In a Nutshell
KeyBank offers auto loans at competitive interest rates and an automatic-payment discount for qualifying bank customers. But if you want to pay off your loan ahead of schedule, you’ll be responsible for the prepayment penalty.What you need to know about KeyBank auto loans
Headquartered in Cleveland, Ohio, KeyBank offers new, used and refinance auto loans. If you’re a current KeyBank customer and are able to lock in an auto loan discount, this may be an option worth considering.
Competitive starting APRs
Compared to other lenders, KeyBank offers competitive interest rates for those who qualify. While KeyBank doesn’t specify lending requirements, lenders typically offer their most-favorable rates to applicants with higher credit scores, long and successful credit histories, and low debt-to-income ratio.
Is a KeyBank auto loan the right fit for you?
A KeyBank auto loan is worth considering if you’re already a customer. For people who don’t like the hassle of dealing with multiple financial institutions, having your banking and auto accounts serviced by one bank could help streamline your money-management efforts. And you may also be able to take advantage of the automatic-payment discount.
It’s wise to find lenders who offer prequalification so you can check your estimated rates and terms beforehand. But if you want to shop around without affecting your credit scores, KeyBank isn’t for you. That’s because the lender conducts a hard credit inquiry, which can negatively affect your credit scores.