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Citibank auto loan alternatives

Low interest rates from big banks and large online lenders.

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 Auto Loans

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
APRStarting at 2.39%
Minimum credit scoreVaries
Loan term1 to 6.25 years

PenFed Auto Loans

Go to site
on PenFed's secure site
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 – $100,000
APRStarting at 1.04%
Minimum credit scoreVaries
Loan termUp to 10 years

LightStream Auto Loans

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
APRCompetitive
Minimum credit scoreGood to excellent credit

PNC Bank Auto Loans

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
APRStarting at 2.94%
Minimum credit score630
Loan term1 to 6 years

LendingTree

Go to site
on LendingTree, LLC's secure site
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 amountN/A
APRStarting at 3.09%
Minimum credit scoreGood to excellent credit
Loan termVaries by lender

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.

Compare more car loan providers

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Varies
Starting at 1.04%
Up to 10 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
Carvana
No minimum credit score
3.9% to 27.9%
Varies
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.
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
No minimum credit score
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.
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Compare up to 4 providers

Bottom line

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

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