Alternatives to Citibank auto loans

Woman sitting in the driver's seat of her car, looking back at the back seat and smilingImage: Woman sitting in the driver's seat of her car, looking back at the back seat and smiling

In a Nutshell

Citibank doesn’t currently offer auto loans. But if you want to buy a car and finance the purchase through a national bank, other lenders offer plenty of benefits, including a wide range of loan types, loan rate discounts and the ability to apply for prequalification.
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Citibank offers credit cards, personal loans, lines of credit and home loans — but Citibank auto loans don’t exist.

This can be disappointing if you’re a Citibank customer and want to keep your finances under one roof. But there are other national banks that offer auto financing.

Let’s look at some potential alternatives to Citibank to help you find the right auto loan lender for your needs.

Bank of America: Wide range of loan options

Why Bank of America could be a good alternative: Like Citibank, Bank of America has a large footprint, operating in all 50 states and Washington, D.C. It also offers multiple financing options, whether you want to buy from a dealer or private party, refinance your current car loan or buy out a lease.

Here are some more details about Bank of America auto loans.

  • Preferred Rewards members can get a rate discount. Bank of America offers interest rate discounts of up to 0.50% to qualifying members.
  • Loan terms range from 12 months to 75 months, and the minimum loan amount is $7,500 in most states.
  • Bank of America doesn’t finance vehicles that are more than 10 years old, have 125,000 miles or more, or are valued at less than $6,000.

For more info, read our Bank of America auto loan review.

Capital One Auto Finance: Ability to apply for prequalification

Why Capital One Auto Finance could be a good alternative: Capital One Auto Finance offers loans in most states, excluding Alaska and Hawaii, and allows you to apply for prequalification online without a hard credit check. If you’re prequalified, you can view your estimated loan offers — but remember that prequalification isn’t a guarantee of loan approval. If you’re approved after submitting a full application, you might see different terms than you prequalified for.

Here’s some more info about Capital One Auto Finance.

  • The minimum loan amount of $4,000 is relatively low compared to some other lenders.
  • You’ll have to purchase a car from a select list of participating dealers.
  • Private party and lease-buyout loans aren’t available.
  • The lender typically requires the vehicle to be 2010 model year or newer and have fewer than 120,000 miles — though some vehicles may qualify if they’re from 2008 or newer with fewer than 150,000 miles.
  • Capital One won’t finance certain vehicle makes, including but not limited to Daewoo, Isuzu, Oldsmobile, Saab and Suzuki.

Read our Capital One Auto Finance review to learn more.

PNC: Flexibility to shop like a cash buyer

Why PNC could be a good alternative: With a “Check Ready” loan from PNC, you can shop at licensed dealers and possibly reduce the amount of time you’ll spend at the dealership. You’ll essentially get a blank check that’s good for up to the loan amount you’re approved for. The check is good for up to 30 days after you’re approved.

Here are some more details about PNC auto financing.

  • Loans are available for dealer and private-party purchases, as well as for lease buyouts. You can also refinance an existing auto loan.
  • You can get a 0.25% interest rate discount if you set up automatic payments from a PNC checking account.
  • Loan amounts start at $7,500 if you’re buying from a dealer and $5,000 with other loan options.
  • With the PNC Total Auto program, powered by TrueCar, you can shop for cars in your area, then apply for PNC financing before heading to the dealer to fill out the paperwork.
  • PNC auto loans aren’t available in all states, so check to see if PNC operates in your state before you apply.
  • The lender won’t finance vehicles manufactured before 2013.

For more details, read our PNC auto loans review.

Chase: Range of loan terms and amounts

Why Chase could be a good alternative: Chase is another national bank that offers car loans in all 50 states and the District of Columbia. Loan amounts range from $4,000 to $600,000.

Keep in mind that if you choose a longer loan term to reduce your monthly loan payments, you’ll end up paying more in interest on the loan.

Here’s some more info about Chase auto loans.

  • You’ll have to purchase a car from a dealer in Chase’s network.
  • Chase Private Clients get a 0.25% interest rate discount.
  • You’re not required to submit a down payment for the auto loan, but it could be helpful if you’re credit isn’t stellar or you don’t want to borrow as much.

Read our Chase auto loan review for more info.

While you won’t be able to find a Citibank auto loan, there are other major banks that offer auto loans. Whatever type of loan you’re considering, compare these and other lenders to find the best auto loan for you.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.