Truist Bank, formerly BB&T, is a major financial institution that offers a variety of products and services, including auto loans. The company has a wide range of loan terms and conditions, and it can be a good option for borrowers with a variety of credit scores. However, Truist also has a history of customer complaints, and its auto loan reviews are mixed. Auto Loans Bank of Truist Reviews 2023.

Truist Auto Loan Rates and Terms

Truist’s auto loan rates vary depending on the borrower’s credit score and the term of the loan. For example, a borrower with a good credit score (660-780) might be able to get an interest rate of 5.99% for a 60-month loan. A borrower with a fair credit score (580-659) might get an interest rate of 7.99% for the same loan term.

Truist also offers a variety of loan terms, from 36 months to 72 months. The longer the loan term, the lower the monthly payments will be, but the borrower will pay more interest over the life of the loan.

Truist Auto Loan Reviews

Truist’s auto loan reviews are mixed. Some borrowers have praised the company for its competitive rates and flexible terms. Others have complained about the company’s customer service, which they say is slow and unresponsive. Auto Loans Bank of Truist Reviews 2023.

In 2017, Truist was the subject of a class-action lawsuit alleging that the company had engaged in deceptive lending practices. The lawsuit was settled for $65 million.

Is Truist a Good Bank for Auto Loans?

Truist can be a good option for borrowers with a variety of credit scores. However, the company has a history of customer complaints, and its auto loan reviews are mixed. It is important to compare rates and terms from multiple lenders before choosing an auto loan, and to read reviews from current and former customers before doing business with Truist.

Here are some other things to consider when evaluating Truist auto loans:

  • Customer service: Truist has a history of customer complaints about its customer service. Make sure you read reviews from current and former customers before doing business with the company.
  • Fees: Truist charges a variety of fees for auto loans, including origination fees, late payment fees, and prepayment penalties. Make sure you understand all of the fees associated with a loan before you sign the paperwork.
  • Repayment options: Truist offers a variety of repayment options, including fixed-rate loans and variable-rate loans. Make sure you choose an option that fits your budget and financial goals.

Overall, Truist can be a good option for auto loans, but it is important to compare rates and terms from multiple lenders before making a decision.

Here are some pros and cons of Truist auto loans:

Pros:

  • Competitive rates
  • Flexible terms
  • Wide range of loan options
  • Available to borrowers with a variety of credit scores
  • Funds available quickly

Cons:

  • Customer service can be slow and unresponsive
  • Charges a variety of fees
  • May not be available in all areas
  • Has a history of customer complaints

FAQs:

How do I apply for a Truist auto loan?

You can apply for a Truist auto loan online or through a participating dealer. To apply online, you will need to provide some basic information about yourself and your financial situation. Once you have submitted your application, Truist will review it and contact you with a decision.

How long does it take to get approved for a Truist auto loan?

Truist typically takes 24 hours to review an auto loan application. If your application is approved, the funds will be available within 7 business days.

How can I improve my chances of getting approved for a Truist auto loan?

Make sure you have a good credit score.
Provide proof of income and employment.
Make a down payment.
Shop around for the best interest rate.
Read reviews of Truist before doing business with the company.

What are the interest rates for Truist auto loans?

Truist’s auto loan interest rates vary depending on the borrower’s credit score and the term of the loan. For example, a borrower with a good credit score (660-780) might be able to get an interest rate of 5.99% for a 60-month loan. A borrower with a fair credit score (580-659) might get an interest rate of 7.99% for the same loan term.

By Shakeel