If you’re considering financing a vehicle, understanding Truist auto loan rates and how they compare is essential. Truist, one of the largest financial institutions in the U.S., offers a variety of auto loan options to suit different needs whether you’re buying a new or used car or refinancing an existing loan. In this article, we’ll review Truist auto loan rates, loan terms, eligibility, and special features to help you make an informed decision.
Overview of Truist Auto Loans
Truist provides financing for new and used cars and offers auto refinancing options for those looking to lower their existing loan payments. Their rates are competitive within the industry, especially for those with strong credit profiles. Additionally, Truist offers flexible repayment terms, allowing customers to spread payments over an extended period if needed.
Truist Auto Loan Rates and Terms
Currently, Truist auto loan rates start around 6.24% APR for new and used vehicles for qualified applicants. However, the specific rate a borrower receives depends on credit history, income level, and other factors. Truist offers loan terms up to 84 months, giving borrowers the flexibility to choose a term that best fits their budget and financial situation.
Before committing to a loan, consider using the Truist Bank car loan calculator to see how rates and loan terms affect monthly payments.
- Truist new car loan rates: Starting at 6.24% APR
- Truist used car loan rates: Similar starting rate of 6.24% APR
- Truist auto loan rates for refinancing: Rates are competitive and often similar to new and used loan rates for qualified applicants.
The extended loan term of 84 months can be advantageous for borrowers looking for lower monthly payments, though it’s important to note that longer terms often lead to higher total interest paid over the life of the loan.
Truist Car Loan Rates and Related Products
Truist offers a variety of car loan options with different rates and terms depending on the vehicle and the borrower’s creditworthiness. Whether you are looking for Truist bank car loan rates for a new purchase, a used car loan, or an auto refinance loan, Truist has options to meet diverse needs:
- New Car Loans: With competitive rates, these loans cater to buyers interested in financing brand-new vehicles.
- Used Car Loans: Truist’s used car loans make it easier for those buying pre-owned cars to obtain financing at reasonable rates.
- Auto Refinance Loans: Refinancing is an option for current vehicle owners seeking to reduce their interest rate or monthly payment on an existing loan.
If you’re shopping for Truist auto rates, it’s wise to compare them to other lenders to ensure you’re getting the best deal.
Eligibility Requirements for Truist Auto Loans
While Truist doesn’t publicly specify minimum credit scores or income levels for auto loans, having a strong credit score will generally help you qualify for the best rates, such as their Truist bank auto loan interest rate starting at 6.24%. In general, you may need:
- A credit score that demonstrates a history of responsible borrowing.
- Proof of income (e.g., pay stubs or bank statements).
- Vehicle details if you’re refinancing or purchasing a specific car.
Keep in mind that Truist’s physical presence is limited to 17 states and Washington, D.C., which may mean that new clients need to apply in person if they are not already Truist customers.
How to Apply for a Truist Auto Loan
Applying for a Truist auto loan is straightforward, especially if you’re an existing customer who can apply over the phone. For new clients, the application must generally be completed in person at a Truist branch. However, Truist’s online division, LightStream, offers an alternative for those preferring a digital application process. Here’s an overview of the application steps:
- Contact Truist: Speak to a loan specialist or visit a branch to start the application.
- Provide Documentation: Gather proof of income, proof of identity, and any additional documents required.
- Receive Approval: In some cases, Truist provides same-day approval, so you may know within minutes if you qualify.
- Lock Your Rate: Truist offers a 30-day rate lock for approved loans, allowing borrowers to explore options without worrying about a rate increase.
The application process for Truist car loan rates is relatively quick, with some applicants receiving approval and funds on the same day.
Unique Features of Truist Auto Loans
Truist offers several benefits for borrowers, including:
- Rate Lock Guarantee: Once your loan is approved, the interest rate remains locked for 30 days. This rate lock can provide peace of mind and the opportunity to shop around for the best deal.
- Flexible Payment Terms: Terms extend up to 84 months, which can reduce monthly payments and improve affordability.
- Financial Hardship Assistance: For customers facing unexpected financial challenges, Truist may offer payment relief options, such as reduced rates or extended terms.
Pros and Cons of Truist Auto Loans
Pros:
- Competitive rates for qualified borrowers.
- Quick approval process with potential same-day funding.
- Extended loan terms up to 84 months for flexible repayment.
- Rate lock for 30 days after approval, helpful for comparison shopping.
Cons:
- Limited accessibility as Truist operates in only 17 states and Washington, D.C.
- In-person application requirement for new customers in many cases.
- Strict credit requirements to qualify for the lowest Truist bank car loan rates.
Truist vs. Other Lenders
When comparing Truist auto loan rates to other lenders, consider factors such as starting APR, term flexibility, and ease of application. Truist’s rates are competitive for those with good credit, but it’s beneficial to gather multiple quotes from different lenders to ensure you’re securing the best option.
Final Thoughts
A Truist auto loan may be a great choice for those who qualify for their competitive rates and prefer long repayment terms. Existing customers have the added convenience of applying over the phone, while new customers in Truist’s branch regions can apply in person. For borrowers outside Truist’s branch areas, LightStream offers an online alternative.
Overall, Truist auto loan rates are worth exploring if you prioritize competitive interest rates and flexible payment terms. Be sure to compare these rates with other banks and online lenders to find the best loan for your needs.