Fifth Third refinancing car loans for as little as 2.99%

Hand dropping red toy car into white piggy bank

Fifth Third Bank has an intriguing deal for its checking account customers — refinance an existing auto loan for as little as 2.99% APR over four years.

The big regional bank with more than 1,300 branches in 12 states across the Midwest and Southeast says it will rewrite the loan on most late-model, 2012 through 2014 cars and trucks.

There are probably quite a few Fifth Third customers who are currently paying more than that since the national average for car loans is around 4%, according to our latest survey of major lenders.

If you borrow $20,000 at 2.99% with a 48-month loan, the monthly payment is about $443. Use our auto loan calculator to help you budget your monthly payment.

Also, search our database of the best auto loan ratesfrom several other lenders in your area. It can help you see if you could score a better deal from another bank.

To qualify for this interest rate you must be willing to have the monthly payments automatically deducted from your Fifth Third checking or savings accounts using the bank’s automated bill payment program.

Borrowers can opt out of that, but the rate could increase another 0.25%.

Expect Fifth Third Bank to charge a loan fee of $165 before dispersing the money.