Regions Bank Personal Loans Review
Regions Bank, one of the largest regional financial institutions in the United States, offers several types of personal loans. Pros of Regions include relatively competitive rates. Cons include poor reviews regarding their fees, customer service, and transparency.
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Regions Bank Unsecured Loan
Ability to earn relationship rewards
Regions Bank is headquartered in Birmingham, Alabama, with over 1,500 branches across the South and the Midwest United States. In fact, its the largest deposit holder in two of those states. Its a full-service provider of both personal and business banking and loan products, spanning fifteen states.
With both in-person and online offerings, consumers and businesses can get checking and savings accounts, loans, investments, mortgages, and even insurance, with three distinct personal loan options available.
In this review:
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Our trained professionals will help prepare you with auto financing options that will fit your budget.
RRCU offers great financing terms, and options with up to 100% financing available.
To find the right price that fits your budget, use the online Loan Calculator.
If you already know your budget, click apply now to begin your auto loan.
As an additional service to our members, we offer credit protection, GAP, and vehicle service contracts at reasonable prices. Ask one of our Financial Services Officersabout these or any of the other services we offer.
Re: Anyone Ever Dealt With Regions For A Mortgage
Our first ever mortgage was with Regions Bank, a VA loan in 1973. We never had a problem, it’s been paid off since 1989 and is still reporting.
Just count your blessings that they WILL take a 580 as very few do. Just make your payments on time and they will serve you well. Someone with a 580 may be coming off of hard times but must have previously proven their credit-worth.
Just curious, are you concerned that Regions will accept low scores because you have a high score? Something to ponder: while a 580 can get the loan, the 740+ will get the lowest rates. In time, with no hiccups, the 580 will be able to refi into lower rates.
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We Hope To See You Again Soon
Youre about to leave Regions to use an external site.
Regions provides links to other websites merely and strictly for your convenience. The site that you are entering is operated or controlled by a third party that is unaffiliated with Regions. Regions does not monitor the linked website and has no responsibility whatsoever for or control over the content, services or products provided on the linked website. The privacy policies and security at the linked website may differ from Regions privacy and security policies and procedures. You should consult privacy disclosures at the linked website for further information.
What Is A Private Party Auto Loan
A private party auto loan allows you to borrow money to buy a vehicle from a private seller, as opposed to a dealership. Here are some reasons you might want one:
- The car you want is only available through a private party
- Dealerships dont offer cars in your price range
- The same car is often less expensive when you buy it from a private party instead of a dealer
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The Perfect Loan To Fit Your Lifestyle
Stop dreaming and start living â with a personal loan or line of credit from Central Valley Community Bank. Apply today for help with any personal financing needs as quickly and easily as completing our simple loan application.
PLEASE NOTE: Personal loans are only available within our defined service area, which includes California’s San Joaquin Valley and Greater Sacramento regions. Applications submitted outside of this service area will not be accepted. This does not apply to Credit Card Applications.
What To Watch Out For
- Upfront fees on purchase loans. Regions Bank charges an upfront application fee of $150 to apply for a loan for a new car. If approved, you can have that fee added to your loan amount.
- Complicated customer service. Its not always clear where to call for questions about Regions Banks car loans even if you call its auto loans line.
- Cant refinance for a longer term. While you can refinance for shorter loan terms, you cant be approved for longer terms than whats on your current loan.
- Only available in 15 states. For most Regions Bank auto loans, youll need to visit a branch in person to complete your application which are only located in 15 states.
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How To Apply For A Regions Bank Loan
Since Regions Bank works with several partner lenders, the application process can vary widely. Heres how to get started:
Again, since Regions Bank partners with several different lenders, there are no fixed eligibility requirements. Youll typically need to be a US citizen or permanent resident to qualify for most loans, however.
Luckily, this means that you might be eligible if you have less-than-perfect credit or dont live in one of the states where Regions operates. However, you might not qualify for the most competitive rates.
How Do I Apply
The application process depends on the type of loan youre looking for. If youre looking to refinance a loan or buy a used car, make sure that it has 90,000 miles or less and is no more than seven years old.
Youll need to visit your local branch to fill out the application for a new or used car. For refinancing, you can also fill out an online application. Heres how to set up an appointment in person.
Typically, you can get a preapproval decision in one to three business days. Once your loan is finalized, youll go to your branch again to sign the documents. At that point, Regions Bank directly sends funds to your dealership or current car lender.
What documents does Regions Bank typically ask for?
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Important Legal Disclosures & Information
Online Banking is free to customers with an eligible account however there may be a fee for certain optional services. We reserve the right to decline or revoke access to Online Banking or any of its services. All online banking services are subject to and conditional upon adherence to the terms and conditions of the PNC Online Banking Service Agreement.
PNC Alerts are free to customers. However, third party message and data rates may apply. These include fees your wireless carrier may charge you for data usage and text messaging services. Check with your wireless carrier for details regarding your specific wireless plan and any data usage or text messaging charges that may apply.
A supported mobile device is needed to use Mobile Banking. Standard message and data rates may apply.
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Bank deposit products and services provided by PNC Bank, National Association. MemberFDIC
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|4.3 out of 5 stars, based on 92 customer reviews|
|Customer reviews verified as of||16 October 2020|
The Better Business Bureau profile and Truspilot page for Regions tell different stories. While customers report issues with accounts closing, communication from representatives that isnt up to standard, fees and more on the BBB page, its Trustpilot has many more positive reviews. Several customers praise the loan process as being quick and easy, and others report being happy with the rate they received.
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How To Refinance A Car Loan
How to refinance a car loan. Here are some initial steps you can take: Calculate the value of your car. Use a car loan payment calculator to see your potential new monthly payments. Prepare the necessary documents for your application. Compare rates and fees, then begin the application process.
Benefits Of A Regions Personal Loan
As a well-established banking institution, Regions Bank provides a solid, trustworthy model to do business with. Consumers will find their website to be user-intuitive and easy to use, and the variety of personal loans available means you will be able to find a loan that meets your specific needs. In the case of the unsecured loan, the loan closing can be done online, which means you dont have to reside in their branch service area or even be in the same state in order to get the loan.
Regions Bank certainly isnt the only lender offering personal loansespecially unsecured onesbut their rates are competitive. They dont post the exact range on their website since the rates are individualized to each loan, but you can expect to pay something similar to what youll pay elsewhere.
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Where Can I Find My Payoff Information
You can review your payoff information for your loan through Online Banking. Once you have signed onto Online Banking:
Types Of Personal Loans Offered By Regions
Regions offers three types of fixed-rate personal loans to borrowers who reside in one of the 15 states it services:
- Deposit secured
Its unsecured personal loans can be used for almost any purpose, including home improvements, covering emergency expenses, and debt consolidation.
In addition to unsecured loans, Regions offers secured loans and deposit secured loans. Borrowers can use its secured loans to purchase travel trailers, RVs, motorcycles, farm equipment, and boats, which are then used as collateral. Its deposit secured loans can be used for almost any purpose, but they require a Regions savings account, certificate of deposit , or money market account as collateral.
Although Regions doesnt disclose specific qualification requirements for its personal loans, it will likely consider credit score, credit history, debt-to-income ratio, and income during the loan decision process. If youre a Regions customer, you can pre-qualify online to get an idea of what your rates and terms might be before submitting a formal loan application.
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What Types Of Car Loans Does Regions Bank Offer
- New car loans. Borrow between $5,000 and $100,000 or up to 110% of the cars value to purchase a new vehicle.
- Used car loans. Get between $5,000 and $90,000 to buy a used car that meets Regions Banks eligibility requirements.
- Auto loan refinancing. Trade your current car loan with a balance between $5,000 and $100,000. Loan terms start at 3 years and can last as long as the remaining term on your current loan.
What are the rates on Regions Bank car loans?
Regions Bank auto loans start at 4.05% APR. However, not everyone can qualify for a rate this low. Generally, you need to have excellent credit, high income, low debt obligations and a short terms to qualify for the most competitive rates.
I Got A Car Loan From Regions Bank Now What
Consider signing up for automatic payments from your Regions Bank account even if you dont qualify for the 0.25% rate discount, you wont to remember to make repayments each month. If you dont have enough funds in your account when a repayment is due, Regions Bank charges a $15 returned payment fee.
Keep an eye on your loan balance and bank account. If you notice anything off or have any questions, you might have more luck reaching out to your local bank than calling the standard customer service line. Otherwise, call 888-462-7627 with any questions about your car loan.
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Downsides Of A Regions Personal Loan
Unfortunately, customers of Regions Bank seem to have a different take on the institutions trustworthiness. In the last year alone, the bank has received 59 one-star ratings from ConsumerAffairs.com, compared to only two five-star ratings. There are over 620 ratings going back as far as 2011, with much the same sentiment.
The main issues that consumers and businesses alike seem to have with Regions Bank involve fees, balance handling, and poor in-person customer service at various bank branches within their service area.
While Regions Bank offers more personal loan options than many other lenders, the fees are both numerous and higher than other lenders. Many institutions offer no-fee loans, but a personal loan at Regions comes with a number of fees, including an origination fee, late fees, and others.
Regions Personal Loan Features
Wide Range of Loan Amounts Offered
Although its unsecured personal loan range amounts range from $2,000 to $50,000, Regions offers different loan amounts for its deposit secured and secured personal loans. The minimum loan amount for Regions deposit secured personal loans is $250, and applicants can borrow up to the total amount in the account used as collateral. The minimum loan amount for Regions secured personal loans is $5,000, and the maximum is $300,000 if youre purchasing an RV.
Auto-Pay Rate Deduction
Regions offers rate discounts for borrowers who choose to have their loan payments automatically debited from their Regions checking account. The discount varies based on your relationship with Regions and ranges from 0.25% to 0.50%. To qualify for a rate discount, you must borrow at least $5,000.
If youre a Regions customer or youve received a Regions direct mail offer, you can pre-qualify for a loan and view your estimated rates and terms without impacting your credit score. A major benefit of pre-qualifying is that it can help you compare loan options and find the best deal before undergoing a hard credit check.
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How Much Does It Cost To Borrow With Regions Bank
It mainly depends on whether you get financing from Regions or one of its partners. Loans funded by Regions typically come with a $150 application fee, which is added to your loan amount when youre approved. It also charges a $15 late fee if one of your repayments doesnt go through.
Other fees might apply if you get a loan through another lender.
Private Party Auto Loan Vs Other Auto Loans
A private party auto loan may have a higher interest rate than other auto loans. Heres a comparison showing how your total loan cost might compare on two options: a private party auto loan on a less expensive car and a used-car auto loan on the same make and model at the dealers higher price. For this example, we will evaluate a 2016 Honda Civic LX Sedan with 50,000 miles.
|Dealership||Private seller (online lender, private party auto loan||Savings with private party auto loan|
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