BB&T, which is the abbreviation for Branch Banking and Trust, is a financial institution founded in 1875. Its founders opened a small bank in North Carolina that primarily did business with the local farmers living in the surrounding area. As the institution acquired banks and other financial institutions, it grew to include branches in 16 states and Washington DC, including Ohio, Tennessee, South Carolina and Pennsylvania. Many of its locations are in the south.
BB&T offers auto loans with convenient repayment terms that let borrowers pick the amount of time they need to pay off their loans. Though some car dealerships have in-house financing available through BB&T, new and current customers can go through the bank directly when applying for an auto loan.
Types of Auto Loans
There are four different types of auto loans offered by BB&T: refinancing loans, used car loans, lease buy out loans and new auto loans. A refinancing loan allows a borrower to refinance their loans to save money. Instead of paying the higher interest rate usually charged on that loan, they can ask BB&T for a loan that pays off the cost of the car and has a lower interest rate. In a cash out refinancing loan, the borrower can actually get money back from that loan to pay bills and other expenses.
A lease buy out loan is available for those who to end a vehicle lease early. This usually comes with some stiff penalties or fines that many renters cannot afford. BB&T provides borrowers with loans that they can use to cover any penalties. There are also loans designed for those who want to purchase a brand new car or a used car. These loans apply to other types of vehicles as well.
How to Apply for a BB&T Auto Loan
Though BB&T has a website with information for customers, it does not offer an online applications for those who need an auto loan. The financial institution recommends that those interested in securing a loan visit a local branch. Its official website has a search function that helps borrowers find locations in their cities or states.
BB&T loan officers will talk with borrowers about how they can apply and the benefits of an auto loan. The borrower will then need to complete an application with personal information like his or her social security number, date of birth, employer and current address. The borrower’s credit history and credit score will play a role in whether he or she receives a loan and the interest charged on the loan.
What are the BB&T Interest Rates?
The lowest interest rate charged by BB&T on used auto loans is 2.89%, but this rate only applies to those with a perfect or almost perfect credit score of 800 or higher. A minimum interest rate of 2.64% applies to those with a good credit score applying for a new car auto loan. The rate for both refinancing loans and lease buy outs is 2.39%. BB&T also charges interest rates of 7% or higher for borrowers with a poor credit history or a lower credit score.
How Long Do BB&T Loans Last?
BB&T offers convenient loan terms that give borrowers as much time as they need to pay off their loans. Though most take out loans that last for 36 months, borrowers can agree to repayment terms and pay off a loan in just 24 months. They can also apply for a longer loan that gives them 75 months to fulfill their loans. BB&T borrowers can use its website to make their payments, set up automatic payments and check the time remaining on their loans.