Regions Bank vs. Fifth Third Bank: Which offers better auto loans?
Regions Bank and Fifth Third Bank offer with similar products. Both have new and used auto loans as well as refinancing. And both have in-person and online support. Regions is more upfront about its costs — but Fifth Third has a slight edge when it comes to refinancing.
Ultimately, Regions Bank is best if you want to finance an expensive vehicle and live in the South or Midwest. Fifth Third Bank is great for borrowers who prefer an extra helping hand with their finances.
Regions Bank vs. Fifth Third Bank at a glance
Regions Bank is more upfront about costs but limits the age and mileage of the cars you can buy or refinance. Fifth Third Bank doesn’t provide much detail about its auto loans, but it offers additional refinancing discounts.
3.7 | 3.5 | |
|
| |
New and used, refinance | New and used, refinance | |
$5,000-$125,000 | Up to $80,000 | |
7.24%-16.99% | Not specified | |
Not specified | 48-84 months | |
Not specified | Origination fee and fee for late payments | |
Not specified | Not specified | |
15 states | 10 states plus indirect lending in all states except Alaska, Hawaii, Louisiana and Wyoming | |
Not specified | Same day as closing | |
Yes, 0.25% | Yes, 0.25% | |
| Not specified |
Best for financing larger loan amounts
Regions Bank
Rating: 3.7 stars out of 5
Learn morein our Bankrate review
Bankrate's view
Regions has been serving the South and Midwest since the early 1970s and offers new, used and refinance loans.
Regions also has a minimum annual percentage rate (APR) of 7.24 percent, which is competitive in the auto loans space. In the last quarter of 2023, Experian data had an average of 7.03 percent for new vehicles. So, Regions may not have the lowest rates out there, but it is on par with many other lenders. And it boasts a simple application that can be handled online or in person — ideal for a borrower who wants a helping hand.
Pros and cons
Pros
Wide range of loan amounts: You can fund up to 130 percent of the vehicle’s value to cover closing fees, taxes and other costs.
EV loan discount: Regions offers a rate discount for those financing electric vehicles, though the amount isn’t specified on their website.
Autopay discount: Connect your Regions checking account for 0.25 percent off your APR.
Cons
No prequalification: The only way to see the rates and fees you’ll pay with Regions is to complete a full application.
Limited state coverage: Regions operates in only 15 Southern and Midwestern states.
Restrictive refinance qualifications: Regions won’t refinance vehicles older than seven years or with over 90,000 miles — stricter requirements than many other lenders.
Fifth Third Bank
Rating: 3.5 stars out of 5
Learn morein our Bankrate review
Bankrate's view
Another regional bank, Fifth Third Bank offers borrowers new, used and refinance auto loans. The Cincinnati-based bank serves members that hold checking and savings accounts in 10 states.
Along with a catalog of direct loans, Fifth Third also offers indirect loans through its partnered dealerships. Indirect financing is an excellent choice for borrowers that prefer in-person support, as the financing is handled directly on the dealership lot. These loans are available in all but four states.
Pros and cons
Pros
Customer support: Fifth Third offers customer support by phone and in person six days a week as well as 24/7 help via online chat — a perk Regions doesn’t provide.
Indirect auto loans: If you want to fund through Fifth Third but don’t live in a state it serves, having a dealership as a middleman may make it possible.
Additional refinancing discount: Fifth Third offers an extra 0.25 percent off your APR when you refinance an auto loan on top of its automatic payment discount.
Cons
Limited state coverage: Fifth Third operates in only 10 Southern and Midwestern states. Its footprint largely overlaps with Regions’.
No prequalification: As with Regions, you must complete the application process to see possible rates and fees.
Unknown interest rates: Fifth Third doesn’t post its range of available interest rates online. That makes comparison shopping difficult.
How to choose between Regions Bank and Fifth Third Bank
Regions and Fifth Third Bank have similar products and serve residents of similar states. Pick Regions if you want a large loan, and opt for Fifth Third if you want to take advantage of discounts when you refinance.
Choose Regions Bank for a large vehicle purchase
Americans spent an average of $45,283 for a new non-luxury vehicle in December 2023, according to Kelley Blue Book. With this in mind, finding a lender that offers a wide range of loan amounts is important — especially if you intend to drive off in a luxury option.
Regions Bank allows borrowers to finance as little as $5,000 or as much as $125,000. Along with this, Regions offers discounted rates for electric vehicle loans. As these vehicles tend to cost slightly more than gas vehicles, the discount counts.
Choose Fifth Third Bank if you prefer in-person customer support
Although completing the financing process online works for many borrowers, it is not right for everyone. Fifth Third Bank requires you to visit a brick-and-mortar location to apply for a direct loan. That means that if you encounter snags in the process, you’ll have a real human on hand to offer guidance.
Fifth Third’s indirect lending option enables borrowers to finance with a partnered dealership, also in person. But you’ll have to do some extra legwork to compare Fifth Third to other lenders because it does not disclose much information about its loans until after you’ve applied.
Compare more lenders before applying
Regions or Fifth Third Bank could be a strong first step in getting behind the wheel of your next vehicle — or refinancing your loan.
Pick Regions for competitive rates and large loans. Pick Fifth Third if you plan to refinance your loan. Finally, make sure to check out alternatives, too. Credit unions may offer the same level of in-person support as both Regions and Fifth Third, coupled with even lower rates.
