Nationwide Auto Loans Review

#9 in Auto Loans

Nationwide is a leading financial institution that offers a variety of insurance and financial products to consumers across the US. Part of its consumer targeted products include auto loans, and auto refinancing for new and used cars. The company offers a convenient online portal that lets consumers pre-qualify, and even sign loan documents.

Types of Auto Loans

  • New Auto Loans
  • Used Auto Loans
  • Auto Refinancing

Auto loans available through:

  • Franchise dealerships
  • Private dealerships

*** Nationwide offers auto loans for both franchise and private dealerships. After being approved and given a unique funding code from the Nationwide Payment Center, you can immediately share this information with the seller or dealer so they could have the funds to purchase the vehicle deposited directly.

Application

Nationwide is a digital bank and provides auto shoppers with an online portal for pre-qualifying and funding of their auto loan.  Pre-approvals are valid for 30 days. If no purchase is made, customers are required to apply for a car loan again.

Qualification

  • 18 years of age or older
  • US citizen or permanent resident

Credit Score

Fair credit score or better

Steadily employed

Yes

Self-employed

Yes

Loan Details

Loan terms are available for up to 84 months depending on the loan amount.  Nationwide offers the same competitive rates for both new and used auto loans. A 1% rate discount is given for automatic ACH payments.

APR

3.53% APR

Application fee

No

Prepayment penalty

No

Origination fee

Yes

Auto Loans at Nationwide

Nationwide makes auto loans quick and easy by offering a complete auto loan service that moves you from application to having the funds directly released to your franchise or private dealership. Rates, however, are on the pricier side even with its 1% rate discount for automatic ACH payments.

 

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