Truist Car Loan – How To Apply And Qualify

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It hasn’t been long since BB&T unveiled itself as Truist Bank after some important mergers, and since then, it has been doing pretty well in the banking sphere. One of the signs that it’s doing well is how popular the Truist car loan has gotten in recent days.

The BB&T auto loan also rebranded to the Truist car loan after the bank itself changed its name. Like magic, more people got interested in what BB&T has to offer after they rebranded to Truist, and since the Truist auto loan is one of the offers, it has got its fair share of popularity.

Before jumping on the hype to get one, you should learn a bit more about the loan. This article will review the Truist car loan, show you how much you can potentially get, tell you about the requirements for getting one, and why you should get the loan or stay away.

 

What is the Truist Car Loan?

 

The Truist car loan was formerly the BB&T auto loan before the bank merged with SunTrust Bank to form the Truist Bank we know today. On the LightStream website (which is officially affiliated with Truist), the loan is described as your best loan ever, but is it?

The Truist car loan is like your average auto loan and is available to borrowers from 15 states in the United States. Given that it’s from a bank like Truist, it’s hard to complain about the reach.

While the bank aggressively promotes its low rates, there’s not a fixed rate for every auto loan you’ll get from Truist Bank. If you’re interested, you may have to contact the nearest Truist to you for a quote, which isn’t known to be massive.

While you can only buy vehicles from franchised dealers when borrowing from Truist, being a customer isn’t required. As long as you fulfill their requirements (which being a customer of the bank isn’t part of), you can always access the loan.

Going by most reviews on the internet, most people seem to not recommend the loan. So, if you were hoping for “your best loan ever,” as LightStream describes it, you might be in for a disappointment. If you take loans regularly, however, the Truist car loan mightn’t be your worst ever.

To access Truist’s auto loans, you want a credit score that isn’t flat-out terrible, as well as a credit history that doesn’t look too bad. Since the requirements are a bit more extensive, the following section will go more in-depth about what you need to access a loan from Truist.

 

How to Qualify for the Truist Car Loan

 

If you’re looking to get an auto loan without the best credit score in the world, the Truist car loan should be one of your foremost options. While its reach doesn’t make it the best loan option around, it’s a good option when it’s available. Here are some of the requirements for the loan if you have a branch around.

You can get an auto loan from Truist Bank if you have a credit score that exceeds 560. Anyone that’s considering getting a car will have that credit score, making it more of a safety precaution than a requirement to restrict potential borrowers.

Also, having late payments on your credit history will likely hurt your chances of getting the loan. The bank also requires you to be employed before applying for the loan, just like most other auto loans you’ll find on the market.

If you’re a new customer, it’s also worth noting that you can only take a Truist car loan to purchase at one of the bank’s supported franchise dealers. Before you can get a loan to buy outside that network, you’ll either need to be a long-time customer or should be looking at other loan options.

 

What’s the Maximum Loan Term on the Truist Car Loan?

 

Taking a loan from a bank like Truist, you didn’t expect one that will take you almost forever to pay, did you? Well, I also didn’t, until I discovered that you can get a loan term of up to 84 months with the Truist car loan, depending on the loan amount and some other factors.

If you haven’t done the math yet, 84 months is seven years. What the paragraph above means in other words is that you can get an auto loan from Truist Bank and spread the payments over the next seven years; that’s massive.

When you consider the fact that you can potentially get as much as $100,000 from Truist as a car loan, it starts to make even more sense. While new borrowers will likely not be able to go near that amount, longtime customers can get that much pretty effortlessly.

 

Benefits of the Truist Car Loan

 

The Truist website is an excellent destination for seeing all the benefits of the Truist car loan. Since you’re already here, however, I think it would make more sense for me to pass some of the most important ones across.

Here are some of the reasons why you may want to go for the Truist car loan.

  • Quick approvals

Unlike with some banks and credit unions where you have to wait for ages for the outcome of your loan application, the reverse is the case with Truist. Once you apply for a car loan, you should get approval within ten minutes, with funding arriving on that same day if you’re early enough. That alone puts it above many auto loans in the United States.

 

  • You can get financing for electric vehicle

According to Truist, electric vehicles are better for the planet, which is why they’re all about lending you money to fund your first EV purchase. If you’re looking to buy your first Tesla using a car loan, you already know where to go.

 

  • Flexible loan amounts

The car loan lets you access anywhere from $5,000 to $100,000 to fund your next car purchase. With a spectrum so wide, you can borrow just enough for you to pay comfortably based on how much you make and what kind of vehicle you want to drive.

 

How to Get the Truist Car Loan

 

If you’re reading this article, you’re likely only trying to learn how you can get the Truist auto loan to fund your next vehicle purchase. Thankfully, Truist Bank didn’t make the process intentionally painful, so I’ll show you how to do just that in a bit.

Before that, however, you may want to confirm you’re trying to get a vehicle within the supported franchise. If you can recall correctly, one of the requirements for beginner borrowers is to buy within the network, regardless of how much they can borrow.

 

Once you have your eyes set on a particular vehicle, you can follow these steps to get the loan.

  1.  Get in touch with the bank

Despite promising convenience and simplicity, Truist Bank doesn’t offer online applications for its car loan. If you’re interested in the loan, you have to get in touch with the bank, either by calling the relevant numbers or by visiting a branch yourself.

You should give up visiting a physical location if you live outside the 17 states that Truist operates from. Even if you get across to them via phone call, there’s a pretty good chance that you’ll get rejected due to the complexities involved with an interstate loan.

 

  • Produce the necessary documentation

Like every other bank that isn’t a non-profit organization, Truist Bank will require you to produce some documentation before giving your loan the final approval. The requirements shouldn’t be too bulky, a proof that you’re a US citizen and a sane working-class adult should do.

Once you provide the documentation, you should receive approval in no time. When that happens, you should get the money on that same day on the next, so you can get on with negotiating with agents for good deals.

 

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Conclusion

 

Since BB&T merged with SunTrust to form Truist Bank, the BB&T auto loan has expanded to two more states, making it more accessible. If you stay in one of the states that now have access to the loan, you may want to learn more about it.

Long story short, the Truist car loan isn’t the best, but it’s a decent pick if you’re after a loan with very quick approval. It’s also a decent option for people with low credit scores looking to get a car loan in any of the states the service reaches. 

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