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Truist Auto Loan Review
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Truist offers low rates for auto loans, but only a select few can apply. The bank doesn’t accept applications online, only in person or over the phone, and branches are only located in a limited number of states.
Not much is disclosed up front about Truist’s loans for new and used vehicles, or about their refinancing options. Applicants who want more transparency or who prefer to apply online can do so through LightStream, Truist’s online division.
Truist loans at a glance
Truist offers competitive rates on car loans and refinancing, but borrowers won’t have a lot of information about loan terms in hand when applying. You may need to speak to a bank agent to find out the maximum loan amount that’s available to you, as well as what credit score you’ll need to qualify.
|New||3.38% to 9.87%||Up to 84 months||$3,500 minimum|
|Used (dealers)||3.38% to 9.87%||Up to 84 months||$3,500 minimum|
|Refinance||3.38% to 9.87%||Up to 84 months||$3,500 minimum|
Truist auto loans pros and cons
Truist auto loans may be best for someone who is already a member of Truist Bank. Loan funds can be received quickly, and the APR is competitive. Plus, bank members can apply over the phone. Other applicants will have to apply for a loan in person, and many will find it difficult to locate a branch in their area.
Funding available within one day
Hardship payment relief is available
Applications are not accepted online
Branches are only in a handful of states & Washington, D.C.
Little information disclosed regarding loan terms
A closer look at Truist auto loans
Truist is a relatively new bank that was formed by a merger between SunTrust Bank and BB&T. This lender offers new and used auto loans, refinancing, boat loans and RV loans, but some borrowers may find it hard to apply.
Truist doesn’t accept online applications. Bank members can apply for a Truist auto loan over the phone, but non-members will have to visit a bank branch. The bank has over 2,100 branches, but they’re only located in the following areas: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.
When it comes to loan terms, not much information is available, including the maximum loan amount and credit requirements. Interest rates and loan amounts both start low, at 3.38% APR and $3,500, but it’s clear who qualifies.
Truist’s online division, LightStream, offers more transparency, and applications are accepted online. Just note that LightStream auto loans may have different terms than Truist.
One benefit of borrowing from Truist is that the bank offers help to qualified borrowers who are experiencing financial hardship. If you’re dealing with an unexpected emergency or a natural disaster, Truist may allow you to temporarily suspend payments for up to 90 days, and in some cases, you can permanently modify your auto loan.
How to apply for a Truist auto loan
If you have a Truist account, you can apply for an auto loan by calling (844) 487-8478. Non-bank members will have to visit a branch location in order to apply.
When you call or visit, a loan specialist will guide you through the steps to apply, including which documents you need for a car loan. Qualified applicants may be approved in as little as 10 minutes and receive funding within the same business day.
How Truist auto loans compare
Truist isn’t the only place to go for low rates. Both LightStream and Consumers Credit Union have low starting APRs. Plus, both of these lenders accept applications online and offer rate discounts when you set up auto pay for your car loans.
You do, however, have to have good credit in order to be approved through LightStream. Consumers Credit Union is much more flexible when it comes to credit, but applicants will need to meet other requirements, like having five personal references, in order to qualify.
|Truist||LightStream||Consumers Credit Union|
|APR||3.38% to 9.87%||3.99% (with 0.5% AutoPay discount)||3.49% (with 0.25% AutoPay discount)|
|Terms||Up to 84 months||36 to 84 months||12 to 84 months|
|Min. credit score||Not disclosed||Not disclosed||None|
Is a Truist loan right for you?
Truist members may want to consider going through the bank for their auto loans. Rates are competitive, and funding is available within one day.
While low rates are important, they aren’t the only thing that matters when shopping for an auto loan. Before applying, be sure to consider all the terms and requirements. Many applicants may not have access to a bank branch where they can apply in person, and Truist may not offer the loan amount or repayment terms that meet your needs.
Buyers who shop around for an auto loan can easily find a handful of other lenders who offer more transparent terms, quick rate quotes and the convenience of accepting applications online. By filling out a form with LendingTree, you may receive up to five auto loan offers.