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BB&T Auto Loan Review

If you’re in the market for an auto loan, you’ll want to get the best rate you can from the lender that’s easiest to work with. BB&T is a regional bank that offers a wide range of auto loans, from new and used cars to lease buyouts and refinancings.

Rates can be good, but take some digging to discover, requiring a phone call or a trip to your local branch. If you’re used to dealing with a national bank, you might find BB&T’s reach limited, at least until its merger with SunTrust Bank is complete. The combined entity, which will be known as Truist, should be completed in the next two years, at which time it is expected to be the country’s sixth-largest bank by assets, with 2,953 branches in 17 states and Washington, D.C.

How BB&T car loans work

For now, BB&T auto loans are available to borrowers in 15 states and Washington D.C. The bank doesn’t publish its loan rates online. Instead, it requires borrowers to work with a local branch to get a loan quote, with no online application available. However, you don’t have to be a BB&T customer in order to apply for one of its loans though your car shopping would be limited to franchise dealers only. The rates below are current as of Nov. 14, 2019 via a customer service representative.

BB&T car loan rates and terms: At a glance

BB&T Auto Loans
Type of Loan APR Range Terms Loan Amounts
New Auto (up to 2 model years) 3.40%–7.00% Up to 75 months $3,500 – $100,000
Used Auto (up to 10 years) 3.45% –7.00%+ Up to 75 months $3,500 – $100,000
Refinance 3.45%–7.00%+ Up to 75 months $3,500 – $100,000
Lease Buyout 3.45%–7.00%+ Up to 75 months $3,500 – $100,000

 

Franchise dealer sales only, for new customers. Although BB&T offers many types of auto loans, new customers can’t take out a BB&T loan to pay for a car from an independent dealer or a private seller. First, you’ll need to have had an open account for at least three months.

Less-than-stellar credit accepted. If you have bad credit, you’ll need to work with a loan officer to get qualified. The bank doesn’t recommend applying unless you’re employed and had at least two years with no late payments on your credit, with a credit score of at least 560.

How to apply for a BB&T car loan

Unlike many other banks, BB&T doesn’t offer an online loan application. This means you’ll have to visit a branch or call 855-422-8822 to start the process. It is, however, possible to receive a preapproval in person or over the phone in as little as 30 minutes. Loans can be funded within 24 hours with proper documentation and approval.

Branches may be found in Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Washington, D.C.

You’ll need the same type of documentation to get approved for an auto loan with BB&T as you would with other lenders. Expect to provide:

  • Personal information, including your Social Security number, address and date of birth.
  • Financial information, such as bank statements and outstanding loans.
  • Employment information including name, contact and recent pay stubs or a copy of your W-2. The bank will also pull a credit report.

Is a BB&T car loan worth it?

Since you can’t find your BB&T loan rate without dealing with a loan officer directly, it can be hard to make comparisons with other lenders that post their rates directly on their websites. If you choose to talk with BB&T, however, you should shop around first and see what comparable rates you could qualify for from other lenders including your own bank, credit union or online lender.

BB&T rates may be competitive with what you’ll find — the quoted APRs are well below the nationwide average of 5.27% for 48- and 60-month car loans, according to the Federal Reserve. In addition to offering a variety of auto loans, BB&T offers flexible loan amounts. You can use your loan proceeds to pay either a licensed dealer or a private seller, as long as you’re an established customer.

Terms and disclosures, however, are not available on the BB&T website. Just as you have to visit a branch or call to start a loan application, you’ll need to get additional information about the BB&T auto loan program from an in-branch rep as well, in-person or over the phone. Here are some additional benefits and drawbacks:

Pros of BB&T auto loans

  • Wide variety of loan types
  • Private party loans offered
  • Low rates and high limits for those with good credit

Cons of BB&T auto loans

  • Loans are only available in 15 states, plus Washington D.C.
  • Little information available online: Inquire about vehicle requirements, mileage restrictions, origination fees or prepayment penalties, if any, with a loan officer.
  • New customers can’t get loans for independent dealers or private sellers.

Who is a BB&T auto loan best for?

BB&T can be a good choice for those who are willing to jump through a few hoops. Existing customers most likely live near a branch and can finance nearly any type of vehicle up to 10 years old from dealers or private sellers. But the limited information BB&T provides online can be a major negative for some customers. That may change in the near future — SunTrust, its new partner, provides ample information about its auto loans on its website as well as that of LightStream, its online-only lending arm.

 

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