fifth third bank

Fastest Growing Loan In Automobile : Auto Loan Provided By Fifth Third Bank

About Fifth Third Bank

fifth third bank

Source : media.bizj.us 

Fifth Third bank is a bank having its head office in the Cincinnati, founded in the year of 1923 and it is the bank providing auto loans to the 50 states

What is auto loan?

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Source : car-finance-loan.com

Auto loan is a loan which will help you to buy a new car or may be the used cars, so the auto dealer or bank will lend you the money to purchase these autos. The loan shall be repaid on the monthly installments over a period of time till it is repaid. The period of loan provided is based on many of the factors such as the income a person earns in the given period and also the credit score of the person.

How much amount can be availed as an auto loan?

The amount of auto loan Fifth Third bank provides is starting from $ 2,000 and up to $ 80,000.

Also Read : All You Need To Know For Managing Funds : Home Equity Loans vs. Mortgage Loans

The term for which the auto loan is provided

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Source : centrisfcu.org

The period for which the loan is taken is very important as we can say that as longer the period of the loan there will be fewer amounts of the installments every month. The period of auto loan will also affect the amount to be repaid with the interest as we can say that the longer period of the auto loan will require more interest as compared to the shorter amount.  The maximum period of loan for which the Fifth Third bank provides loan is of 75 months.

Fees charged by the Fifth Third bank on auto loans

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Source : blog.ipleaders.in

  • Origination fee: Yes, the bank charges the origination fees from the consumers.
  • Late fees: Yes, the late fees are charged by the bank on the late payment of the auto loan installments as like as the other loans installment late fees are collected by the other banks.
  • Fees for prepayment of the loan: Yes, as the loan amount is prepaid to the bank it will charge the fees for the prepayment as per their rules, these fees are charged as the bank will not get the interest on the money they have landed to the person taking loan as the period of the loan will reduce due to the early payment and so they will charge fees against their lost interest.  

Annual percentage rate (APR) at which Fifth Third bank provides loan

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Source : cdn.merchantmaverick.com

Annual percentage rate (APR) is the rate of interest which is charged by the lender on the auto loan, mortgage loan, credit card, etc. taken by a person on basis of the annual rate and it is not charged on the monthly basis. The APR of the Fifth Third bank is 2.74%, It can also vary on the basis of the factors like credit score. The Fifth Third bank discloses that there may be changes in the rate of Annual percentage rate (APR) and interest rate may vary depending on the model of the vehicle, the term for which the loan is take and the credit qualification of the person.