Citibank has never offered auto loans to its US customers. Instead, it focuses on other lending products like personal loans, lines of credit, home equity loans and mortgages. It also offers several credit cards and banking products.
But if you want a traditional car loan, you’ll need to look elsewhere.
5 Citibank auto loan alternatives
Citibank may not offer auto loans in the US, but there are other banks, credit unions and online lenders that may suit your needs. We’ve selected five options that offer large loans and offer services similar to Citibank’s other products.
Bank of America is one of the leading banks for car loans. It has some of the lowest interest rates out there for new and used cars as well as refinancing and lease buyouts. And current BoA account holders may qualify for a rate discount up to 0.5% when you sign up with autopay. However, it isn't upfront about the other fees it charges, so you'll need to do some extra digging before you commit to a loan.
Credit unions, like banks, tend to have some of the best interest rates on car loans. PenFed just happens to be one of the most competitive options out there. And while you will have to become a member, it only costs $5 to get started — much cheaper than many other credit unions. You'll also be able to finance as little as $500, but for the best rates and longest terms, you may need to borrow at least $9,500.
LightStream, backed by Truist Bank, is a well known and highly trusted lender. Its Rate Beat program will knock 0.1% off competitor rates, which makes it a good last stop before buying a car, and you could get up to 0.5% off your interest rate by using autopay. But unlike most lenders, there's no preapproval process and you'll need to buy a car worth at least $5,000 to qualify.
PNC has competitive interest rates — but it isn't clear what kind of rate discounts, if any, you can expect. It also has a lower maximum loan amount than most lenders, which may make it difficult to finance luxury vehicles. But it does accept fair credit and cosigners, a rare feature for a national bank.
While LendingTree isn't a direct lender, it allows you to compare multiple auto loan options you may qualify for by filling out one simple form. Some of its partner lenders offer interest rates as low as 1.99% to refinance, though the lowest rates are typically reserved for borrowers with excellent credit. But because it's a connection service, you may have to field phone calls and emails from its network of lenders — even after you've taken out a loan.
Pros
Works with banks and large online lenders
Variety of financing options
Funding for motorcycles, RVs and ATVs available
Cons
Best rates go to borrowers with excellent credit
Previous complaints about high volume of marketing materials
Loan amount
Not stated
APR
Starting at 1%
Minimum credit score
Good to excellent credit
Loan term
1 to 20 years
Loan amount
Not stated
APR
Starting at 1%
Minimum credit score
Good to excellent credit
Does Citibank offer similar loans?
Yes, you can borrow up to $50,000 with a Citibank personal loan, which can be used to finance a vehicle. While you won’t need to use your car as collateral, its starting rates are higher than what you’d find with a traditional car loan.
You may also be able to use a Citibank credit card to buy a car and take advantage of its reward programs. However, there may be certain terms and conditions attached to larger purchases, so check with Citibank before heading to the dealership.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University. See full bio
Kellye's expertise
Kellye has written 130 Finder guides across topics including:
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