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Auto Loan Application FAQ

How do I apply for a Nationwide auto loan?

You can apply online or via your mobile phone anytime.

Step 1: We’ll ask you for some information about yourself, your income and the amount you want to borrow. Within minutes, you’ll find out the rates and terms you've been preapproved for. 

Step 2: If you don’t already have a car picked out you can research new and used cars with help from the Nationwide Auto Shopping Service, powered by TrueCar. This feature, which will be offered to you as soon as you are preapproved online, is a service that lets you know what people in your area have paid for the same make and model. Then, you’ll get a guaranteed savings certificate to take with you to the dealership. It's free and there's no obligation. 

Step 3: Once you find the car you want to buy, enter the VIN, some information about the seller and how you want to make your monthly payments. You can sign your loan documents online at your convenience. 

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What is auto loan preapproval?

When you get preapproved for an auto loan, you know what rates and terms you’ve been preapproved for before you go shopping for your car.  As you shop for cars, you can negotiate the price as if you’re paying with cash. 

Your final loan offer will depend on the price of the car, and the rates and terms you select. 

How is Nationwide auto financing different than getting financed through a dealership?

We won’t charge you a fee for financing through us. We offer great loan rates and terms that fit your budget. Plus, you can negotiate the price of your car as if you are paying with cash. 

Is there an application fee or a prepayment fee for an auto loan?

No. We don’t charge a fee to process your Nationwide auto loan application or a prepayment fee.

How long does it take to get preapproved once I apply for an auto loan?

Most customers find out if they have been preapproved for an auto loan in just minutes. In some instances, applications may need additional processing. This may be for a number of reasons, and does not necessarily mean the application will not be preapproved. This additional processing can take 1-2 business days once Nationwide has all of the required information.

What are the eligibility requirements for an auto loan with Nationwide?

You must be at least 18 years old and a U.S. citizen or legal resident. We’ll also ask for your address, employment and income information. 

Of course, your credit history, car loan amount and other factors will impact your loan. 

Is there a car refinance application fee?

No. We don’t charge a fee to process your car loan application.

How much time do I have to purchase my car after I'm preapproved?

Your preapproval is valid for 30 days from the day you start your application.  It is important that you complete your application as soon as you start filling out the information online so that you can have as much of the 30 days as possible to purchase your car.  For example, if you start the application on the 1st of the month and come back to complete your application and get preapproved on the 15th, you have until the end of the day 30th to purchase and finalize the loan with Nationwide.          

Am I obligated to use my Nationwide loan once I'm preapproved?

No. Being preapproved for a loan lets you know your approximate interest rate and terms. Your loan isn't legally binding until you electronically review and sign the loan documents. 

I am ready to purchase my new or used car using my Nationwide auto loan. What happens now?

We’ll email you the information you need to pay the seller. Everything is done online, so you can finish the sale at your convenience. After you review and sign your car loan documents, we’ll email you a link to the Nationwide Payment Center and a unique funding code. Share those with the seller or dealer so they can confirm the sale to initiate funding. Then you and the seller can arrange for pickup or delivery of your vehicle. 

What do I need to bring to the dealership when I test drive cars I like?

You don't need to bring anything other than your driver's license. If you want to prove that you’ve been preapproved for a loan, you can bring a copy of the email we send you or access it on your mobile device so you can initiate the funding of your auto loan though the Nationwide Bank Payment Center. 

As soon as you are preapproved, you will be offered to access Nationwide Auto Shopping Service, powered by TrueCar. You can research cars in your area with this free service which can give you guaranteed savings certificates from certified dealerships. If you have a guaranteed savings certificate, you may want to take an electronic or printed copy of that to the dealership with you as well. The service is free and there's no obligation.

After I am preapproved, how quickly can I get a check?

We’ve made getting a car loan easy and fast. Everything is done online. As soon as you have electronically reviewed and signed your loan documents, we’ll send you an email with a link to the Nationwide Payment Center and a unique funding code that you can share with the seller or dealer. Once the seller has provided their information through the Nationwide Bank Payment Center, we’ll initiate the funding for the vehicle.

Is it possible to pay off my auto loan early?

Yes. We do not charge a fee for loans that are paid off early. 

Can I refinance my existing car loan from another lender?

Yes. We don’t charge a fee for refinance applications. Refinance your loan.

If I refinance my existing auto loan, do you send the payoff check directly to the original lender or to me?

When you apply for a refinance loan, we’ll ask for a payoff amount that is valid for the next 15 days. We send that amount directly to the bank that holds your current loan. 

How much is my current car worth?

To get an estimate on the value of your current car, use trusted sources such as kbb.com, edmunds.com or nada.com

What types of loans does Nationwide offer?

We offer new, used and refinance loans for:

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