The company has now grown to hold over $158 billion in statutory assets. It also has dozens of companies under its umbrella, which offer a range of financial services as well as property and casualty insurance.
In this in-depth review, we are going to break down Nationwide’s auto loans offering. Find out if it’s a good company to help you finance your next car.
Nationwide auto loan overview
Nationwide offers loans for new and used cars. They also refinance existing auto loans. To get a loan on a new or used vehicle, you must purchase your car from the company’s trusted network of Program Certified dealers.
Nationwide auto loan rates, terms, and fees
Can you finance a car for 84 months? Yes, Nationwide offers car loans with loan terms from 36 to 84 months. Loan amounts start at $1,000 and go up to $100,000.
Loan rates vary depending on various factors, including:
- Your credit
- The kind of car you are buying
- If you are enrolled in automatic payments
- The length of your term
- Your loan amount
As for fees, there are none for prepayment or application.
One customer said, “I was able to cut my interest rate in half by refinancing with Nationwide.”
Another customer had a different experience, stating she was only able to slightly decrease her interest rate. She was also charged a financing fee she wasn’t aware of, which caused her to lose her savings.
So, make sure to carefully review all the rates and terms to see if it will be the best deal for you.
You may have questions such as, “Can you get a car loan for a private sale?” and “Can you finance a car that is 10 years old?”.
Here is a breakdown of the general requirements you must meet to qualify with Nationwide:
- 18 years of age or older
- Citizen or legal resident of the U.S.
- Two years of employment history
- Two years of residence history
- Statements of annual income
- Proof of insurance
- Must purchase vehicle from a dealer (no private parties)
And here are the requirements for the vehicle you finance:
- Must have Vehicle Identification Number (VIN)
- No salvage title
- Is for personal use; not commercial
- Has less than 150,000 miles
- Is less than 20 years old
- Not a classic car
While these are the basics, Nationwide will also look at your credit and consider your case on an individual basis.
Nationwide auto loan customer service
The company also has several tools that assist in the application process, such as the Nationwide auto loan payment calculator and loan qualification calculator. The first can help you figure out the total cost of your loan and the monthly payments. The second helps you measure your ability to qualify.
Once you have an auto loan, you can stay up to date with it using your Nationwide auto loan login name and password. There, you can view your balance, review your payment history, make payments, and contact customer service if needed.
Nationwide application process
Applying for Nationwide is made very easy by their streamlined online application process. You can complete it on a desktop computer or a mobile device.
Here’s the step-by-step breakdown.
Visit the Nationwide website and navigate to the auto loans page. Click “Apply Now” and “New Auto Loan.”
Select the type of loan you want and the purpose of the loan. If you have an offer code, you will enter it on this page. Then, click “Apply with a Co-Applicant” or “Apply Individually.”
Next, you’ll enter your personal information including your name, birth date, social security number, citizenship, email, and phone number. Click “Next.”
Enter your home address.
Enter your employment and income information.
Provide the details of the loan amount you want.
Read and accept all disclosures.
After this step, most applicants will find out within minutes if they are pre-qualified. The pre-qualification will remain valid for 60 days. If you are approved, you can go on to the next step, which is to find a car from a dealer.
Nationwide Auto Shopping Service TrueCar
Nationwide offers an auto shopping service called TrueCar that shows you what others have paid for a specific car. It also allows you to browse real pricing from dealers to find a car near you. The TrueCar network consists of over 12,000 dealers. Customers using this service have seen an average savings of $3,106 off MSRP.
Here’s how it works.
Visit the Nationwide Auto Shopping Center website and find the area where you’ll enter information to find a new or used car.
For a new car, enter the make and your zip code.
Select the model you want.
Configure all the car details.
View the average others paid and your estimated monthly payment. If you’d like to find one near you, click the orange button.
View dealers near you and actual prices.
If you are interested in purchasing a used car, you can enter your zip code and search radius. Then, simply browse a list of cars in your area.
Once you have found a car you want, you can finish the application. Upon approval, you can sign the documents and complete the loan online.
Is Nationwide auto loans right for you?
If you want to buy a car from a private party, Nationwide won’t be the best fit as it now only finances cars bought from dealers in its network. However, if you are open to purchasing from a dealer, this company can make the process very easy.
From getting pre-approved to finding yourself a car and closing the deal, Nationwide is a one-stop-shop. If interested, apply and see what rates you can get, what cars are available near you, and how the prices look.
Click here to learn more, read Nationwide auto loan reviews, and apply!
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.