What Fifth Third Bank offers for auto financing
Fifth Third Bank is a regional bank headquartered in Cincinnati that offers auto loans through its retail branches and online platform. You can borrow money to buy a new or used car, and Fifth Third will typically lend between $5,000 and $100,000, though the actual amount depends on your credit history, income, and the vehicle's value.
Fifth Third auto loans come in two main forms: loans you get before you shop (called pre-approval) and loans you arrange at the dealership after you've picked a car. The bank also offers refinancing, which means replacing an existing auto loan from another lender with a new Fifth Third loan, usually to get a lower interest rate.
Interest rates vary based on your credit score, the loan term you choose (typically 36 to 84 months), and whether the car is new or used. Fifth Third publishes current rates on its website, but your actual rate depends on what the bank's underwriting process determines about your financial risk.
Key Takeaways
- Fifth Third Bank auto loans range from $5,000 to $100,000 and can be used for new or used vehicles, or to refinance an existing loan.
- You can get pre-approved before shopping or arrange financing at a dealership, and the interest rate you receive depends on your credit score and loan term.
- Fifth Third requires proof of income, a valid driver's license, and proof of insurance before funding a loan.
- The process process typically takes one to three business days for a decision, though dealership financing can sometimes close faster.
- You can make payments online, by phone, or through automatic bank transfers, and early repayment does not carry a penalty.
How to get pre-approved before you shop
Pre-approval means Fifth Third checks your credit and finances, then tells you the maximum amount they will lend you and what interest rate you would receive. This happens before you find a car, so you know your budget and can negotiate from a position of strength at the dealership.
Start by visiting Fifth Third's website or calling 1-800-555-2108 to request a pre-approval. You will need to provide your Social Security number, annual income, employment status, and details about any existing debts. The bank will pull your credit report, which temporarily lowers your credit score by a few points but does not harm your ability to borrow.
Fifth Third will email or mail you a pre-approval letter within one to three business days. This letter states the loan amount, interest rate, and terms. The pre-approval is usually good for 30 to 60 days, meaning you have that window to find a car and complete the loan. If you do not use it within that time, you can request another pre-approval.
explore for a loan at the dealership
If you find a car at a dealership that also works with Fifth Third, you can explore for financing right there without a separate pre-approval. The dealership's finance manager will submit your process to Fifth Third (and sometimes to other lenders) to see what rates you may have access to for.
Bring your driver's license, proof of income (a recent pay stub or tax return), and proof of insurance to the dealership. The finance manager will also need the vehicle's details — make, model, year, and VIN (the 17-character identification number on the dashboard or title). Fifth Third will verify the car's value using industry databases to make sure the loan amount does not exceed what the vehicle is worth.
Dealership financing can close the same day or within a few business days. However, dealerships sometimes mark up the interest rate they receive from the bank, so your actual rate may be higher than what Fifth Third would have offered you directly. Getting pre-approved first lets you compare the dealership's offer to Fifth Third's direct offer.
What documents you need and what happens next
Fifth Third will ask for several documents before funding your loan. You need a valid driver's license, proof of income (pay stubs, W-2s, or tax returns), and proof of auto insurance. If you are self-employed, bring two years of tax returns. If you have a co-signer (someone who promises to pay if you do not), bring their documents too.
Once Fifth Third approves your loan, you will sign the promissory note and loan agreement. These documents spell out the loan amount, interest rate, monthly payment, number of payments, and what happens if you miss a payment. Read them carefully — the interest rate and term should match what you were quoted.
Fifth Third will then fund the loan, meaning the money goes to the car's seller (or to your existing lender if you are refinancing). You receive the title and registration documents, and your monthly payments begin on the date stated in your agreement, usually 30 days after funding.
Interest rates and how your credit score affects them
Fifth Third's interest rates change based on market conditions and the Federal Reserve's decisions, so the rate you see on the website today may not be the rate you receive tomorrow. The bank publishes a range — for example, 4.99% to 9.99% for a 60-month new car loan — but your actual rate depends on your credit score.
If your credit score is above 750, you will typically receive a rate near the bottom of that range. If your score is between 650 and 750, you will be somewhere in the middle. If your score is below 650, you may receive a rate near the top, or Fifth Third may decline the loan. You can check your credit score for free through websites like Credit Karma or AnnualCreditReport.com before you explore.
The loan term also affects your rate. A 36-month loan usually carries a lower interest rate than a 60-month loan, because the bank's risk is lower when you pay back the money faster. However, a shorter term means a higher monthly payment. Fifth Third's website has a calculator that shows you the monthly payment for different loan amounts, terms, and interest rates.
Making payments and what to do if you fall behind
Your monthly payment is due on the same date each month. Fifth Third lets you pay online through its website, by phone at 1-800-555-2108, or by setting up automatic transfers from your checking account. Automatic payments are the safest option because you cannot forget, and some lenders offer a small interest rate discount for autopay enrollment.
If you miss a payment, Fifth Third will contact you by phone or mail. Most lenders allow a grace period of 10 to 15 days before reporting the missed payment to credit bureaus. If you know you cannot make a payment, call Fifth Third when ready — the bank may be able to defer a payment (push it to the end of the loan) or work out a temporary arrangement.
If you fall 60 or more days behind, Fifth Third can repossess the car, meaning they send someone to take it back. Once repossessed, the car is sold at auction, and you still owe the difference between what it sells for and what you owe on the loan. This also damages your credit score for seven years. Avoiding this is worth calling the bank as soon as you know you are in trouble.
Refinancing an existing auto loan with Fifth Third
If you have an auto loan with another lender and want to lower your monthly payment or interest rate, Fifth Third can refinance it. This means Fifth Third pays off your old loan and gives you a new loan with new terms. You keep the same car.
Refinancing makes sense if your credit score has improved since you took out the original loan, or if interest rates have dropped. For example, if you borrowed $25,000 at 7% interest three years ago and your credit score is now excellent, Fifth Third might offer you a new loan at 4.5%, which would lower your monthly payment.
To refinance, contact Fifth Third and provide the details of your current loan — the lender's name, your account number, the remaining balance, and the interest rate. Fifth Third will pull your credit, verify the car's value, and make you an offer. If you accept, Fifth Third pays off the old lender and you begin making payments to Fifth Third instead. The process usually takes five to ten business days.
Frequently Asked Questions
Can I pay off my Fifth Third auto loan early without a penalty?
Yes. Fifth Third auto loans do not have a prepayment penalty, meaning you can pay off the entire balance at any time without extra fees. Paying early saves you interest, since interest is calculated based on how long you owe the money. You can make extra payments toward principal online or by calling the bank.
What if I want to return or trade in the car after I buy it?
If you bought the car from a dealership and are within the dealership's return window (usually three to five days), you can return it and Fifth Third will cancel the loan. If you want to trade the car in at another dealership, the new dealership will pay off your Fifth Third loan from the trade-in value, and any remaining balance becomes part of your new loan. You cannot straightforward return a car to Fifth Third — the bank is the lender, not the seller.
What happens if the car is totaled in an accident?
Your auto insurance should cover the car's value. The insurance company will pay Fifth Third first (up to what you owe), and any remaining money goes to you. If the insurance payout is less than what you owe, you are responsible for the difference. This is why gap insurance (which covers the gap between what you owe and what the car is worth) is sometimes worth buying at the time of the loan.
Can I add a co-signer to my loan after I have already been approved?
No. A co-signer must be part of the original process. If your loan was already approved without a co-signer and you want to add one later, you would need to refinance the loan, which means explore again from the start. Talk to Fifth Third about whether refinancing with a co-signer would improve your interest rate enough to justify the process fee.
How do I contact Fifth Third if I have questions about my loan?
Call Fifth Third's auto loan customer service at 1-800-555-2108 during business hours, or log into your account on the Fifth Third website to send a find message. You can also visit a Fifth Third branch in person with your loan documents. Have your account number ready when you call.