Nationwide Auto Loan Review: Competitive Rates and No Fees

See Nationwide options for new and used cars and refinancing.

Nationwide dates back to 1925; since then it’s grown from a car insurance company to a major player in the insurance and financial fields with assets of over $158 billion. Nationwide auto financing is one part of that business, offering car loans for new and used vehicles, as well as refinancing of existing auto loans.

Check out the Nationwide car loan rates in the following table and read on to learn the details of getting a car loan from Nationwide:

Nationwide Auto Loans
Loan AmountsTerm LengthNew Car APRUsed Car APRAuto Refinance APR
$1,000 to $100,00036 to 609.45% to 2.90%9.8% to 3.25%9.85% to 3.30%
$10,000 to $100,000664.99% to 3.00%5.34% to 3.35%5.39% to 3.40%
$10,000 to $100,000725.05% to 3.20%5.4% to 3.55%5.45% to 3.60%
$25,000 to $100,000783.4%3.75%3.80%
$25,000 to $100,000843.7%4.05%4.10%
Rates shown assume excellent borrower credit.
Rates include 1% discount for automatic ACH payment.

Nationwide Auto Loan Review

Auto loan rates, terms and features vary from lender to lender, so there’s a lot to consider when you’re evaluating your financing options. This review of Nationwide auto financing provides everything you need to know before applying for your car loan.

Don’t Miss: Top 8 Hidden Costs of Taking Out an Auto Loan

Nationwide Auto Loan Requirements

Your credit history plays an important role in your eligibility for a car loan through Nationwide auto finance. Nationwide also reviews the following factors when deciding whether to provide an auto financing:

  • Your debt-to-income ratio
  • Loan amount and terms
  • Loan-to-value ratio
  • The car’s mileage (for a used car loan)

Check Out: How Your Credit Score Determines Your Auto Loan APR

Applying for Car Finance from Nationwide

Gather the following documentation before applying for a Nationwide auto loan:

  • Current employment information and details about your previous job if you’ve had your current job for less than two years
  • Current resident information and details about your previous home if you’ve been at the current one for less than two years
  • Proof of income
  • Proof of insurance for your current vehicle

Once you’re ready, visit the Nationwide website to start your car finance application. The website lets you apply for an individual or joint auto loan and walks you through the steps. You can even start your auto loan application and return to it later.

When deciding on your loan amount, factor in details like sales tax, license and registration and an extended warranty if you’re planning to get one.

Nationwide Car Loan Preapproval

To move the financing process along as quickly as possible, apply for car loan preapproval with Nationwide. Approval typically happens within minutes, although some applications take one to two business days to fully review. Once you’re approved, shop for a car at your leisure. You can get help from the free Nationwide Auto Shopping Service to get savings certificates from local dealers, with no purchase obligation.

When you’re ready to buy, sign the car loan documents online and receive a funding code for the dealer to initiate payment, which takes seven to 10 days.

Nationwide Auto Loan Terms

Nationwide auto finance options include loans for new and used cars and refinancing of existing auto loans. Although the car loan interest rate depends on factors like your credit score, new car finance starts as low as 2.25 percent annual percentage rate for 36 months and used car interest rates start at 2.60 percent for 36 months. Refinance your existing car loan for as low as 2.65 percent for 36 months.

To get the best Nationwide loan rate and avoid a 1 percent fee, sign up for automatic payment withdrawal from your bank account.

See: New and Used Car Loan Interest Rates Explained

Nationwide Car Loan Fees and Penalties

When you shopping for auto loan providers, always ask about fees. Nationwide has no fee for auto loan applications or early loan payoff. It does charge a $20 fee for late payments after a 10-day grace period.

Advantages and Disadvantages of Nationwide Auto Loans

Nationwide has resources on its website to help you with auto loan planning, regardless of the lender you choose. Other benefits of Nationwide auto financing include:

  • Loan qualification calculator to measure your eligibility for auto financing
  • Auto payment calculator to determine your monthly payment
  • Simple online loan application with assistance via live chat available
  • 1 percent discount for automatic ACH payments
  • Competitive rates
  • No fees

Although Nationwide loans offer competitive rates, review other lenders, as you might find better car loan rates elsewhere, like at your credit union. Other disadvantages to consider with a Nationwide auto loan include:

  • Possible better interest rate from dealers
  • No special promotions like low or 0 percent financing from a dealer
  • Financing only available for cars sold by dealerships; no financing available for cars purchased from private parties
  • No financing available for cars with salvage titles, cars without vehicle identification numbers, classic vehicles, or used cars over 20 years old or with more than 150,000 miles

Nationwide Auto Loans Are a Convenient Option for Dealership Purchases

Nationwide is a well-established company with a variety of auto loan options at competitive interest rates. Even if you get preapproved for a Nationwide car loan, you’re under no obligation to use it until you sign the final Nationwide loan papers. A user-friendly website, absence of application fees, and free car shopping services are all good reasons to consider Nationwide when you’re searching for your next car loan.

Keep Reading: Top Hidden Costs of Taking Out an Auto Loan

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Nationwide.