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Citibank auto loan alternatives

Compare options for low rates, fast turnaround and more.

Updated

Fact checked
Citibank may not offer auto loans in the US, but there are other banks and online lenders that may be able to help. Just double-check that you qualify before applying — many providers have minimum credit score and income requirements you need to meet.

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. 24 to 84 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

Data indicated here is updated regularly
Name Product Filter Values Minimum credit score APR Loan term Requirements
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
car.Loan.com Car Loans
300
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
Varies by network lender
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.
Auto Credit Express Car Loans
300
Varies
Varies
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Monevo Auto Loans
500
3.99% to 35.99%
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
Quickly compare multiple online lenders with competitive rates depending on your credit.
LightStream Auto Loans
Good to excellent credit
Competitive
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
LendingTree
Good to excellent credit
Starting at 3.09%
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
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Compare up to 4 providers

Bottom line

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

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% higher. If your application is approved, your credit profile will determine whether your loan will be unsecured or secured. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
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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