Huntington Bank auto loan review: No prepayment penalty

Man sitting in a car, talking to a salesman standing next to the car Image: Man sitting in a car, talking to a salesman standing next to the car

In a Nutshell

A Huntington Bank car loan is a solid option for people who want an auto loan for a new or used vehicle. If you’re approved, this financing has no application fees or prepayment penalties, and you have some choice in your payment schedule. But if you don’t live in one of the seven states where Huntington Bank offers auto loans, you’ll need to find your auto loan elsewhere.

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Pros Cons
Flexible payment options People with credit scores lower than 650 may have a tough time getting approved
No application fee or prepayment penalty Starting APRs are high
Accepts joint applicants Only available in the Midwest

What you need to know about Huntington Bank car loans

Huntington Bank — originally The Huntington National Bank — is a full-service bank offering checking accounts, savings accounts, credit cards, home equity loans and more. Based in Columbus, Ohio, the bank serves seven states across the Midwest. If you’re considering applying for a Huntington Bank auto loan, here are some features that stand out.

Basic car loan options

Huntington Bank offers the following loan options:

  • New-car loans
  • Used-car loans

Flexible payment schedules

Huntington Bank offers weekly, monthly or bi-weekly payment schedules for paying back your loan. You have 60 days to make your first payment, and you can also choose your payment date.

If you find you need to skip a payment due to a financial emergency, you can make it up later with the lender’s Pass-A-Payment feature.

Solid credit preferred

While Huntington Bank doesn’t specify lending requirements on its website, the company’s annual SEC report for 2019 showed that the majority of its auto loan customers have credit scores of 650 or higher.

Starting APRs are high

Huntington Bank’s starting annual percentage rates, or APRs, on car loans are higher than what some other banks offer.

Your loan rate is based in part on your ZIP code. For a loan in Columbus, Ohio, the starting APR for a 2019 model is roughly 1 to 2 percentage points higher than the starting APRs of some other lenders. If your credit is in top form and you can qualify for a low APR, you may be able to find a better rate elsewhere.

A closer look at Huntington Bank car loans

Here are some other things to know about Huntington Bank auto loans.

  • Huntington Bank auto loans are only available to residents of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia.
  • The bank doesn’t charge an application fee or prepayment penalty.
  • You must borrow a minimum of $5,000.
  • You can submit a joint application with your spouse.
  • Loan terms range up to 66 months.

Is a Huntington Bank car loan right for you?

A Huntington Bank auto loan could be a good solution if you want the option of paying it back early without a penalty and if you want a say in your payment schedule. Selecting a weekly, monthly or bi-weekly payment option could help you line up your payments with your paycheck schedule. And if you plan to wipe out the debt as soon as possible, you don’t have to worry about being penalized for it.

But if a low interest rate is your top priority and you have good or excellent credit to help you qualify for one, you may want to look at another bank that offers lower rates.

How to apply for a loan from Huntington Bank

You can apply for a Huntington Bank auto loan on its website. You’ll want to have your personal information ready as well as your employment and housing information.

If you’ve applied during normal business hours, you should get an instant message and email to let you know if you’ve been tentatively approved or denied, or if the bank needs additional time to review your application. If you apply before 7 a.m. or after 10 p.m. Eastern time, you’ll receive the email during business hours.

Not sure if Huntington Bank is right for you? Consider these alternatives.

  • Autopay auto loan: An auto loan through Autopay’s lender network could be an option if you have less-than-perfect credit.
  • U.S. Bank auto loan: A U.S. Bank auto loan could be good for someone who wants a competitive rate and qualifies for the bank’s low starting APR.