Nationwide Auto Loan Review | www.nationwide.com
Drivers who need to refinance their auto loans are not directly served by Nationwide Bank; instead, consumers are helped by the bank’s partnership with Axos Bank.
According to its website, the California-based savings and loan association helps drivers in every state in the United States and can reduce monthly loan payments by an average of $99 per month.
Pros and Cons of Nationwide Auto Loans
Although prequalification is advantageous for drivers, there are a number of vehicle limits to be aware of if refinancing with Nationwide.
Think over the advantages and disadvantages listed below before refinancing your auto loan with Nationwide and Axos Bank.
Pros of Nationwide Auto Loans
Prequalification: You can check your eligibility for several types of loans after a soft credit draw.
Highest possible loan amount: Refinancing is available up to $90,000.
No early termination fee: You won’t incur any fees if you pay off your loan early.
Cons of Nationwide Auto Loans
Timeline for funding is unknown: Nationwide does not specify when money will be made available after approval.
Vehicle limitations: The car must be newer than 2012 and have fewer than 15,000 miles on it.
No fees or rates were mentioned: On the Nationwide website, there are no minimum or maximum interest rates or fees stated.
For whom is Nationwide the best?
If you prefer to do the application procedure entirely online, refinancing your car with Nationwide is the ideal option. For drivers with less-than-perfect credit, refinancing with Axos may be a decent alternative due to the minimal credit score requirement of 500, but hidden APRs may result in higher rates.
Axos also has a high maximum loan amount of $90,000, so if you want to refinance a car that costs more money, this can be a viable alternative for you. However, bear in mind the age and mileage limitations that can make approval more difficult.
Finally, unless absolutely necessary, do not finance for a longer time to prevent the possibility of becoming upside-down on your loan.
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Nationwide Refinance Auto Loans through Axos Bank
In order to save drivers money on their monthly payments and lower interest rates, Nationwide Bank partners with Axos Bank rather than directly refinancing auto loans. Use a car refinance calculator to determine the best loan terms for your monthly budget before making a decision to refinance.
Nationwide Loan Interest Rates and Terms
Nationwide withholds the anticipated APRs for refinanced auto loans. Most often, those with very good to exceptional credit scores of 740 or higher will be given the most affordable prices. Up to 84 months can be added to the term.
How to Apply for Nationwide Loan
The application process can be done completely online and should only take 15 minutes of your time. Before diving into the online portal, gather the following information:
- Personal information, including your name, date of birth and Social Security number
- Contact information, including your address and phone number
- Employment information
- Vehicle make, model, mileage, year and identification number
- Current lender, payoff amount and monthly payment
The three main steps of the online application process are free of charge. Keep in mind that getting approved necessitates a hard credit draw, which temporarily lowers your credit score by a few points.
Simply complete the application, create an account, and enter your vehicle’s information to apply.Decisions are made in less than a day, and if you accept the loan, there are 90 days during which no payments are necessary.
Nationwide Auto Loan Requirements
Before submitting an application to refinance your vehicle, take into account the limits listed on the Axos application. If submitting a joint application, both parties must meet these requirements.
Credit: It’s necessary to have a credit score of at least 500 and no open bankruptcies.
Vehicle age: 2012 or a newer vehicle model year is required.
Vehicle mileage: The car must have fewer than 150,000 miles on it.
Income: There must be income source documentation and a total gross monthly income of at least $1500 for the household.
Age: The minimum age for borrowers is 18.
Nationwide Customer service
Along with its virtual financial assistant Evo, which assists consumers directly online, Axos Bank provides support Monday through Friday from 8 a.m. to 5 p.m. PT. Otherwise, smooth online loan management is made possible by the user-friendly website and app.