2023 Truist Auto Loan Review
|New auto loans||Used auto loans||Refinance auto loans|
|Loan terms||Up to 84 months||Up to 84 months||Up to 84 months|
|Loan amounts||Starting at $3,500||Starting at $3,500||Starting at $3,500|
|See Auto Loan Rates||See Auto Loan Rates||See Auto Loan Rates|
Truist offers a range of direct and indirect auto loan options for new, used and recreational vehicles at competitive rates. Formed in 2019 after the merger of BB&T and SunTrust Bank, this lender has close to 2,000 branch locations across the United States. Truist only offers auto loan approvals in person or over the phone, though borrowers who want to apply for a loan online can do so with LightStream, Truist’s online division.
- Competitive APRs: Truist offers auto loans with interest rates as low as 6.85% for borrowers with eligible credit profiles.
- Range of loan terms to choose from: Minimum loan amounts start at just $3,500 and terms may be as long as 84 months.
- Financial assistance available in times of hardship: Short-term payment relief options extended to borrowers could include a reduced interest rate, an extension of the repayment terms or a different type of loan.
- Less accessible to non-members: Although Truist has nearly 2,000 branches, they’re only located in a handful of states. Existing bank members can apply for a Truist loan over the phone, but non-members will have to visit a physical branch; this may exclude borrowers who live in states without branch locations.
- Best for borrowers who are already members of Truist Bank, or who have excellent credit: If you already hold an account with Truist, the loan application is easy; simply apply over the phone and receive approval in as little as 10 minutes. The lowest APRs are reserved for borrowers with excellent credit.
Truist auto loan pros and cons
Truist offers competitive rates to borrowers with high credit scores, but you won’t know how much you’re eligible to receive up front. While current account holders may apply for financing with a quick phone call, those who are new to this lender must make an in-person appointment at a branch — which may not be possible depending on where you live.
Same-day loan funding available
Competitive rate offerings
Long loan terms available (up to 84 months)
Short-term payment relief available for unexpected financial hardship
Interest rate locked in for 30 days once approved
No option to apply online
Physical branches available in only 17 states and Washington, D.C.
Minimal information provided upfront on qualification requirements
Non-members must apply in person
With Truist, you won’t know your terms and interest rate until you go through the application process. However, if your loan application is approved, your interest rate will be locked in for 30 days. That’ll give you enough time to do some comparison shopping and make a final decision, whether you choose to purchase a new or used car or refinance the vehicle you currently own.
If you’re impacted by a natural disaster or face an unexpected decrease in your income for other temporary reasons, you may qualify for short-term payment relief. You can apply for this assistance if you’ve had your account open for at least nine months and can demonstrate a strong payment history.
A closer look at Truist auto loans
This lender offers a range of auto products — new and used auto loans, auto loan refinancing, boat loans and RV loans — but some borrowers may find it difficult to get approved depending on their financial circumstances or geographic location.
If you prefer the convenience of applying for a loan online, or you’d like more upfront transparency around rates and maximum amounts, you could consider an auto loan from LightStream, Truist’s online division. Note that LightStream’s terms, minimum and maximum loan amounts and APR differ from what Truist offers.
While Truist has around 2,000 branches across the U.S., they’re only located in Washington, D.C. and the following 17 states:
How to get an auto loan with Truist
If you’re already an account holder at Truist Bank, applying for an auto loan could be as simple as picking up the phone. However, if you’re new to this financial institution, you’ll have to make an appointment at one of its branch locations.
When you call or visit, a loan specialist will guide you through the steps to apply, including the documents you’ll need for a car loan. Qualified applicants may be approved in as little as 10 minutes, and could receive funding the same business day.
If you receive a loan offer, your interest rate will be locked in for 30 days. You can take this time to shop around before making your final decision. When comparing lenders, use an auto loan calculator to estimate your monthly payment.
How Truist auto loans compare
Truist offers lower APRs than the lenders below, but doesn’t offer online applications and restricts new customers to in-person appointments only. You can apply online or over the phone for a LightStream auto loan or a Consumers Credit Union auto loan.
|Truist||LightStream||Consumers Credit Union|
|Terms||Up to 84 months||24 to 84 months||36 to 84 months|
|Amount||Starting at $3,500||$5,000 to $100,000||$250 to $250,000|
|Minimum credit score||Not disclosed||Good credit required||550|
*with autopay discount and excellent credit
Is a Truist auto loan right for you?
Truist members may want to consider applying with the bank for their auto loans. Rates are competitive, and funding may be available within one day. However, if your score is on the lower side, or if you don’t live in an area serviced by one of this lender’s physical locations, this lender may not be an option.
But even if you believe that an auto loan from Truist Bank matches your borrowing needs, it’s always a smart idea to comparison shop to be sure you’re getting the best rate and terms. By filling out a single form with LendingTree, you may receive up to five auto loan offers from lenders.