Citibank auto loan alternatives

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
• PenFed Credit Union
• LightStream
• PNC Bank
• LendingTree

Bank of America Auto Loans

• Overview
• Pros & Cons
• More Details

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.

Pros

• Low starting APR for new and used cars
• APR discount up to 0.5%
• Accepts older used vehicles with higher mileage

Cons

• Not upfront about potential fees
• Negative customer reviews
• Private party loans require in-person application

Loan amount	$5,000 – $100,000
APR	Starting at 5.39%
Minimum credit score	Varies
Loan term	1 to 6.25 years

Loan amount	$5,000 – $100,000
APR	Starting at 5.39%
Minimum credit score	Varies

PenFed Auto Loans

• Overview
• Pros & Cons
• More Details

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.

Pros

• Extremely competitive APR
• Large range of loan amounts
• Car-buying service available

Cons

• Membership required
• Limited branch locations

Loan amount	$500 – $150,000
APR	Starting at 5.19%
Minimum credit score	Varies
Loan term	3 to 7 years

Loan amount	$500 – $150,000
APR	Starting at 5.19%
Minimum credit score	Varies

LightStream Auto Loans

Go to site

• Overview
• Pros & Cons
• More Details

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.

Pros

• APR discount up to 0.5%
• Very competitive APR
• Same-day funding available

Cons

• Must borrow at least $5,000
• No preapproval process
• Good to excellent credit required

Loan amount	$5,000 – $100,000
APR	Competitive
Minimum credit score	Good to excellent credit
Loan term	2 to 7 years

Loan amount	$5,000 – $100,000
APR	Competitive
Minimum credit score	Good to excellent credit

Go to site

PNC Bank Auto Loans

• Overview
• Pros & Cons
• More Details

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.

Pros

• Competitive APR
• Accepts fair personal credit
• Can apply with cosigner

Cons

• Low maximum loan amount of $50,000
• Limited financing for used vehicles
• Negative customer reviews

Loan amount	$5,000 – $50,000
APR	Starting at 2.94%
Minimum credit score	630
Loan term	1 to 6 years

Loan amount	$5,000 – $50,000
APR	Starting at 2.94%
Minimum credit score	630

LendingTree

• Overview
• Pros & Cons
• More Details

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.

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Name	Product	Filter Values	Minimum credit score	APR	Loan term	Requirements
LightStream Auto Loans			Good to excellent credit	Competitive	2 to 7 years	Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.	Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.	Go to site More Info	Compare	loading Fetching your data...
CarGurus			Varies	Varies depending on the lender	3 to 6 years	Varies depending on the lender	Go to site	Compare	loading Fetching your data...
CarsDirect auto loans			No minimum credit score	Varies by network lender		Must provide proof of income, proof of residence, and proof of insurance.	Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.	Go to site More Info	Compare	loading Fetching your data...
Carvana			No minimum credit score	3.9% to 27.9%	1 to 6 years	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...

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Bottom line

Before you commit to a lender, check current rates for car loans to be sure you’re getting a solid deal.