PROS / The application process, including signing all necessary documents, is done completely online.
CONS / Loans through Nationwide lack the flexibility of other loan services; you only receive one loan offer and may need to reapply to adjust it.
VERDICT / Nationwide Bank is an auto loan service that rated best in our application and repayment category. As a direct lender, its loans aren't as flexible as other services we reviewed.
Nationwide Bank is an online bank that offers an auto loan service along with its banking services. You can also get auto insurance through Nationwide. This service is a direct lender with strong customer service, a quick application process and excellent repayment options.
As a direct lender, Nationwide's loan offering aren't as versatile as those offered by other services we looked at. It received a 72 percent on our flexibility score, primarily because it doesn't provide multiple loan offers and you may need to reapply if you find a car that costs more than you were originally approved for. This additional application could adversely affect your credit. If you choose Nationwide as your auto loan service, you can take your loan to multiple dealers looking for the best deal, something that other services lack.
A loan through Nationwide can be used to purchase from franchised and independent dealerships as well as to buy cars from private sellers. Nationwide offers a car search tool through its website to help you find cars in your area to buy. Nationwide has the highest mileage restriction of the services we looked at; you can buy a car with up to 150,000 miles on its odometer.
An easy application process is important for an auto loan service to be worth recommending. Nationwide scored a 90 percent on our ease of application score. You can apply online and all necessary documents can be signed electronically. Your loan is usually pre-approved on the same day you apply.
Nationwide has a minimum loan amount of $5,000, which places it on the lower end of the services we reviewed. This means you can get a smaller loan, so if you have money saved up for a down payment or have a cheap car in mind, Nationwide may be a good choice. You can set up automatic payments through Nationwide's website, and it usually offers a discount if you choose to go this route.
We look for services with strong customer service and Nationwide's rated well. Our reviewers spoke to customer service over the phone, and the reps provided them with a thorough explanation of Nationwide's application process and loan requirements.
Nationwide Bank offers an auto loan service alongside its insurance and banking offerings. It is a direct lender that has a quick application and allows you to set up automatic payments. It lacks some of the versatility other services provide.