Regions Bank
Is This Your Business?Author: Kaitlyn Short
Regions Bank has simple straightforward banking solutions to assist with all of your financial needs. Its website easily lets you navigate to manage credit, loans, retirement, and savings all in one simple place. It even offers tips for the best financial solutions depending on your stage of life. Regions is focused on informed, straightforward, and honest banking.
Auto loans and refinancing are available for new or used cars or light trucks, starting at 4.05% APR. Loan amounts range from $5,000 to $100,000. Terms vary depending on the age of the vehicle.
Vehicle requirements:
- Newer than 8 years old
- Less than 90,000 miles
Read on for pros and cons of financing your next vehicle with this bank.
Top Ranked Companies
The Good
- Great Services
- Rate Discounts
- Regions Auto Center
Great Services
Regions has a very intuitive online auto loan application that allows you to see exactly what its auto loan program entails. The auto loan home page is simple to understand and easy to use.
Firstly, the bank openly displays APRs, available loan amounts, and additional important information like mileage limits.
Then, when you apply for your loan they give you the lowest APR they have available based on your credit score.
Rate Discounts
Regions checking account customers are eligible for a 0.25 percent rate discount with autopay.
Regions Auto Center
The most unique feature is the Regions Auto Center. Regions supplies no-hassle online car buying so you can avoid the haggling at a dealership and find a certified car with their TrueCar price reporting system. This intuitive program allows you to find your car and your loan all online from the convenience of your home.
The Bad
- Higher Interest Rates
- Vehicle Restrictions
Higher Interest Rates
Regions advertises higher interest rates than other companies. although many other auto lenders don't even list the upper cap of their auto loan rates.
Depending on your credit score, you might receive a better rate from them; however, their lowest advertised rate is higher than some other companies in the industry.
Vehicle Restrictions
This lender restricts auto lending to cars that are seven years old, or newer, and have less than 90,000 miles. So, even if you have a low mileage car that is in great condition, if it's more than seven years old it won't qualify for the loan.
Lack of Transparency
Regions is also lacking transparency on its website. We feel that it is important for customers to be able to find information on auto loan websites without having to apply.
Missing info includes application fees, term lengths, early-pay penalty fees, and bad credit loan options.
The Bottom Line
Regions' purchase restrictions could limit potential borrowers; however, customers purchasing newer cars with fewer miles may benefit.
We would recommend Regions as an auto loan option; it has a commitment to safe and responsible lending and has a policy to make sure customers receive fair and informed service. The bank's years of experience, combined with its straightforwardness, is a plus.
Have you financed a car through Regions? Let us know about your experience with a quick review below.
