Regions Bank Overview
Regions Bank offers a wide variety of financial services and is a subsidiary of Regions Financial Corporation, which was created in 1971 in Alabama. Today, the corporation has $125 billion in assets, is a member of the S&P 500 Index and has an A rating from the BBB. Regions Bank serves customers throughout the South and Midwest. The company operates local branches in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
How Do Regions Bank’s Auto Loans Work?
Regions Bank offers auto loans for financing a new or used car or refinancing a car. You can begin an application online, but finalizing a new or used loan will require visiting a local branch. The process of refinancing can be done exclusively online if desired.
What Are the Interest Rates for Regions Bank’s Auto Loans?
The interest rate offered to you will be influenced by your credit history, the loan amount, the loan term and your vehicle’s characteristics.
- Interest rates can range from 1.99% APR to 12.96% APR.
- The lowest rates includes a 0.25% APR discount for having your monthly payments be auto-debited from your Regions checking account.
- There is an additional loan processing fee on new and used financing, but no loan processing fee on refinancing.
How Much Money Can I Borrow for Regions Bank Auto Loans?
With Regions Bank, auto loan amounts can range from $5,000 to $100,000.
What Is Regions Bank’s Application Process Like?
To complete your application for a Regions Bank auto loan, you will be required to provide your social security number, mailing address, driver's license information, gross monthly income, estimated property value and collateral description including the VIN, year, make and model. You can begin the application online, by phone or in person. If your application is approved for a new or used auto loan, you will then need to visit a local branch to finalize the contract.
How Are Regions Bank’s Auto Loans Better than Other Auto Loans?
- Regions Bank offers competitive rates and flexible terms.
- The company has local branches sprinkled throughout the South and Midwest.
- If you have a Regions Bank checking account and authorize auto-debits, you can be eligible for a lower APR.
* “The lowest APRs require auto-debit discount and are available only to borrowers with excellent and substantial credit history, whose loans meet other specific credit criteria, such as qualifying loan term, loan amount, loan-to-value ratio, and vehicle characteristics.”