Are you in the market for a new or used vehicle? If so, securing the right financing is essential. In this comprehensive guide, we will take a deep dive into Truist auto loans and provide you with all the information you need to make an informed decision. Whether you’re a Truist Bank member or looking to join, we’ll explore the pros and cons, eligibility requirements, loan options, and how to apply. By the end, you’ll have a clear understanding of whether a Truist auto loan is the right choice for you.
Truist Auto Loans: An Overview
Truist, formed in 2019 through the merger of BB&T and SunTrust Bank, is a leading financial institution offering a range of auto loan options. With close to 2,000 branch locations across the United States, Truist provides direct and indirect auto loans for new, used, and recreational vehicles at competitive rates.
Competitive APRs
One of the key advantages of Truist auto loans is the competitive interest rates they offer. Borrowers with eligible credit profiles can secure loans with interest rates as low as 6.85% APR. This can result in significant savings over the life of your loan compared to higher interest rate options.
Flexible Loan Terms
Truist understands that every borrower’s financial situation is unique. That’s why they offer a range of loan terms to choose from. Minimum loan amounts start at just $3,500, and terms can be as long as 84 months. This flexibility allows you to find a loan term that fits your budget and financial goals.
Financial Assistance in Times of Hardship
Truist goes above and beyond by offering financial assistance to borrowers facing temporary difficulties. If you experience a natural disaster or a decrease in income, you may qualify for short-term payment relief. This relief could include a reduced interest rate, an extension of the repayment terms, or even a different type of loan. To be eligible, you must have had your Truist account open for at least nine months and demonstrate a strong payment history.
Accessibility for Non-Members
While Truist has a significant number of branches across the United States, it’s important to note that they are only located in a handful of states. This limited geographic presence may make it less accessible for non-members, especially those living in states without branch locations. Existing Truist Bank members can easily apply for a loan over the phone, but non-members will need to visit a physical branch.
Pros and Cons of Truist Auto Loans
Like any financial product, Truist auto loans have their advantages and disadvantages. Let’s take a closer look at what makes Truist auto loans stand out, as well as some potential drawbacks to consider.
Pros
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Competitive rates for borrowers with excellent credit: Truist offers attractive interest rates, particularly for borrowers with excellent credit scores. By having a strong credit profile, you can secure a loan with a lower APR, resulting in long-term savings.
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Financial assistance in times of hardship: Truist understands that life can throw unexpected challenges our way. If you face a temporary decrease in income or experience a natural disaster, Truist offers short-term payment relief options to help you overcome these difficulties.
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Range of loan terms: Truist provides borrowers with the flexibility to choose from a range of loan terms. This allows you to find a loan that aligns with your budget and financial goals.
Cons
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Limited accessibility for non-members: Truist’s branch locations are limited to a select number of states. This means that non-members may find it challenging to apply for a loan, especially if they reside in states without Truist branch locations.
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In-person or phone application required: While current Truist Bank members can easily apply for a loan over the phone, new borrowers must make an in-person appointment at a branch. This requirement may be inconvenient for those who prefer the convenience of online applications.
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Lack of upfront transparency: Truist does not provide detailed information on rates and maximum loan amounts upfront. You will only know your terms and interest rate once you go through the application process. However, if your loan application is approved, your interest rate will be locked in for 30 days, giving you time to compare offers from other lenders.
Truist Auto Loan Options
Truist offers a range of auto loan products to cater to different borrowing needs. Let’s explore each of these options in detail.
New Auto Loans
If you’re in the market for a brand-new vehicle, Truist offers competitive financing options. Whether you’re looking for a car, truck, van, or SUV, Truist can help you secure the funding you need. The loan terms and rates will depend on your creditworthiness and the specific details of the vehicle you’re purchasing.
Used Auto Loans
Buying a used vehicle can be a cost-effective option, and Truist understands this. They offer used auto loans to help you finance your pre-owned car, truck, van, or SUV. As with new auto loans, the terms and rates will vary based on your creditworthiness and the details of the vehicle.
Auto Loan Refinancing
If you already have an auto loan with another lender and want to explore better options, Truist also offers auto loan refinancing. By refinancing your existing loan, you may be able to secure a lower interest rate, reduce your monthly payments, or even shorten the term of your loan. This can lead to significant savings over time.
Boat and RV Loans
In addition to auto loans, Truist also provides financing for boats and RVs. Whether you’re looking to purchase a new boat, upgrade your RV, or refinance an existing loan, Truist has options for you. The terms and rates will depend on the specifics of your purchase and your creditworthiness.
Applying for a Truist Auto Loan
Now that you know the different options available, let’s explore how you can apply for a Truist auto loan. The application process will vary depending on whether you’re already a Truist Bank member or a new customer.
Existing Truist Bank Members
If you already have an account with Truist Bank, the loan application process is straightforward. You can apply for an auto loan by simply picking up the phone and contacting Truist. A loan specialist will guide you through the application steps, including the documents you’ll need to provide. Qualified applicants may receive approval in as little as 10 minutes and receive funding the same business day.
Non-Members
For individuals who are not yet Truist Bank members, the application process is slightly different. You will need to visit a Truist branch location and make an appointment to apply for financing in person. During the appointment, a loan specialist will assist you in completing the application and provide guidance on the required documentation. While this may require more effort, it allows non-members to access Truist’s competitive loan options.
Truist Auto Loan Eligibility Requirements
To qualify for a Truist auto loan, certain eligibility requirements must be met. While Truist does not specify these requirements explicitly, they typically consider factors such as credit score, debt-to-income ratio, income stability, and payment history. To secure the lowest rates offered by Truist, borrowers will need to demonstrate an excellent credit score.
Comparing Truist Auto Loans
Before committing to a Truist auto loan, it’s essential to compare it with other lenders in the market. While Truist offers competitive rates, other lenders may provide more favorable terms or additional benefits. By using a platform like LendingTree, you can fill out a single form and receive up to five auto loan offers from different lenders. This allows you to compare and choose the option that best suits your needs.
Conclusion: Is a Truist Auto Loan Right for You?
Truist auto loans offer competitive rates, flexible terms, and the convenience of financial assistance in times of hardship. If you’re already a Truist Bank member, applying for a loan is a straightforward process. However, if you’re a non-member, you’ll need to visit a branch location for an application appointment. While Truist has a limited geographic presence, their loan options are worth considering if you meet the eligibility requirements.
It’s important to remember that every borrower’s situation is unique. Before making your final decision, take the time to compare Truist auto loans with other lenders to ensure you’re getting the best rate and terms. By conducting thorough research and exploring all your options, you’ll be well-equipped to make an informed decision and secure the financing you need for your dream vehicle.
Frequently Asked Questions
1. What are the eligibility requirements for a Truist auto loan? Truist does not specify its eligibility requirements for an auto loan. However, to qualify for the lowest rates, borrowers will need to demonstrate an excellent credit score. Creditworthiness is typically assessed based on factors such as debt-to-income ratio, FICO Scores, income stability, and payment history.
2. Does Truist offer auto loans for small businesses? Yes, Truist offers auto loans for small businesses with loan amounts up to $250,000 and terms up to 75 months. You can apply online for up to 100% financing of a car, light truck, van, or SUV, plus an extra 10% for soft costs such as delivery, license, and equipment add-on fees. The vehicle will serve as collateral for the loan.
3. Can I apply for a Truist auto loan over the phone? Existing Truist Bank customers can apply for an auto loan over the phone. However, if you’re new to Truist, you’ll need to visit a branch location and make an appointment to apply for financing in person.