Huntington Auto Loan Review
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Rates as of 3/11/2019
Taking out a car loan is a huge decision. Before you decide on an auto loan, you need to shop around to get a sense of your options and review each one so that you can evaluate the pros and cons.
We’ve broken down the specifics behind a Huntington auto loan — the company, what it offers, how to apply and for whom it will work best. Read on to learn whether Huntington would be a good fit for you.
About Huntington auto loans
Huntington auto loans are a product of Huntington Bancshares Inc., a regional bank holding company based in Columbus, Ohio. With 954 branches across eight states, the company’s largest subsidiary, The Huntington National Bank, and its affiliates, provide consumers with a variety of personal banking, commercial, small business and insurance services.
Through its auto loans, Huntington offers coverage for cars, trucks and motorcycles, regardless of whether you’re financing a new or pre-owned vehicle. The company says it prides itself on offering easy financing with flexible terms and competitive rates.
Huntington auto loans: At a glance
Before you can settle on an auto loan, it’s crucial to shop around for pre-approvals to make sure you’re getting the best rate possible. If you submit multiple applications, do so in the same 30-day window. That way, the credit bureaus will treat it as one application with one hard pull on your credit score rather than multiple that could lower your score each time.
If you’re thinking about using Huntington for your auto loan, here are a few factors that you may want to take into consideration as you make your comparisons:
- APR range: Huntington’s APRs vary by ZIP code and the model year of the car you’re trying to finance. Beginning rates are lower for newer vehicles. For example, let’s look at the 43215 ZIP code — Columbus, where Huntington is headquartered. APRs start as low as 5.22% for a 66-month term on a 2019 vehicle. For a 2011 vehicle, you’d get an APR as low as 6.22% on 36-month term. Huntington doesn’t specify on its website how high the APRs can reach.
- Terms available: It offers financing terms between 36 and 66 months.
- Loan amount: $3,000 or higher.
- Other types of financing: Besides its auto loan, which covers new and used cars, Huntington offers natural disaster assistance on vehicles, boats and recreational vehicles damaged during storms.
- It’s only available in certain states: Auto loans are available only to residents of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia and Wisconsin.
How to apply for financing
Applying for a Huntington auto loan is as easy as filling out its self-described five-minute form. That number does jump to 10 minutes if you have a co-applicant.
Its application has three sections: loan information, personal information and financial information.
The loan section covers whether you’re looking to insure a specific car or whether you’re going to shop for a new one and would like a pre-approval. You’ll need to provide an estimate of how much you expect to borrow. There is an option for Huntington to contact you if you qualify for more financing than you estimated.
The personal section asks for a variety of contact information, including your phone number, email and address. It’ll ask for a previous address if you’ve lived in your current home for less than two years. You also have to provide your Social Security number and the name and phone number for a contact person.
The financial section is a run-down of your income. You’re asked to provide the name and contact info for your employer, plus a summary of your occupation and wages. There’s also a place to report additional sources of income like a “side hustle,” or any money you receive in child support.
The fine print
With any contract, it’s crucial to read the fine print before you commit to anything in writing. To that end, we’ve tried to make it easy for you by laying out some of its disclosures. But rates and stipulations may vary, especially by state.
Always be sure to read your contract and understand every word. In the meantime, you can weigh the following in your decision-making process:
- There’s a processing fee: Huntington charges a $150 fee to cover the cost of processing the loan. But you only have to pay it when you sign on the dotted line.
- Your interest rate will vary according to model year: Besides your credit score, your interest rate will vary according to the model year of the car you’re financing.
- Limited by states in which auto loans are offered: Here’s a reminder that Huntington auto loans are only available to residents in certain states (more information above).
Pros and cons of financing through Huntington
Every lender has its own pros and cons, including Huntington. That’s why it’s so important to shop around and compare auto loans.
Beyond solely worrying about interest rates, there’s also the consumer experience to consider. After all, you’re going to spend a number of months working with whichever company you end up choosing, so you want to make sure you’re happy with its business practices.
We laid out some of the highlights and lowlights of working with Huntington to help you make an informed decision.
Highlights of Huntington auto loan financing
- You can fill out the online form in a matter of minutes.
- It offers flexible payment options, such as the ability to choose your payment schedule or to skip payments (called Pass-A-Payment) and make them up later.
- There’s no prepayment fee if you decide to pay off the loan early. A customer service representative also said there’s no application or origination fees.
Lowlights of Huntington auto loan financing
- Specific information about the loan is hard to find on the website — and to get from customer service representatives.
- There’s limited availability, since Huntington auto loans are only available in eight states.
The bottom line: Who are Huntington auto loans best for?
You might be a good fit for a Huntington auto loan if:
- You need the loan ASAP: Huntington will start processing your loan within 24 hours of receiving your application to get you on the road as fast as possible. The typical processing time for an auto loan through Huntington is seven days.
- You require a flexible payment schedule: Huntington advertises that it allows you to select your own payment schedule — weekly, biweekly or monthly. It also has a feature where it allows you to skip certain payments and make them up at a later date.
- No prepayment penalty.
You might not be a good fit for a Huntington auto loan if:
- You’re outside its service area: Right now, Huntington auto loans have a very limited service area. It only services eight Midwestern states.
- You aren’t comfortable reading over contracts: Unfortunately, Huntington offers very limited information on its website. It will be important to read over your contract to make sure that you understand the specific terms of your loan.
Regardless of how well you fit the above criteria, if you’re seriously considering going with a Huntington auto loan, you’re going to want to do your own research into the company and its offerings. Only you can decide which auto loan is right for you.