Auto Loans and Financing
If you’re in search of affordable auto loan rates for new and used vehicles, you’re in the right place. Apply for a Fifth Third auto loan today and enjoy benefits like flexible repayment terms for new and used vehicles. Refinancing options are also available to lower your interest rates and reduce current payments.
Buy a New or Used Car
Have you found a car you love at a dealership? Buying a car can be stressful, but locking in an auto loan rate with Fifth Third isn’t. Simply ask your dealership if they participate in our lending program, or apply for an auto loan with Fifth Third.
Refinance Your Car Loan
Refinancing your car loan may allow you to lower your interest rate, reduce your payment, and enjoy a little extra cash each month.
Or, pay the same car loan payment amount and pay off your loan sooner.
Receive a 0.25% rate discount when you refinance a non-Fifth Third auto loan.
Receive a 0.25% rate discount when your payment is deducted from a Fifth Third checking account, using Automatic Payments. Plus, you may be eligible for additional discounts based on your checking relationship.1
Calculate Your Vehicle Payment with Our Auto Loan Calculator
Looking for a simple way to calculate your vehicle payment?
Fifth Third Bank’s Auto Loan Calculator allows you to enter your vehicle purchase price, down payment, loan term, and interest rate to estimate your monthly payment.
Check out our additional auto loan calculators for help determining other auto decisions like whether to lease or purchase vehicles and what term of vehicle loan is best for you.
What Vehicle Can I Afford?
When you start the car-buying process, you might wonder what you can afford given your financial situation.
To help you set your budget for a new or used car, use our Car Affordability Calculator, and enter how much you can pay per month and how much you can put down on the vehicle to get a better idea of your total budget.
Auto Financing FAQs
Your interest is called “daily simple interest” and works just like its name. It is calculated by multiplying the outstanding principal balance of your loan each day by the daily interest rate (the annual rate divided by the number of days in the year).
On a loan that uses daily simple interest, the date you make your payments will impact the amount of interest paid over the life of the loan, and the amount of the final payment. For example, if your payment of $500 was due on the 5th of every month for 48 months, there are several possible scenarios:
- If you pay $500 on the 5th of every month, your last payment will be $500.
- If you pay later than the 5th of the month for any payment, the additional interest accrued will be collected first from your monthly payment, leaving less money to be applied to principal. Paying after the due date will lead to the principal balance staying higher than expected and thus additional interest being charged.
- If you pay more than the amount due each month, you will reduce the amount of interest you pay over the life of the loan because you’re reducing your principal loan balance and the interest is being calculated on this lower balance.
Once you have closed and signed your loan documents, a mailing containing your coupon booklet will be sent to the address you provided. This coupon booklet will contain the details for each payment, except for the last payment, that will be due over the course of your loan. The last payment is excluded as it may be a different amount from your regular monthly payment and it is important that you call us at 800-972-3030 to receive the proper amount due. If your coupon book is lost or damaged, you can order a new one by calling 800-972-3030. You can either follow the prompts in the automated system or ask one of our customer service representatives for assistance.
Note: If you cancel automatic payments or change the due date for your loan, you will automatically receive a new coupon book.
Note: It is common for the last payment to differ from the amount of the previous monthly payments. The payment can be lowered if additional payments have been applied over the life of the loan, or increased if payments have been made after the due date.
Please contact 800-972-3030 to determine the amount necessary to pay off your loan.
The coupon book you receive shortly after your loan is originated provides all the same details that are included in monthly statements. So to avoid redundancy and confusion, you will not get statements if you use a coupon book.
If for any reason you move to a lender-placed insurance or CPI (collateral protection insurance) program, you will receive monthly statements for the remainder of your loan. This way you will continue to have current information on your payment amount.
Please note that you can easily access your account information, including the amount due and the amount you’ve paid previously, in your account summary at 53.com. You can also see how your payments are broken down by principal and interest and any fees that were applied.
There are several options for making payments on an installment loan. You can choose any of the following methods that are convenient for you:
- Automatic payments through Auto BillPayer®. To enroll, contact us at 800-991-7771.
- Make a one-time payment through 53.com from an external account.
- Deposit customers can make automatic recurring payments online through 53.com. For questions regarding online banking, contact us at 800-972-3030.
- Mail a check or money order to:
Fifth Third Bank
PO Box 630778
Cincinnati, OH 45263
Note: Third-party payoffs should be sent to:
Fifth Third Bank
Attn: Installment Loans
5050 Kingsley Drive
MD 1MOC2J Cincinnati, OH 45227
- Go to any of our banking centers.
- Pay by phone by calling 800-972-3030 (Fee may be applicable).
- Use other alternative services, including wire transfer, Western Union payments and others. For assistance with these services, contact us at 800-972-3030.