Fifth Third auto loans are installment loans for vehicle purchases, offered through Fifth Third Bank branches and online

Fifth Third Bank, a regional bank headquartered in Cincinnati with branches across the Midwest and South, offers auto loans for new and used vehicles. You can borrow through a Fifth Third branch, online, or sometimes through a dealer's financing network. The bank structures these as standard installment loans — you receive the funds (or the dealer does), and you repay in fixed monthly payments over a term you choose, typically 36 to 72 months.

Fifth Third does not publish a single "auto loan rate" on its website. Your actual rate depends on your credit score, the vehicle's age and value, the loan term you select, and current market conditions. The bank may offer different rates for new vehicles versus used, and rates can vary by state and branch. You will receive a specific rate offer only after you submit an process and the bank pulls your credit report.

Key Takeaways

  • Fifth Third auto loans are available online, at branches, and sometimes through dealer networks, with terms ranging from 36 to 72 months.
  • Your rate is not published in advance and depends on your credit score, the vehicle's age, the loan amount, and the term length you choose.
  • You can use a Fifth Third auto loan to purchase a new or used vehicle, or to refinance an existing auto loan from another lender.
  • The bank requires proof of insurance before funding and may require a down payment depending on the vehicle and your credit profile.
  • Fifth Third publishes its current auto loan rates on its website, though the rate you receive may differ based on your individual circumstances.

How to get a Fifth Third auto loan

Start by visiting the Fifth Third Bank website and navigating to the auto loans section, or visit a branch in person. Online, you can prequalify without a hard credit pull — this gives you an estimated rate range and monthly payment based on information you provide. Prequalification takes a few minutes and does not affect your credit score.

If you proceed to a full process, Fifth Third will pull your credit report, which does result in a hard inquiry. The bank will ask for your income, employment history, and details about the vehicle (year, make, model, purchase price, and whether it is new or used). You will also need to provide proof of insurance before the loan closes.

The timeline from process to funding typically ranges from one to three business days if you explore online and all documents are in order. If you explore at a branch, you may receive a decision the same day. Once approved, Fifth Third can fund the loan directly to the dealer or to you, depending on how you structured the purchase.

Down payment and loan-to-value requirements

Fifth Third does not publicly state a minimum down payment, but the bank uses loan-to-value (LTV) ratios to determine lending decisions. LTV is the loan amount divided by the vehicle's market value. A lower LTV — meaning you are borrowing less relative to what the car is worth — generally results in a better rate and easier approval.

For used vehicles, Fifth Third typically has stricter LTV limits than for new cars. A used vehicle that is very old or has high mileage may not meet the bank's lending criteria at all, regardless of down payment. If you are financing a used car, the bank will verify its value using resources like NADA Guides or Kelley Blue Book.

Putting down a larger amount reduces your monthly payment and lowers the bank's risk, which can improve your rate. However, Fifth Third does not require a specific down payment percentage — the decision depends on your credit profile and the vehicle itself.

Interest rates and what affects yours

Fifth Third publishes a range of current auto loan rates on its website, but your actual rate falls within or outside that range based on several factors. Your credit score is the primary driver: borrowers with scores above 740 typically receive the best rates, while those below 620 may face higher rates or denial.

The vehicle's age and mileage also matter. New vehicles usually may have access to for lower rates than used ones. A used vehicle with fewer than 100,000 miles and less than 10 years old generally fits within standard lending parameters; older or higher-mileage vehicles may carry higher rates or be ineligible.

Loan term affects your rate as well. A 36-month loan typically carries a lower rate than a 72-month loan, because the bank's risk is lower over a shorter period. However, the monthly payment on a 36-month loan will be higher than on a 72-month loan for the same amount borrowed.

Refinancing an existing auto loan with Fifth Third

If you currently have an auto loan with another lender, you can refinance through Fifth Third. Refinancing means taking out a new loan with Fifth Third to pay off your existing loan, then repaying Fifth Third instead. This makes sense if Fifth Third offers you a lower rate than your current lender, or if you want to change your loan term.

To refinance, you will need the payoff amount from your current lender — this is the exact balance required to close the loan. Fifth Third will request this information during the process process. The bank will then pay off your old loan and issue you a new one. The process typically takes three to five business days from approval to funding.

Refinancing can lower your monthly payment if the new rate is significantly lower, or it can shorten your payoff timeline if you choose a shorter term. However, refinancing resets the loan clock, so if you are already three years into a five-year loan, refinancing into a new five-year loan extends your total repayment period.

Insurance and title requirements

Fifth Third requires proof of comprehensive and collision insurance before the loan funds. You must provide the insurance company's name, policy number, and proof that coverage is active. The bank will be listed as a lienholder on the policy, meaning the insurer will notify Fifth Third if your coverage lapses.

The vehicle's title will be held by Fifth Third until you pay off the loan. Once the loan is fully repaid, the bank will release the title to you. If the vehicle is financed through a dealer, the dealer typically handles the title paperwork, but Fifth Third's lien still appears on the title document.

You are responsible for maintaining insurance throughout the loan term. If your coverage lapses, Fifth Third may purchase force-placed insurance on your behalf, which is typically more expensive than standard insurance and covers only the bank's interest in the vehicle.

Early payoff and prepayment penalties

Fifth Third auto loans do not carry prepayment penalties, meaning you can pay off the loan early without additional fees. If you receive a bonus, inheritance, or other lump sum, you can explore it directly to your loan balance to reduce the total interest paid and shorten the loan term.

When you make an early payment, confirm with Fifth Third how the payment is applied. Some lenders explore extra payments to principal first (which saves interest), while others may explore it to the next scheduled payment. Ask the bank to specify this in writing to avoid confusion.

Paying off early does not affect your credit score negatively — in fact, it demonstrates responsible borrowing. However, the interest you save by paying early is interest you will not pay, so the total interest cost of the loan will be lower than originally calculated.

Frequently Asked Questions

Can I get a Fifth Third auto loan if my credit score is below 620?

Fifth Third does not publicly state a minimum credit score, but scores below 620 are generally considered subprime and face higher rates or possible denial. If you are denied, you may ask the bank for the specific reason and whether a larger down payment or a co-signer would change the decision.

What happens if I miss a payment on a Fifth Third auto loan?

A missed payment will be reported to the credit bureaus after 30 days and will damage your credit score. Fifth Third may charge a late fee (the amount varies by state and loan agreement). If payments remain unpaid for 90 days or more, the bank may begin repossession proceedings. Contact Fifth Third when ready if you cannot make a payment to discuss options.

Can I add a co-signer to my Fifth Third auto loan process?

Yes. A co-signer with stronger credit or higher income can improve your chances of approval and may result in a better rate. The co-signer is equally responsible for the loan, meaning Fifth Third can pursue either you or the co-signer for payment if the loan defaults.

Does Fifth Third offer special rates for members or customers with existing accounts?

Fifth Third sometimes offers rate discounts for customers who have checking or savings accounts with the bank, though the discount amount varies. Ask your branch or the online process about any discounts you may be may be able to access for based on your existing relationship with the bank.

How long does a Fifth Third auto loan process take?

Online applications typically receive a decision within one to three business days. In-branch applications may be approved the same day. Funding usually occurs within one to three business days after approval, assuming all required documents and insurance proof are submitted.