2025 KeyBank Auto Loan Review
KeyBank auto loans at a glance
| Starting annual percentage rate (APR) | Loan terms | Loan amounts | ||
|---|---|---|---|---|
| New auto loans | 6.99% (with discounts) | 12 – 72 months | Starting at $5,000 | |
| Used auto loans | 6.99% (with discounts) | 12 – 72 months | Starting at $5,000 | |
| Refinance auto loans | 6.99% (with discounts) | 12 – 72 months | Starting at $5,000 |
KeyBank offers auto loans for both new and used cars, in addition to refinancing options. However, they carry some drawbacks — for starters, availability is limited to just 15 states. Still, the actual process is fairly convenient, and existing KeyBank customers can qualify for a rate discount.
Here are some of the most notable features of a KeyBank auto loan:
- Only available in 15 states: You can only get a KeyBank auto loan in Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.
- Offers discounts: The bank offers a 0.75% interest rate discount for customers who have a KeyBank account and a 0.25% discount for those who sign up for automatic payments with their KeyBank account.
- Prepayment penalty: A significant drawback of KeyBank auto loans is that it charges a $150 penalty if you pay off the loan within the first 18 months.
- No origination fee: On the plus side, KeyBank stands out by charging no origination fee.
- Best for: KeyBank auto loans are definitely best for existing KeyBank customers. In addition to making it easier to apply, you may also qualify for a 0.75% rate reduction.
KeyBank auto loan requirements
Like many lenders, KeyBank doesn’t specify a minimum credit score to qualify for its loans. Generally, you’ll need to have a credit score of at least 740 to qualify for a lender’s best rates. Here are the other basic requirements:
- You must be at least 18 years of age.
- You must have a valid Social Security number.
- You must live within one of the 15 listed states in which KeyBank offers auto loans.
- You must provide additional financial information if requested, such as tax returns and bank statements.
- You must certify that the information you provide is valid and accurate.
- You must authorize the bank to conduct a credit review.
- For new cars, the vehicle must be from the current, prior or upcoming model year.
- For used car loans, the vehicle must be at least two years old, but no older than eight.
If you have poor credit and are worried about qualifying for an auto loan, you may want to look at the best car loans for bad credit.
KeyBank pros and cons
KeyBank loans aren’t inherently good or bad — what matters is that the product you get meets your needs. Here’s a look at the pros and cons, so you can make a decision that’s right for you.
Pros
- Same-day funding available for qualified applicants
- No origination fees
- Discounted rates for existing customers and autopay
Cons
- $150 prepayment fee in first 18 months
- Available in 15 states only
A big pro of working with KeyBank is the ability to lower your interest rate by up to one full percentage point if you have a qualifying KeyBank account and use its autopay feature from a KeyBank checking account. The bank’s lack of an origination fee also helps keep costs down.
You can also receive your funds the same day you apply as long as you sign your loan documents before 2 p.m. Eastern time. You’ll also need to meet other requirements, such as having the funds deposited into a KeyBank account.
However, KeyBank auto loans are limited to just 15 states. It will also charge you a $150 prepayment penalty if you pay off your loan within the first 18 months.
KeyBank company overview
Based in Cleveland, KeyBank was formed in 1994 from the merger of KeyCorp and Society Corporation. However, the institution traces its roots back to 1825, making 2025 its bicentennial year. The bank has over $185 billion in assets and more than 1,000 branches spread across its 15-state service area.
KeyBank auto loan types offered
KeyBank offers a variety of vehicle loans for financing new and used auto loans, as well as refinancing your current car loan. These loans offer relationship rate discounts, online banking and a range of term options.
How to get an auto loan with KeyBank
You can apply online for a KeyBank auto loan and complete your application in minutes. However, if you’re not logged into your account as a customer, you can’t access the online application directly on the bank’s website.
In the auto loan section, where you might expect to find an online application link, there’s a “find a branch” button. There is an “apply now” link on this page, but you may have to log in to online banking as a customer before you can use the online application link.
You can also find a branch near you, or call KeyBank at 800-539-9055 if you’re having trouble applying.
To get an auto loan with KeyBank, you’ll need to provide some basic personal and financial information. Typically, you’ll be asked for some or all of the following:
- Tax returns and financial statements
- Social Security number
- Name and address
- Date of birth
- Identification, such as a driver’s license number
- Employment status
- Monthly income
The website is vague on how long the approval process takes, so you might want to speak with a branch representative to get a clear timetable. However, you can still use KeyBank’s online loan calculator or LendingTree’s auto loan calculator to figure out payments over different terms.
Is a KeyBank auto loan right for you?
KeyBank auto loans are best for existing customers. By taking advantage of the offered relationship and autopay discounts, loan interest rates can drop by a full percentage point. The loan application process is also more streamlined for existing customers since KeyBank already has the requisite personal and financial information on file.
Those that aren’t already customers may find that KeyBank isn’t as great a fit. For starters, to get a loan, you’ll have to reside in one of the only 15 states the bank services.
You may also find that KeyBank’s rates aren’t as competitive if you can’t take advantage of the 0.75% relationship discount. But this is why you should always shop around for the best auto loan terms and rates, whether working with KeyBank or any other financial institution.
How KeyBank auto loans compare
When compared with other lenders, KeyBank comes up short in many areas. In terms of geographic reach, the bank’s 15-state footprint pales in comparison to national banks like Bank of America. In addition, its rates are beaten handily by numerous banks, including PNC.
Here’s a look at how those three banks compare in terms of new vehicle loan parameters.
| KeyBank | Bank of America | PNC Bank | |
|---|---|---|---|
| Starting APR | 6.99% (with discounts) | 5.44% | 5.34% |
| Loan terms | 12 – 72 months | 48 – 72 months | 12 – 72 months |
| Loan amounts | $5,000 – $25,000+ | Starting at $7,500 ($8,000 minimum in MN) | $5,000 – $100,000 |
| Minimum credit score | Not specified | Not specified | Not specified |
KeyBank‘s 6.99% starting rate is only available if you’re an existing customer who uses autopay; otherwise, that rate will be one percentage point higher. Bank of America offers a Preferred Rewards discount of up to 0.50%, while PNC Bank offers a 0.25% autopay discount from a PNC checking account.
Frequently asked questions
The bank doesn’t specify any credit score requirements on its website. However, as with any bank, the higher your credit score, the more likely it is that you can score a lower interest rate.
The process to get an auto loan from KeyBank is fairly simple, but whether or not it ends up being easy to get a loan from them will depend on your financial situation. If you have good credit and sufficient income, yes, getting an auto loan can be easy. But if you have poor credit or low income, you may not be able to qualify.
A KeyBank car loan is best for existing customers who are financing a new car and will be able to get up to the full 1% discount. In that case, the starting interest rate for a KeyBank car loan is less than average, and you also won’t have to pay an origination fee. The entire process is also more convenient if you already have a KeyBank account and the bank has all of your personal and financial information on file.
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