2024 Truist Auto Loan Review
Truist auto loans at a glance
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|---|---|---|---|---|
| New auto loans | 6.24% | Up to 84 months | From $3,500 | |
| Used auto loans | 6.24% | Up to 84 months | From $3,500 | |
| Refinance auto loans | 6.24% | Up to 84 months | From $3,500 |
Truist offers auto loan options for new, used and recreational vehicles. While Truist primarily approves auto loans in person or over the phone, borrowers can also apply online through LightStream, Truist’s online division. Here’s what you can expect when you get a Truist auto loan:
- Competitive APRs: Interest rates can start as low as 6.24% for borrowers with qualifying credit profiles.
- Flexible loan terms: You can borrow amounts as low as $3,500 (may vary in some states) with terms extending up to 84 months.
- Rate lock guarantee: Once your loan is approved, your interest rate is locked for the next 30 days, which gives you time to shop around or refinance.
- Hardship assistance: Truist offers short-term payment relief options, such as reduced interest rates or extended repayment terms, to borrowers facing financial challenges.
- Limited accessibility: While Truist has thousands of branches, they are located only in 17 states and Washington, D.C. Existing bank members can easily apply over the phone, but non-members may need to visit a physical branch, which could be inconvenient for borrowers in states without branch locations.
- Best for quick loans: Truist borrowers can apply for a loan and may receive approval in as little as 10 minutes and funding the same day. To qualify for the lowest APRs available, you’ll need excellent credit.
Truist auto loan requirements
Truist does not disclose loan eligibility requirements such as minimum salary or credit score required for approval. It also does not indicate criteria for vehicles to be financed such as limits on mileage or age.
However, many lenders, including Truist, may require that you provide the following documentation:
- Contact information
- Proof of residence, such as a U.S. mailing address and phone number
- Residential history
- Employment history
- Proof of income such as pay stubs and bank statements
- Information on existing debts and obligations such as alimony or child support
For more information, read our car loan documentation checklist.
Truist pros and cons
Truist offers competitive rates for borrowers with excellent credit, but it won’t disclose your potential loan amount up front. While existing customers can apply over the phone, new clients must visit a branch in person, which may not be convenient depending on your location.
| Pros | Cons |
|---|---|
Long loan terms Competitive rates Quick approval and funding Locked-in interest rates for 30 days Offers financial hardship assistance | No online application process Non-members must apply in person Locations only in 17 states and Washington, D.C. Unclear eligibility requirements |
With a Truist auto loan, you’ll need to fill out an application to see what rates and terms Truist may offer you. Once approved, your interest rate stays fixed for 30 days. This allows plenty of time for comparison shopping, whether you choose to refinance your car loan or purchase a new vehicle instead.
If you should face financial hardship because of a natural disaster or income reduction, you might qualify for payment relief for 90 days. To be eligible, you must have your Truist account for at least nine months and be able to demonstrate a solid payment history.
A closer look at Truist auto financing
Since its formation in 2019 via the merger of BB&T and SunTrust Bank, Truist has expanded its reach with more than 2,000 branch locations.
The lender offers a range of financing options, including new and used auto loans, auto loan refinancing, boat loans and RV loans.
However, getting approved for one of these loans might be tough for some borrowers, depending on their finances, their credit or where they live. If you prefer the ease of applying online, you might consider LightStream, Truist’s online division. Keep in mind that LightStream’s terms, loan amounts and APR may vary from Truist’s offerings.
Truist has branches in Washington, D.C., and the following 17 states:
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Types of Truist auto loans
Truist offers competitive loan options for the purchase of new or used cars or refinancing of existing auto loans. Whether you’re buying a new car or refinancing an older vehicle, the rates are the same, ranging from 6.24% to 12.57% with loan terms of up to 84 months.
Truist also offers as much as $250,000 for auto loans for small businesses with terms of up to 75 months. Borrowers may apply for up to 100% financing for a car, light-duty truck, van or SUV. These loans are secured, meaning the vehicle will serve as collateral for the loan.
In addition to traditional auto loan options, Truist also offers loans for specialty vehicles such as boats and RVs.
How to get an auto loan with Truist
If you’re already a Truist Bank customer, applying for an auto loan is as easy as giving them a call. But if you’re new to Truist, you’ll need to visit one of their branches to apply. Follow these simple steps:
- Speak to a loan specialist. They will walk you through the application process and let you know what documentation you’ll need. Lenders typically require that you provide the following:
- Proof of identity
- Proof of income
- Credit and financial history
- Proof of residence
- Vehicle information (make, model, year)
- Current vehicle registration
- Proof of insurance
- Down payment
- Get approved. At this stage, Truist will likely run a hard credit pull, which can cause your credit to dip by a few points. If you qualify, you could get approved in as little as 10 minutes and receive your funds the same business day.
- Accept within 30 days. Once you receive a loan offer, your interest rate is locked for 30 days. Take this time to compare offers from different lenders, using an auto loan calculator to budget your monthly payments.
Is a Truist auto loan right for you?
If you’re already a member of Truist Bank, it may be a good idea to explore its auto loan options further. Perks include competitive rates, an easy application process and fast approval.
However, your eligibility may depend on your credit history and physical location. If your score is on the lower side or you don’t live in one of the 17 states where Truist has a branch, this lender may not be an option.
Regardless of whether Truist could be the right fit, it’s always a good idea to compare offers to ensure you’re getting the best deal. By filling out a single form with LendingTree, you may receive up to five auto loan offers from different lenders.
How Truist auto loans compare
Unlike myAutoLoan and Autopay, Truist doesn’t offer online applications and restricts new customers to in-person appointments.
The other lenders act as online lending marketplaces, providing multiple offers with one application and allowing for easy comparison shopping without having to leave your home.
| Truist | myAutoLoan | Autopay | |
|---|---|---|---|
| Starting APR | 6.24% | 7.24% | 5.69% |
| Loan terms | Up to 84 months | 24-72 months | 24-96 months |
| Loan amounts | From $3,500 | From $8,000 | $2,500-$100,000 |
| Minimum credit score | Not disclosed | 600 | 550 |
Compare Truist’s lending terms above with its competitors, myAutoLoan and Autopay.
Frequently asked questions
While Truist Bank doesn’t indicate the minimum requirements to get approved for a loan, borrowers must demonstrate an excellent credit score (720 or higher) to be eligible for its most competitive rate offerings.
Getting approved for a loan at Truist could take as little as 10 to 15 minutes, with funding available the same day. If you’re an existing bank member, approval can take place over the phone, while new clients will need to make an in-person appointment at their local branch.
Truist doesn’t specify its eligibility requirements including the minimum credit score needed for an auto loan. To qualify for its lowest rates, borrowers must demonstrate excellent credit. Creditworthiness is usually determined by multiple criteria including the borrower’s debt-to-income ratio, credit score, income and payment history.