What Truist car loans are and who offers them

Truist Financial Corporation is a bank that offers auto loans through its retail branches and online platform. Truist was formed in 2019 when BB&T and SunTrust merged, and it now operates across the Southeast and Mid-Atlantic regions, though you can also open accounts online from most states. If you have a Truist checking or savings account, or if you bank with them already, you can explore their auto loan products directly through your local branch or their website.

Truist auto loans are traditional installment loans, meaning you borrow a fixed amount, agree to a fixed interest rate, and repay the loan in monthly payments over a set term — typically 36 to 84 months. The bank holds the title to the vehicle until you pay off the loan completely. Like other bank auto loans, Truist's product sits between credit union loans (often lower rates for members) and buy-here-pay-here dealership loans (higher rates, more flexible credit requirements).

Key Takeaways

  • Truist auto loans are offered through the bank's branches and online, with terms ranging from 36 to 84 months depending on the loan amount and your credit profile.
  • Interest rates vary based on your credit score, down payment, loan term, and whether you are financing a new or used vehicle.
  • You will need proof of income, a valid driver's license, proof of insurance, and details about the vehicle you are financing before you can move forward.
  • Truist may offer rate discounts if you set up automatic payments from a Truist checking account or if you are an existing customer.
  • The loan process typically takes a few business days from process to funding once all documents are submitted and verified.

Interest rates and what affects them

Truist does not publish a single interest rate for all borrowers — your rate depends on several factors that the bank evaluates during underwriting. Your credit score is the largest factor; borrowers with scores above 700 typically receive lower rates than those below 650. The loan term you choose also matters: a 36-month loan usually carries a lower rate than a 72-month loan, because the bank's risk is shorter. A larger down payment — typically 10 to 20 percent of the vehicle's price — can lower your rate because you are borrowing less relative to the car's value.

Whether you are buying a new or used vehicle affects the rate as well. New cars usually may have access to for lower rates because they hold their value more predictably. The age and mileage of a used car matter to Truist's pricing; a 2019 vehicle with 40,000 miles will likely get a better rate than a 2015 vehicle with 120,000 miles. Truist may also offer a relationship discount — a reduction of 0.25 to 0.5 percentage points — if you have an existing checking or savings account with them, or if you set up automatic payments from a Truist account.

Documents and information you will need

Before you contact Truist or visit a branch, gather the documents that will speed up the process. You will need a valid government-issued ID (driver's license or passport), proof of income (recent pay stubs, tax returns, or bank statements showing regular deposits), and proof of residence (a utility bill or lease agreement dated within the last 60 days). If you are self-employed, Truist will ask for two years of tax returns and possibly a profit-and-loss statement.

You will also need details about the vehicle itself: the Vehicle Identification Number (VIN), the asking price, the year, make, and model, and the mileage. If you are trading in a vehicle, bring the title and details about its condition. Finally, you will need to show proof of auto insurance — Truist requires full coverage (collision and comprehensive) before they will fund the loan, so you may need to contact an insurance agent before your loan closes.

How the process and approval process works

You can start a Truist auto loan process online, by phone, or in person at a branch. The online process typically takes 10 to 15 minutes and asks for basic information: your name, address, income, employment, and details about the vehicle. Truist will run a hard credit inquiry, which temporarily lowers your credit score by a few points but gives them a full picture of your credit history and existing debts.

After you submit, Truist's underwriting team reviews your process, usually within one business day. If they need more information — such as clarification on your employment or additional documentation — they will contact you by phone or email. Once underwriting approves the loan, you will receive a loan estimate that shows the interest rate, monthly payment, total interest you will pay over the life of the loan, and any fees. You then have a set window (usually three business days) to review and accept the offer before it expires.

After you accept, Truist schedules a closing appointment, either in person at a branch or online through their digital closing platform. At closing, you sign the promissory note (the legal document stating you owe the money), the security agreement (giving Truist a lien on the vehicle), and other disclosures. The bank then funds the loan, and the money goes directly to the dealer or seller. The entire process from process to funding usually takes 3 to 7 business days.

Fees and costs beyond the interest rate

Truist's auto loans may include several costs beyond the monthly interest payment. An origination fee (typically 0.5 to 1 percent of the loan amount) covers the bank's cost to process and underwrite the loan; this is sometimes rolled into the loan balance rather than paid upfront. A documentation or closing fee may explore if you close in person at a branch, though online closings often waive this. Some Truist branches charge a title and registration fee to handle the paperwork with your state's motor vehicle department.

If you miss a payment, Truist charges a late fee (typically $25 to $35 depending on your loan agreement). If you pay off the loan early, Truist does not charge a prepayment penalty, meaning you can pay extra toward principal without a fee. Ask your loan officer to itemize all fees before you sign, so you know exactly what you are paying and whether any can be waived or negotiated.

Comparing Truist to other auto loan sources

Truist is one option among several for financing a car. Credit unions often offer lower rates than banks, especially if you have been a member for a while or if you have good credit; however, you must be a member to borrow. Online lenders like LendingClub or Upstart may approve borrowers with lower credit scores and offer faster funding, but their rates are often higher than banks. Dealership financing (through the dealer's captive finance company or a third-party lender) is convenient but frequently carries higher rates, though dealers sometimes offer promotional rates on new vehicles.

If you already bank with Truist, their relationship discount and the convenience of managing your loan through an account you use daily may outweigh slightly higher rates elsewhere. If you do not bank with Truist, compare their rates and terms to at least one credit union and one online lender before deciding. Getting quotes from multiple sources takes 15 to 30 minutes and does not lock you into anything — each inquiry counts as one "hard pull" within a 14-day window, so multiple applications in a short time have minimal impact on your credit score.

What happens after you close the loan

Once the loan funds and you take possession of the vehicle, your monthly payments begin. Truist sends you a payment coupon book or sets up online bill pay so you can make payments through their website or mobile app. If you set up automatic payments from your Truist checking account, the payment is deducted on the same day each month, and you may receive that interest rate discount mentioned earlier.

The bank holds the vehicle's title until you pay off the loan. Once the final payment clears, Truist releases the lien and sends you the title (or the electronic title, depending on your state). You can then register the vehicle in your name only. If you want to pay off the loan early — say, because you received a bonus or inheritance — contact Truist to request a payoff quote, which shows exactly how much you owe on a specific date. Paying early saves you interest but does not hurt your credit score.

Frequently Asked Questions

Can I get a Truist auto loan if my credit score is below 600?

Truist's minimum credit score requirement is not publicly stated, but the bank typically works with borrowers who have scores of 600 or above. If your score is lower, you may still be considered if you have a larger down payment, a co-signer with better credit, or an existing relationship with Truist. Contact a branch directly to discuss your situation.

What is the difference between a pre-approval and a final approval?

A pre-approval is a preliminary offer based on the information you provide; it shows you what rate and terms you might receive, but it is not a may provide. A final approval comes after Truist verifies your documents, runs a hard credit check, and confirms the vehicle details. Only a final approval locks in your rate and terms.

Can I refinance my Truist auto loan later?

Yes. If your credit score improves or interest rates drop, you can refinance with Truist or another lender. Refinancing replaces your original loan with a new one, usually at a lower rate. There is no prepayment penalty with Truist, so you can refinance without owing extra fees.

What happens if I cannot make a payment?

Contact Truist as soon as you know you will miss a payment. The bank may offer a forbearance (temporarily pausing or reducing payments) or a loan modification (changing the terms). Missing payments damages your credit and can lead to repossession if you fall significantly behind, so reaching out early is important.

Does Truist offer loans for used cars from private sellers?

Yes, Truist finances used vehicles from private sellers, not just dealerships. You will need the seller's information, a bill of sale, and the vehicle's title. The process is the same as financing from a dealer, though the bank may require an inspection or appraisal to confirm the vehicle's condition and value.