Fifth Third Auto Loans: Dealer Financing, Refinancing and Discounts

How Fifth Third auto financing works

Fifth Third's auto financing page covers loans for new and used vehicles and the refinancing of existing car loans. It mentions flexible repayment terms, but it does not list term lengths.^[1]

For a purchase, the page is aimed at people who have already found a car at a dealership: it tells them to ask whether the dealership participates in Fifth Third's lending program. The page does not describe applying for a purchase loan directly on Fifth Third's website; the route it describes runs through the dealer.^[1]

For refinancing, Fifth Third says a new loan may lower your interest rate or your payment. You can also keep paying the same amount and pay the loan off sooner.^[1]

Who it suits

Fifth Third's auto page does not publish a minimum credit score, income requirement, or limits on the vehicle's age or mileage. Its disclosure says only that all loans are subject to credit review and approval.^[1]

Most of the published benefits depend on your relationship with the bank. The automatic-payment discount needs a Fifth Third checking account, and Fifth Third says you may be eligible for more discounts based on your checking relationship. Preferred Checking customers may be eligible for additional loan benefits and are told to ask their Preferred Banker for details.^[1]

• Our view of a likely fit: you already bank with Fifth Third, or your chosen dealership offers Fifth Third financing, and you are ready to compare its quote with others.
• Our view of a weaker fit: you want to see published rates before you talk to anyone, or you are buying from a private seller. The auto page describes only dealership purchases and refinancing.

The page does not say which dealerships or states take part. If Fifth Third financing matters to you, ask the dealership before you negotiate.^[1]

Rates, terms and discounts

Sources^[1]

Without a published rate range, the only way to know your cost is a written quote. At a dealership, ask for the APR, the term and the total amount you will repay, and ask which lender the contract is with.

Fifth Third charges daily simple interest. Each day, it multiplies the outstanding principal by the daily rate, which is the annual rate divided by the number of days in the year.^[2]

Fees, add-ons and paying off early

Fifth Third's auto page does not list loan fees. Its FAQ answer on paying a loan off early covers only refunds on add-on products and does not mention a prepayment penalty either way. Ask for the fee and prepayment terms in writing before you sign.^[1][2]

If you pay off early, you may be entitled to a full or partial refund of Guaranteed Asset Protection (GAP) coverage. The same applies to optional service or maintenance contracts if you have transferred ownership or the car was a total loss, as long as coverage remains. Fifth Third tells borrowers to contact the seller, most often the dealer who sold the car, to find out.^[2]

Because these products are usually sold with the car, ask the dealer for the price of each one separately and whether it is optional before you agree to add it to the loan.

How applying, paying and payoff work

For a purchase, you start at a participating dealership. For refinancing and questions, the auto page we checked offered an appointment scheduler and a sales phone line rather than an online application form.^[1]

• After the loan is set up, you can register for online access with your loan documents or Welcome Kit.
• Payments can be made in the Fifth Third mobile app, online, by phone or by mailed check or money order.
• Automatic payments are set up in the app or online banking, and they are also how you qualify for the 0.25% discount.
• If you have trouble making payments, Fifth Third asks you to contact it right away to discuss the options available.

Sources^[1][2]

Fifth Third says it releases vehicle liens within 10 business days of payoff. If it held a paper title, you receive the title with the lien released. If the lien was held electronically with your state, you get a letter with instructions for that state.^[2]

If you move to another state and do not work with Fifth Third to transfer the vehicle, the title and release are handled under your prior state's rules. Updating your address with the bank does not update it with the DMV.^[2]

Limits and fine print

• No published APR range, term lengths, loan amounts or fee schedule.
• Purchase financing depends on the dealership taking part in Fifth Third's lending program.
• The automatic-payment discount requires a Fifth Third checking account.
• The refinance discount applies only to loans from other lenders.
• All loans are subject to credit review and approval, and the credit criteria are not published.
• With daily simple interest, late payments add interest and can make the final payment larger.

Sources^[1][2]

What to compare it with

Because Fifth Third does not publish rates, get at least one outside quote before you visit the dealer. Then you can tell whether the dealer's Fifth Third offer is competitive.

• A credit union or your own bank, which may give you a preapproval to bring to the dealer.
• An online lender that publishes its rate range, so you have a benchmark.
• Manufacturer promotional financing on new cars, compared on APR and total cost, not only the monthly payment.
• Keeping your current loan, if a refinance would save only a small amount over the remaining term.

• What is the APR, and is it fixed?
• How many months, and what is the total amount repaid?
• Are there fees, and is there a penalty for paying off early?
• Which add-ons are in the loan, and are they optional?
• Which lender holds the contract and the lien on the car?