’s rates are unpublished. Regions is also a better choice for expensive cars, with loan amounts available up to $125,000. That’s $45,000 more than Fifth Third’s maximum loan limit. 

Fifth Third vs. Bank of America

Fifth Third is a better choice if you need term flexibility, with a 75-month term maximum compared to Bank of America’s 60-month cap. If you’re in the market for an older vehicle priced below $7,500, Fifth Third is the clear choice with its $2,000  minimum loan amount. 

Bank of America auto loans are available nationwide, which is good news if you’re not in one of the 11 states Fifth Third does business in. APRs also start at 5.34 percent, giving you an idea of what your rate might be since Fifth Third doesn’t publish any rates online.

Do you qualify for a Fifth Third auto loan?

You’ll need to live in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee or West Virginia to qualify for a Fifth Third auto loan. 

Although Fifth Third doesn’t specify its requirements for an auto loan, in general, you need good credit, regular income from a stable job and a new vehicle with reasonable mileage. To get the best auto loan rates, you’ll need higher credit scores and a lower debt-to-income ratio. 

Vehicles not eligible for vehicle financing

You won’t be eligible for a Fifth Third auto loan unless you live in a state where they do business. Fifth Third doesn’t publish any limitations online regarding the age, mileage or type of vehicle that can be financed. If you get preapproved for car financing, make sure you ask the loan officer if they know about vehicle restrictions that might affect your ability to get approved. 

How Bankrate rates Fifth Third Bank

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.