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Huntington Bank has over 1,100 branches in 10 states.
Huntington Bank; Alyssa Powell/Business Insider
The bottom line: Huntington Auto Loan offers all four major types of financing — new, used, refinancing, and lease buyouts. However, it charges significant fees and has high rates, and borrowers might find better options elsewhere.
Pros and cons of Huntington Bank auto loans
Pros
Offers new and used auto loans, refinancing, and lease buyouts. The more options a lender has for its auto financing, the better. Huntington Bank offers loans the four major ways you’ll need money.No set minimum or maximum loan amount. Instead of set loan minimums and maximums, Huntington will base its financing amount on your car’s loan to value ratio. Excellent customer support. Huntington Bank has customer support open from 7:00 a.m. to 8:00 p.m. ET daily, and you can reach them several ways. The bank has an automated assistant, phone line, email, and in-person support.
Cons
Only available in 11 states. You’re only able to get a loan in Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, West Virginia, Wisconsin.Must close your loan in person. While you can apply for a loan online, you won’t be able to finalize your terms on the web. You’ll need to visit one of the bank’s branches to lock in your terms. Slow funding speed. You can get your loan approved within 15 to 20 minutes, but you won’t get your funds for three to five business days. Other lenders will get you your money faster. High rates. Huntington Bank has rates that start higher than most other companies. Filing fee and late fee. You’ll pay a $185 filing fee when you get your loan and Huntington will also hit you with $35 late fee after a 10 day grace period. You can avoid these fees with other lenders.
Who is Huntington Bank best for?
Huntington Bank is best for residents of certain states who want in-person support. Many auto loan lenders don’t have branch locations, which can make it difficult to get the support you need. Also, the company has no loan minimum or maximum, unlike some other lenders. This may make it easier for you to get the amount of funding you need.
However, you’ll pay higher rates with Huntington Bank than with some competitors, as its minimum starts higher than many others. You’ll pay a filing fee, which is taken out of your overall loan amount. Additionally, the funding time is relatively slow and the bank isn’t available in many states.
How Huntington Bank auto loans compare
Chase has an undisclosed minimum credit score, and Wells Fargo isn’t clear about its credit score requirements either, as they vary depending on the dealership where you’re buying your car. Huntington doesn’t have a minimum credit score it considers, so it may still be worth applying even if yours is low.
Chase only requires minimum loans of $4,000, while Wells Fargo doesn’t disclose its minimum loan amount. Huntington Bank has no set minimum or maximum loan amount.
See our ratings methodology for auto loans »
Frequently asked questions
Is Huntington Bank trustworthy?
Huntington Bank is a Better Business Bureau accredited-company with an A+ rating from the BBB. The BBB evaluates companies by looking at their responses to customer complaints, honesty in advertising, and openness about business practices.
Huntington Bank hasn’t been involved in any recent controversies. Between its excellent BBB grade and clean history, you may feel comfortable trusting the lender.
How hard is it to get a loan from Huntington Bank?
It is relatively easy to get a loan with Huntington Bank. The company doesn’t have a minimum credit score and will give you an approval decision within 15 to 20 minutes. However, you will have to close your loan in person and can only borrow if you live in one of 11 states.
Is Huntington Bank a good bank to deal with?
Yes, Huntington Bank is a good bank to work with. As a whole institution, Insider rates its bank 3.5 out of 5 stars.