Fidelity Bank was founded in Atlanta, Georgia in 1974 and has since grown to serve communities across the Southeast. It provides banking services, loans, and wealth management to both business and personal customers. This article provides an in-depth review of Fidelity auto loans to help you decide if it’s the right lender for you.
Fidelity auto loans overview
Fidelity provides vehicle financing through car dealerships, so it does not offer direct-to-consumer auto loans. If you are interested, ask your dealer if they are one of the hundreds that partner with Fidelity.
Here are a few perks you get by choosing Fidelity as your lender.
The company offers loan holders, who are current on their payments, the opportunity to delay a payment without any penalty. This can be helpful if you need extra cash during the year, such as during the holidays or to pay for a summer vacation.
Automatic payments are also available, so you don’t have to worry about manually paying your bill each month. Set your account up to automatically deduct the balance from your checking account.
Online account access
Online access is available so you can view your current account information including your balance, payoff amount, and recent payments.
90-day payment delay
Customers are also able to delay their first payment for 90 days if they meet certain eligibility requirements.
You will need to meet Fidelity’s credit and financial requirements. Additionally, the following vehicle types are not eligible for financing:
- Electric vehicles
- Commercial vehicles that weigh more than one ton
- Livery vehicles such as shuttles or taxis
- Recreational vehicles
- Upfits and conversions
- Flatbeds, cab, and chassis, or sprinters
- Vehicles cannot be under Lemon Law, Factory Buy Back, Salvage, or Reconditioned titles
Aside from these general guidelines, each vehicle will be analyzed by Fidelity. Note that the company does finance both new and used vehicles.
Fidelity auto loan rates
The interest rate you qualify for with Fidelity will depend on your creditworthiness. You will need to apply by visiting a participating dealer to find out.
Fidelity has many channels through which it offers customer service. You can reach the company by email, regular mail, phone, live chat on its website, or by visiting a branch.
Further, it has several self-service options for customers such as automated telephone banking, text banking, an auto loan payoff number, and online resources and tools which can assist you in your financial decisions.
If you are interested in applying for an auto loan with Fidelity, research dealerships in your area to find one that partners with the company.
It will provide you with the application and will submit it to Fidelity, functioning as a middle-man between you and the lender. Upon approval, you will sign the documents there and can drive away with your car.
Fidelity also offers personal loans, which can be used to purchase a car or refinance an existing car loan. However, to apply, you will have to call in or visit a branch.
Dealer financing vs. third-party financing
If you are considering this lender, it’s important to gain an understanding of the differences between the dealer and third-party financing, and the benefits of the latter.
When you go straight to the dealer and apply with them, they have all the cards in their hand. They know how much you can get approved for and are the ones communicating with lenders. This can influence how much you end up paying for the car.
Further, they might recommend one lender over another in their best interest rather than yours. If you just take what they offer, you won’t know what else is available.
A recent research paper, Real Effects of Search Frictions in Consumer Credit Markets, reported that people who get quotes from at least three lenders pay less for their cars than those who don’t.
On the other hand, with third-party financing, you shop around before you go to the dealer. There are many direct-to-consumer auto loan lenders to consider, and most of them are online.
If you go to their websites, you can often get a quote without hurting your credit score. And by checking with a few companies, you can get a good idea of the range of offers for which you qualify.
Then, if you want to apply when you go to the dealership, you can put their offer in context. If a third-party lender is best, you can get the loan and walk into the purchase as a cash buyer, which gives you more room to negotiate on the car price.
Supermoney offers a free auto loan engine which provides you with quotes from multiple lenders competing for your business. Click here to get personalized rates without hurting your credit score.
Is Fidelity right for you?
Fidelity does offer a few perks for vehicle owners, such as the ability to delay your first payment as well as delaying other payments within your loan term.
This flexibility can help if your down payment puts you in a tough position or if a little extra cash would help you out one month. It’s also helpful to have online access to your account so you can easily find out information at any time.
Then, head to a dealership that offers Fidelity financing to find out what they will offer and weigh all the options to figure out which one is best.
To read Fidelity bank auto loan reviews and learn more about it, click here.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.