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Citibank auto loan alternatives
Compare options for low rates, fast turnaround and more.
Why doesn’t Citibank offer auto loans?
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. And it also offers several credit cards and banking products you may want to take advantage of.
3 alternatives to Citibank auto loans
You may not be able to use Citibank to finance your next vehicle, but there are other providers you can consider with competitive rates and terms. And best of all, you’ll still have the opportunity to borrow from a bank — Bank of America is one of the largest in the country, LightStream is associated with SunTrust and LendingTree has multiple banks within its network.
1. Best for low starting APRs: Bank of America
If you’re in the market for an auto loan from a bank, Bank of America may be a good alternative to Citibank. You can borrow up to $100,000 to finance a new or used car. And unlike many of its competitors, rates don’t differ greatly between the two. As of April 2019, its starting APRs were set at 3.54% for new cars and 3.74% for used vehicles. However, you’ll need a strong credit history to qualify.
- How much you can borrow. $5,000 to $100,000
- APRs. Starting at 3.69% APR
- Terms. Up to 60 months
- Eligibility requirements. 18+ years old, US citizen or permanent resident, eligible car
2. Best for quick financing: LightStream
LightStream is one of the quickest lenders out there — it’s possible to get funding the same day you apply. You can borrow up to $100,000 to purchase a new or used car. And it has a Rate Beat program that will take 0.1% off a competitor’s rate, provided you meet certain requirements. But you’ll need good to excellent credit to qualify. And unlike many of your other options, you can’t get a quote without filling out the full application.
- How much you can borrow. $5,000 to $100,000
- APRs. Competitive
- Terms. to months
- Eligibility requirements. Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
3. Best for comparing multiple lenders: LendingTree
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 APRs as low as 2.29%, though the lowest rates are typically reserved for borrowers with excellent credit. And 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.
- How much you can borrow. Varies by lender
- APRs. From 3.09%
- Terms. 12 to 84 months
- Eligibility requirements. 18+ years old, good to excellent credit, US citizen
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 secured car loan.
There are several other loans offered by Citibank you could potentially use to buy a car, including a line of credit option. But APRs tend to be higher, and there’s no guarantee you’ll be approved for the maximum line amount of $25,000.
Compare more car loan providers
Although you can’t take out an auto loan from Citibank, there are other lenders out there that offer competitive rates and quick funding speeds. While Bank of America and LightStream both require good to excellent credit to qualify, you may be able to find a lender with less-stringent requirements through LendingTree.
Want to compare your other options? Check out our guide to car loans.
Frequently asked questions
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
† You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
§ After receiving your loan from LightStream, if you are not completely satisfied with your experience, please contact them. They will email you a questionnaire so they can improve their services. When they receive your completed questionnaire, they will send you $100. LightStream’s guarantee expires 30 days after you receive your loan.
LightStream reserves the right to change or discontinue their guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
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