If you are looking at purchasing a new or used vehicle, you have probably considered getting an auto loan. Fifth Third Bank offers auto loans as well as other options, such as refinancing, if you are interested in obtaining an auto loan through them.
The offers made by Fifth Third Bank for auto loans depends on what region your branch is located in. Therefore, to start, you’ll need to enter the zip code of where you live currently.
Once you have entered your zip code, you’ll need to put in as much information as possible about the vehicle you plan to purchase. If you don’t know exactly what kind of vehicle you want, you should have a good idea of what kind you would be happy with. This will also include such important matters as the year and whether or not the car is new or used. You might not know for sure if you want a Hyundai Sonata or a Toyota Camry, but you do most likely know if you want a brand-new 2017 vehicle or a used model that’s five years old or older.
You need to know your budget here. Don’t ask for a loan that you know you can’t pay off. If you enter your loan amount and find your monthly payment equals all your other bills combined and doubled, then you’ll know you’ve gotten in trouble.
Once you chose your loan amount, you’ll also need to choose your loan term. This is based on months, in intervals of 48, 60, 66, 72 and 75. You’ll have the highest monthly payments with the shortest loan terms, however, your interest and APR rate will increase the more you prolong your loan term. The calculation will also give you your estimated monthly loan payment based on each loan term and loan amount, so you should have a good idea about what you are getting yourself into before you purchase your vehicle.
Fifth Third Bank also provides extensive calculators to help guide you in your decision to obtain a new vehicle. There are calculators for determining whether or not you should purchase a vehicle versus leasing it, whether you should purchase and new or a used vehicle and which type of loan is best for you, based on factors such as down payments and interest rates.
If you are purchasing or leasing a vehicle, new or old, consider looking to Fifth Third Bank for some guidance about obtaining a loan. Even if you are not entirely sure whether they are the right bank to help you out, you can use their online calculators to get a good sense of how their loan plans fit into your budget.