Regions Bank auto loans: 2024 review

Best for large loan limits

Regions Bank lets borrowers get and refinance auto loans for up to $125,000 and gives them the option to borrow as much as 130 percent of their car’s value. That high limit and flexibility with loan-to-value ratio mean that you can work with the bank to finance a very expensive vehicle, closing costs and all.

Auto loan types offered

Regions Bank offers auto loans for drivers looking to finance a new or used vehicle or refinance an existing auto loan. You can borrow anywhere between $5,000 and $125,000.

Financing with Regions includes complimentary guaranteed asset protection (gap) coverage for new or pre-owned vehicles. Gap coverage protects you against vehicle payments if something were to happen to your vehicle. Most lenders charge for this coverage.

New and used auto loans

• Amounts: $5,000-$125,000
• Terms: Not specified
• APR: 7.24%-16.99% with autopay

Regions Bank allows for a high loan-to-value ratio — up to 110 percent on private party purchases and 130 percent on those from dealerships. But while borrowing extra can be useful for covering titling, taxes or other expenses, borrowing more than your vehicle is worth can increase the chance of becoming upside-down on your car loan.

Refinance loans

• Amounts: $5,000-$25,000
• Terms: No longer than the remaining term of the existing loan
• APR: 7.24%-16.99% with autopay

Regions does not provide much information about its auto refinance program. However, it does not have a separate refinance application, so you will follow the same process as with its new and used auto loans. If you have questions about if your loan qualifies, email, call or visit Regions.

Where Regions Bank auto loans stand out

• High maximum loan amount. You can borrow up to $125,000 in a single loan, with a maximum LTV of 130%, giving you a lot of flexibility.
• Autopay discount. Setting up automatic payments from a Regions checking account will save you 0.25 percent off your interest rate.
• Offers EV auto loans with a discounted rate. The lender offers interest rate discounts for auto loans used to purchase electric vehicles.

Where Regions Bank auto loans fall short

• Limited state availability. Auto loans from Regions are only available in 15 states, mostly in the South and Midwest.
• No prequalification. The only way to see if you’re eligible and get a sense of the cost of a loan is to submit a full application.
• Restrictive used car requirements. You can only use a Regions auto loan to finance a used car that is no more than 7 years old and that has fewer than 90,000 miles. Some other lenders set higher limits, such as 10 years and 100,000 miles.

Regions Bank customer support

Regions Bank offers support through phone and secure online message. You can get assistance by phone six days a week. Hours are Monday through Friday, 6 a.m. to 7 p.m. CT and Saturday from 8 a.m. to 2 p.m.

How this lender compares

Regions Bank versus Fifth Third Bank

Fifth Third Bank is a Cincinnati-based bank that also offers auto loans and refinancing on new and used vehicles. Like Regions, it only offers loans in a small selection of states, mostly in the Southern and Midwestern U.S. However, it partners with dealers to offer indirect loans in other states.

Fifth Third doesn’t specify interest rates offered on their auto loans, but they do offer loans to borrowers who don’t have perfect credit. If you can qualify, you may receive a lower rate with Fifth Third. Where Regions Bank excels is in loan amounts. You can borrow up to $125,000 from Regions compared to Fifth Third’s $80,000 limit.

Regions Bank versus Bank of America

Bank of America is one of the largest banks in the United States and offers auto loans in all 50 states.

Bank of America offers the helpful option to get approved and lock in an interest rate for 30 days. That gives you time to shop around and find the right vehicle for your needs.

However, Regions has a lower minimum loan amount and lower minimum interest rate, which may be useful for people who want to buy a cheaper used car. Bank of America’s loans start at $7,500. 

Do you qualify for a Regions Bank auto loan?

Regions Bank doesn’t publicly disclose its income or credit requirements, so it can be hard to know if you qualify for a loan without contacting the bank or submitting an application.

It does publish some requirements for used car financing, but these relate to the vehicle rather than your financial profile. To qualify for used car financing or refinancing, the vehicle must:

• Be no more than 7 years old
• Have fewer than 90,000 miles

You must also live in one of the 15 states Regions Bank serves.

How Bankrate rates Regions Bank