At a glance
3.7
Rating: 3.7 stars out of 5
Bankrate Score
- Availability
Rating: 3.8 stars out of 5
- Affordability
Rating: 3.6 stars out of 5
- Customer Experience
Rating: 4.2 stars out of 5
- Transparency
Rating: 2.5 stars out of 5
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About Regions Bank
- (Video) Where to find the best Auto Loan APR rate ? (Former Dealer Explains)
Loan amount
$5,000 to $125,000
APR from
6.49%-13.99%
Funds available in
Not specified
Regions Bank auto loans are best for large loan limits
Regions Bank lets borrowers get and refinance auto loans for up to $125,000 and gives them the option to borrow as much as 130 percent of their car’s value. That high limit and flexibility with loan-to-value ratio mean that you can work with the bank to finance a very expensive vehicle, closing costs and all.
Pros and cons of Regions Bank auto loans
A high maximum loan amount may not be enough to balance out Regions' lack of prequalification and limited state availability.
PROS
High maximum loan amount
(Video) Follow These Steps to get THE BEST Auto Loan Possible with Good or Bad CreditAutopay discount
Offers EV auto loans with a discounted rate
CONS
Limited state availability
No prequalification
Restrictive used car requirements
Regions Bank is a regional bank based in the Southern and Midwestern United States. A member of the Fortune 500, it offers a variety of financial services including deposit accounts, mortgage, and auto lending services. Regions Bank has average interest rates and a high maximum amount for its auto loans. But the information available is scarce, and you will need to reach out to a Regions representative if you have questions about the process.
Do you qualify?
Regions Bank doesn’t publicly disclose its income or credit requirements, so it can be hard to know if you qualify for a loan without contacting the bank or submitting an application.
It does publish some requirements for used car financing, but these relate to the vehicle rather than your financial profile. To qualify for used car financing or refinancing, the vehicle must:
- Be no more than 7 years old
- Have fewer than 90,000 miles
You must also live in one of the 15 states Regions Bank serves.
Regions Bank versus Fifth Third Bank
Fifth Third Bank is a Cincinnati-based bank that also offers auto loans and refinancing on new and used vehicles. Like Regions, it only offers loans in a small selection of states, mostly in the Southern and Midwestern U.S. However, it partners with dealers to offer indirect loans in other states.
Fifth Third’s maximum interest rate is lower than Regions Bank, which is good news for borrowers that don’t have perfect credit. If you can qualify, you may receive a lower rate with Fifth Third.
(Video) How to Refinance a Car and Save Hundreds MonthlyWhere Regions Bank excels is in loan amounts. You can borrow up to $125,000 from Regions compared to Fifth Third’s $80,000 limit.
Regions Bank versus Bank of America
Bank of America is one of the largest banks in the United States and offers auto loans in all 50 states.
Bank of America has several advantages over Regions Bank, including a lower minimum interest rate and the option to get approved and lock in an interest rate for 30 days. That gives you time to shop around and find the right vehicle for your needs.
However, Regions has a lower minimum loan amount, which may be useful for people who want to buy a cheaper used car. Bank of America’s loans start at $7,500.
What we like and what we don’t like
Regions offers large loan amounts but isn’t the cheapest option available.
What we like
- High maximum loan amount: You can borrow up to $125,000 in a single loan, with a maximum LTV of 130%, giving you a lot of flexibility.
- Autopay discount. Setting up automatic payments from a Regions checking account will save you 0.25% off your interest rate.
- Offers EV auto loans with a discounted rate. The lender offers interest rate discounts for auto loans used to purchase electric vehicles.
What we don’t like
- Limited state availability. Auto loans from Regions are only available in 15 states, mostly in the South and Midwest.
- No prequalification. The only way to see if you’re eligible and get a sense for the cost of a loan is to submit a full application.
- Restrictive used car requirements. You can only use a Regions auto loan to finance a used car that is no more than 7 years old and that has fewer than 90,000 miles.
How to contact Regions Bank
Regions Bank offers support through phone and secure online message. You can get assistance by phone six days a week. Hours are Monday through Friday, 6 a.m. to 7 p.m. CT and Saturday from 8 a.m. to 2 p.m.
Auto loan types offered
Regions Bank offers auto loans for drivers looking to finance a new or used vehicle or refinance an existing auto loan. You can borrow anywhere between $5,000 and $125,000.
Financing with Regions includes complimentary guaranteed asset protection (gap) coverage for new or pre-owned vehicles. Gap coverage protects you against vehicle payments if something were to happen to your vehicle. Most lenders charge for this coverage.
New and used auto loans
- Amounts: $5,000-$125,000
- Terms: Not specified
- APR: 6.49%-13.99%
Regions Bank allows for a high loan-to-value ratio — up to 110 percent on private party purchases and 130 percent on those from dealerships. But while borrowing extra can be useful for covering titling, taxes or other expenses, borrowing more than your vehicle is worth can increase the chance of becoming upside-down on your car loan.
Refinance
Loan quick facts
- Amounts: $5,000-$125,000
- Terms: No longer than the remaining term of the existing loan
- APR: Not specified
Regions does not provide much information about its auto refinance program or its refinance rates. However, it does not have a separate refinance application, so you will follow the same process as with its new and used auto loans. If you have questions about if your loan qualifies, email, call or visit Regions.
How to apply for a loan with Regions Bank
You can either apply for an auto loan online or in person at one of Regions Bank branches.
Regions states a fast credit decision will be available following loan application but shares no specific timeline on funding. The Alabama-based bank also does not disclose any fees, so it is worth your while to potentially prepare to pay application or origination fees.
Features and additional perks
Like many auto lenders, Regions Bank offers an autopay discount. If you have a Regions Bank checking account and set up automatic payments, you’ll get a 0.25% interest rate discount.
The bank also offers a discount on qualifying EV loans, though it doesn’t provide information about the discount or what loans will qualify.
And, as noted, the bank offers free gap insurance with its loans.
Fees and penalties
Regions Bank doesn’t publish information about fees and penalties on its website but may charge common loan fees, including origination fees or late payment fees. Read the fine print of your loan agreement before signing to confirm what fees will apply to your loan.
Regions Bank FAQs
How Bankrate rates Regions Bank
Overall score 3.7 Availability 4 Regions only offers loans in 15 states but does offer a large maximum loan amount. Affordability 4 Regions has a high maximum APR but a steep minimum and undisclosed fees settles it with a middle-of-the-road score. Customer experience 4.4 Regions scores high for customer support with service available six days a week and full online access. Transparency 2.5 Rates are partially displayed on Regions site but fees and the ability to prequalify are not available. Methodology
Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.
- Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
- Affordability: This section houses APR ranges, acceptance criteria, fees and discounts.
- Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
- Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.
(Video) How to Get a Car Loan or Refinance with Navy Federal (2023)Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Read more from Rebecca
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Rhys Subitch
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FAQs
How hard is it to get a car loan from Regions Bank? ›
Regions Bank FAQs
While Regions does not state its minimum credit score, most lenders require good to excellent credit (a FICO score of 760 or higher) to qualify for a loan.
Regions Bank typically prefers to lend to people with excellent credit, which means anything above 800 according to credit bureau Experian. You may be able to get approved with a credit score between 750 to 800, but you can expect to pay higher monthly payments or see your loan amount limited.
What are interest rate predictions for 2023 for auto loans? ›As mentioned previously, another hike would bring the interest rate to or beyond the stated terminal rate of 5.1%. In December of 2022, the Fed indicated that it expects the funds rate to fall to 4.1% by the end of 2024 after reaching the 5.1% mark by the end of 2023.
What is the minimum credit score to get a auto loan from a bank? ›In general, you'll need a credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required to finance a car loan varies by lender. If your credit score falls into the subprime category, you may need to look for a bad credit car loan.
How long does it take a bank to approve or deny a car loan? ›| Type of lender | Typical turnaround |
|---|---|
| Online lenders | One business day to a week |
| Banks and credit unions | One business day to a few weeks |
| Dealerships | The same day to a few business days |
Why was I denied a car loan? Lenders frequently reject applicants because of credit score, credit history and overall debt.
What FICO score does Regions Bank use? ›The FICO® Score that Regions provides is based on data from your TransUnion report as of the "pulled on date" shown with the score in Regions Online Banking.
What credit score do you need to get a $500000 loan? ›You generally need a credit score of 670 or higher, although 775 and up is better for a $500K loan. To compare top options for good credit borrowers, check out our guide. A personal guarantee.
What credit score is good enough for a loan? ›Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.
Should I buy a car now or wait until 2023? ›Americans planning to shop for a new car in 2023 might find slightly better prices than during the past two years, though auto industry analysts say it is likely better to wait until the fall. Since mid-2021, car buyers have been frustrated by rising prices, skimpy selection and long waits for deliveries.
Will car prices drop in 2023? ›
There is good news on the horizon in 2023, however. J.P. Morgan estimates that prices for both new and used vehicles are set to decrease as supply chain issues abate and inflation is poised to keep easing. Per the financial firm, new vehicle prices are slated to go down 2.5-5% while used cars may go down by 10-20%.
Will loan rates go down in 2023? ›“We expect that 30-year mortgage rates will end 2023 at 5.2%,” the organization noted in its forecast commentary. It since has walked back its forecast slightly but still sees rates dipping below 6%, to 5.6%, by the end of the year.
What credit score do I need for a 30 000 car loan? ›There's no set minimum credit score required to get an auto loan. It's possible to get approved for an auto loan with just about any credit score, but the better your credit history, the bigger your chances of getting approved with favorable terms.
What credit score is needed to buy a 40000 car? ›You will likely need a credit score of 500 or above to qualify for an auto loan. A credit score range of 780 or better typically gets you the best rates. There are two main factors lenders look at when approving an applicant for an auto loan.
Can I get a car with a 550 credit score? ›You can still qualify for a car loan with such a score, but you may notice a higher interest rate compared to what can be normally expected. Depending on how long the loan period is, a 550 credit score will get your interest rates between 15% to 20%.
How do banks determine auto loan approval? ›- Credit Score. Probably the most important factor in determining the interest rate on any loan is your credit score. ...
- Debt-to-income ratio. ...
- Amount borrowed and down payment. ...
- Age of the vehicle. ...
- Length of term.
Getting Denied Does Not Hurt Your Credit Score
If you're denied, though, it doesn't have an additional impact beyond the initial inquiry. If you're unsure about whether you'll qualify for a loan and want to avoid a hard inquiry, consider lenders that offer prequalification.
Yes, a loan can be denied after approval, but it rarely happens. It's more common for a loan to be denied after preapproval, which is a preliminary process that you can use to estimate how much you can borrow and what rates you may qualify for.
Can you be denied a car loan after pre approval? ›Can a car loan be denied after approval? Though rare, it is possible to believe you are fully approved and learn later that your car loan was denied after purchase. The good news is that car loan denials after approval are indeed very rare, and the reason they happen at all is tied to the fine print of a contract.
What happens if you get denied an auto loan? ›Getting denied for an auto loan doesn't in itself hurt your credit score. The lender didn't extend anything, so there's nothing that can hurt your score. However, multiple denied applications at once could hurt your score. A bank conducts a “hard inquiry” when you apply for a loan.
Do car loan companies check your bank account? ›
“Providing a bank statement is just another way of verifying your income. will ask you for your bank statements. It's standard procedure for financing, so don't worry about it too much. to make the car buying process easy.”
What credit score do banks look at the most? ›Which credit score do lenders actually use? Most lenders use the FICO credit score when assessing your creditworthiness for a loan. According to FICO, 90% of the top lenders use FICO credit scores.
Does Regions show your credit score? ›You will be provided one of the FICO® Score types listed below, depending on the type of loan or line you have with Regions. The FICO® Score type will appear on the same page as your score. FICO® Bankcard Score 8 -- provided to owners of a Regions credit card account.
Which FICO score matters most? ›FICO® Scores☉ are used by 90% of top lenders, but even so, there's no single credit score or scoring system that's most important. In a very real way, the score that matters most is the one used by the lender willing to offer you the best lending terms.
How much credit you need to get a $50000 loan from the bank? ›You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
Can I get a 50K loan with a 650 credit score? ›For a loan of 50K, lenders usually want the borrower to have a minimum credit score of 650 but will sometimes consider a credit score of 600 or a bit lower. For a loan of 50K or more, a poor credit score is anything below 600 and you might find it difficult to get an unsecured personal loan.
What credit score do I need for a $70000 loan? ›If you have bad credit, your options for getting a $70,000 personal loan are more limited. Most lenders require a credit score of at least 670, and criteria may be strict for this large loan amount. That doesn't mean you're out of options.
Can I get a 20k loan with a 700 credit score? ›You will likely need a credit score of 660 or higher for a $20,000 personal loan. Most lenders that offer personal loans of $20,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
What credit score is needed to buy a car? ›What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
How to get 900 credit score? ›- Pay your credit card bills often. ...
- Keep a solid payment history. ...
- Consider your credit mix. ...
- Increase your credit limit. ...
- Don't close old accounts. ...
- Regularly monitor your credit report. ...
- Only apply for credit when you really need it.
What is the best month to buy a car? ›
In terms of the best time of the year, October, November and December are safe bets. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. All three goals begin to come together late in the year.
Will car buying get better in 2023? ›According to industry analysts from Cox Automotive and J.D. Power, some automotive market conditions are likely to improve in 2023, but perhaps not enough to trigger radical change. "We certainly do expect the market to get better than it's been," says Tyson Jominy, vice president of data and analytics at J.D. Power.
What will happen to car sales in 2023? ›Newsweek asked its go-to group of automotive industry analysts what they see happening in the coming year. Here are their top predictions. Auto sales will slowly bounce back. "Expect about a million more light vehicle sales in the U.S. over 2022, totaling around 14.8 million in 2023.
Will auto rates go up in 2023? ›May 2023 Fed rate change
The updated target range for the federal funds rate is set at 5-5.25 percent as of May 3, 2023. This number does not control auto rates directly. Rather, it is tied to the prime rate. Simply, this steep rate increase means that vehicle financing could cost you more money.
The Mortgage Bankers Association predicts rates will fall to 5.5 percent by the end of 2023 as the economy weakens. The group revised its forecast upward a bit — it previously expected rates to fall to 5.3 percent.
How high will interest rates be in 2023? ›“[W]ith the rate of inflation decelerating rates should gently decline over the course of 2023.” Fannie Mae. 30-year fixed rate mortgage will average 6.4% for Q2 2023, according to the May Housing Forecast.
How high will bank interest rates go in 2023? ›Since the start of 2022, the Fed has hiked rates 10 times to combat rising inflation. As of May 2023, the federal funds rate ranges from 5.00% to 5.25%. If this prediction is correct, it won't be surprising to see some of the best high-yield savings accounts offering rates exceeding 4%.
What credit score do I need to buy a $25000 car? ›There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.
Can I get a 40k car with 600 credit score? ›It's essential to be knowledgeable about how your auto loan process will be different than someone with a higher score. You might not have the same options, but you can still get an auto loan with a 600 credit score.
Which FICO score do auto lenders use? ›What credit score do auto lenders look at? The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.
How much is a $40,000 car payment for 72 months? ›
If you take a car loan of $40000 at an interest rate of 4.12% for a loan term of 72 months, then using an auto loan calculator, you can find that your monthly payment should be $628. When the loan term changes to 60 months, the monthly payment on a $40000 car loan will be $738.83.
How much would a $40,000 car payment be? ›For $40,000 loans, monthly payments averagely range between $900 and $1,000, depending on the interest rate and loan term.
What's the down payment on a 40k car? ›What's a good down payment on a $40,000 car? The minimum down payment requirement for a borrower with a low credit score is typically around $1,000 or 10% of the vehicle's selling price. Whether you have this choice is up to the lender.
What credit score is needed to buy a car without a cosigner? ›In general, you'll need a credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required to finance a car loan varies by lender. If your credit score falls into the subprime category, you may need to look for a bad credit car loan.
Whose credit score is used when buying a car with a cosigner? ›Whose credit score is used when buying a car with a co-signer? Lenders can consider the credit scores of both borrowers when co-signing an auto loan. If you have a lower credit score, having a co-signer with a higher score could work in your favor.
What is a good FICO auto score? ›What's a Good FICO Score? In general, a good credit score is a score of 670 or above. If you have good credit, you have the best chance of getting favorable loan terms. To get the lowest interest rates and the best loan terms possible, you'll want to aim for a credit score in the excellent category (720 to 850).
Is it smart to get a car loan from your bank? ›The primary benefit of going directly to your bank or credit union is that you will likely receive lower interest rates. Dealers tend to have higher interest rates, because dealers add a markup to the interest rate when they connect you with a lender.
What is the interest rate for a car at Regions Bank? ›Car loan APRs range from 6.49% APR to 13.99% APR when you use Auto Pay.
What do banks look at when applying for a car loan? ›When considering an auto loan application, a bank generally looks at three factors: Your credit score. Your proposed down payment on the vehicle. Your debt-to-income ratio.
Which bank gives most car loans? ›| Bank Name | Best Car Loan Interest Rate |
|---|---|
| Federal Bank Car Loan | 8.50% p.a. onwards |
| Canara Bank Car Loan | 7.30% p.a. onwards |
| Bank of Baroda Car Loan | 7.00% p.a. onwards |
| Axis Bank Car Loan | 7.45% p.a. onwards |
Does applying for a car loan from your bank affect your credit score? ›
Does applying for a car loan hurt your credit score? Shopping around for a car loan can potentially impact your credit score. That's because every time you apply for a loan and have a hard credit check, your score can drop by roughly 1 to 5 points.
Why do dealerships want you to finance through them? ›The reason the car dealer wants to assist consumers in this manner is because the financial institution will give the dealer a small percentage of the interest charged for the loan, which means the dealer earns additional profit on the sale of the vehicle.
What is a good credit score? ›Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What's the worst interest rate for a car? ›Legally, loans can't have an APR over 36 percent. Seek a lender that offers you an average rate for your credit score or better. Shop around with many different lenders to get an idea of your estimated interest rates and take any steps to improve your credit score before going to the dealership.
Can you negotiate interest rates with banks auto loans? ›Yes, just like the price of the vehicle, the interest rate is negotiable.
Who has the best interest rates for auto? ›| Auto Loan Lender | Lowest APR | Our Award |
|---|---|---|
| AutoPay | 2.99% | Best Overall Auto Loan |
| PenFed Credit Union | 4.49% | Best Credit Union Loan |
| Auto Approve | 2.94% | Best Refinance Loan |
| Consumers Credit Union | 5.54% | Excellent Credit Union Loan |
The outcome of your loan application is heavily dependent on your credit history. It determines important factors such as interest rates, payment terms, and the total amount you can borrow. Having a low credit score might reduce your chances of getting approved, so you should look into your credit reports first.
How do lenders verify income? ›Mortgage lenders usually verify employment by contacting the borrower's employer directly and reviewing recent income documentation. These documents can include an employment verification letter, a recent pay stub, or anything else to prove an employment history and confirm income.
What credit score do you need to get the best auto loan rate? ›Minimum credit scores vary by lender, but you'll typically need a score of at least 600 to qualify for a car loan and above 700 to receive the best rates.
Which bank gives lowest interest rate for used car loan? ›| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| State Bank of India | 11.05% p.a. - 14.55% p.a. | 5 years |
| HDFC Bank | 13.75% p.a. onwards (Rack Interest) | 7 years |
| Bajaj FinServ | Contact the bank | 5 years |
| Kotak Mahindra Bank | Contact the bank | 5 years |