Our #1 pick for the best personal loans in 2020.
Our Two Cents — BB&T Bank auto loans offer you a variety of options for your auto, whether you’re purchasing, refinancing or trying to maneuver a lease buyout. But you’ll have to live in one of the 15 states within its service area (or Washington D.C.) and you’ll have to apply in person.
BB&T auto loans at a glance
|Lender||Loan Amount||APR||Terms||Key Benefit|
|BB&T||NA||2% – 20%||12 – 75 months||Wide variety of loan options|
*Rates accurate as of July, 2020
What we like about it
BB&T Bank reviews often point out the tremendous selection of financing options, including for auto loans. Whether you need a loan to purchase a new or used car, refinance your existing auto loan or a lease buyout, chances are a BB&T Bank auto loan is an option for you. If you have a tight timeline, BB&T Bank can offer you a decision on your qualification within 10 minutes for both purchase or a refinance and have funds transferred within seven days. This makes it a great choice for those shopping around for quotes for auto loan rates. BB&T Bank auto loan rates are low and fixed to make it even easier on your auto loan budget.
Things to consider
BB&T Bank auto loans may offer an extensive number of financing choices, but you’ll have to apply for this loan in person. Currently, the only way to get your application started is to physically walk into a branch and apply, which is one reason why you see negative BB&T Bank ratings. You should also be aware you have to be a resident in one of the 15 states and Washington, D.C., that BB&T Bank services. And if you’re looking for a loan for a used car 10 years old or older, you won’t be able to secure financing through BB&T Bank.
What you need to know
BB&T Bank is now under the Truist brand name. Although it has recently merged and the name is different, you can still find the same auto loan program. BB&T Bank offers financing for new cars from individuals or a dealer, used cars (that meet eligibility requirements) and lease buyouts. You can also use BB&T Bank auto loans for refinancing your current auto loan.
As far as loan terms and rates, BB&T Bank offers quite a bit of flexibility. Minimum loan terms are for 12 months, but you can finance up to 75 months if you need it. The loan rates vary from 2% to 20%, with the rate depending heavily on your credit score. As with most other auto loan applications, a credit application will result in a hard inquiry on your credit report, which could impact your overall credit score.
How to apply
The application is straightforward and requires the typical information from most lenders. Remember, you have to apply in person, so it will be helpful to have all your information gathered before you head to the branch. You’ll be asked for:
- Personal details such as Social Security number, date of birth, current address and previous addresses.
- Employment verification including contact information, address and phone number for your employer.
- Income verification such as a pay stub or tax return to show proof of income.
- Vehicle details of the car you are purchasing or refinancing, including the VIN.
- Bank account information, including assets and liabilities (like savings account info or child support payments).
Collateral and criteria
For those who are cash-strapped or prefer not to use a down payment, a BB&T Bank auto loan doesn’t require you to put one down. Keep in mind this will result in a higher car payment since you will be financing a greater amount, but it’s important to know for your budgeting purposes.
If you’re looking for the best auto loans for bad credit, a BB&T Bank auto loan may be an alternative for you. The BB&T website doesn’t list a minimum FICO® score requirement, but the BB&T Bank site does say even if you have less than “stellar credit” you can still apply — it might result in a higher interest rate, though.
BB&T Bank vs. Bank of America
If location is a hindrance for your BB&T Bank auto loan, then Bank of America could be another consideration. Bank of America is available in all 50 states (including Washington D.C.) and has over 4,000 branches to choose from. Another convenience factor worth noting is you can fill out the entire application process online. Depending on your creditworthiness, you can get a low fixed interest rate too, whether you’re buying a new or used car from a dealer or an individual. You can also use Bank of America for refinancing options, similar to the BB&T Bank auto loan program.
BB&T Bank vs. Chase
Another option available in all 50 states and with nearly 5,000 branches is an auto loan through Chase Bank. Unlike BB&T Bank and Bank of America, Chase only offers financing for new and used cars from its dealer network (although it is a very large network). There are no auto loans offered for private sellers, but refinancing and auto lease buyouts are possible. Another difference with Chase is with the auto loan rates and terms. The lowest interest rate Chase offers currently is 4.33%, and it goes up to 15% (depending on creditworthiness). And with the loan terms, Chase only offers options of 48 to 72 months.
Too long, didn’t read?
Whether you’re eyeing a shiny new car on the dealership floor or a practical used car from a private seller, then a BB&T Bank auto loan could be a smart choice. Unfortunately, this choice is only available if you live in one of the 15 eligible states and you’re willing to apply for a loan in person. But with such a wide range of products, no down payment required and flexible loan terms, it may be worth it to add BB&T Bank auto loans to your list for comparison shopping.