Citizens One Auto Finance Auto Loan Review: Process, Eligibility, APR, and More!
Citizens One Auto Finance Auto Loan Review: Process, Eligibility, APR and More!
Citizens One is the brand name for auto loans that Citizens Bank offers through a network of car dealers across the United States. Citizens Bank, which is the 13th largest retail bank in the United States, partners with a network of more than 6,700 car dealerships to offer loans for new and used cars and trucks. Citizens One Auto Finance does not list a minimum credit score or income needed to qualify for a loan, so a variety of borrowers are welcome to apply. In this full Citizens One Auto Finance review, you will learn everything you need to about their auto loan process, features, eligibility, Annual Percentage Rate (APR), and more.
Citizens One Auto Finance at a Glance
Citizens One Auto Finance is a service offered by Citizens Bank. This bank was founded in 1828 with its headquarters in Providence, RI. This financing service is available in 47 states nationwide. Citizens Auto Finance offers car loans through dealerships across the country. However, it doesn't issue auto loans directly to consumers, and it doesn't offer preapproval. After receiving a Citizens auto loan, you can manage your account online. Interest rates and APRs depend on various factors, including eligibility, credit score, credit history, loan amount, and loan term.
Citizens One Auto Finance offers customers car loans with 84 months max. The fact that borrowers have the option of choosing longer terms means that they can take on larger amounts of auto loans while also keeping their monthly payments somewhat affordable. However, the longer your car loan term is, the more interest you will be paying.
What Types of Auto Loans Does Citizens Auto Finance Offer?
Citizens One Auto Finance offers auto loan terms that range between 48 and 84 months. Borrowers can apply at partnering dealerships across the country.
The cost of the auto loan
Citizens One Auto Finance does not specify a minimum loan amount or minimum APR. Instead, loan rates will vary depending on the dealership to which you apply, in addition to your financial situation. Generally speaking, loan lenders might charge APRs anywhere between 2.99% and 19.99%. Your credit score is one of the most important factors that determine the percentage of loan rates.
Borrowers with high credit scores (at least 660) will enjoy the lowest rates. Those with 580-619 or below 580 credit scores will face the highest rates.
Who Is Eligible for the Auto Loan?
Anyone can apply for an auto loan because Citizens One Auto Finance does not specify any restrictions as to who can apply for an auto loan. With any lender, you are more likely to get the approval if you prove to have a steady income, a somewhat decent credit score, and a debt-to-income ratio that is 43% or lower.
First, you will need to get an auto loan quote from Citizens One Auto Finance. Find a participating dealer near you, and if the dealer offers preapproval or prequalification, it's best to apply for this to know exactly how much you can budget for a car.
To make your initial application, you may have to provide the following documents and information:
- ID and contact info
- Info regarding your employment status
- Your Social Security number
- Info regarding the type of car that you want
When you apply, the lender will usually conduct a hard inquiry about your credit, which can temporarily affect your credit score. Apply to all your potential lenders within a 14-day window, and only one hard inquiry will be counted. After you get prequalified, it's time to shop for a vehicle. Make sure to test-drive all the models you are interested in, and remember you are not obliged to purchase a car just because you test drove it. You also don't have to spend the full amount you're qualified for, which will save you money in the long run.
Once you've chosen a vehicle, you need to meet with the dealer to sign the loan. Take time to thoroughly review your loan agreement and ask any questions you have so you know exactly what you agree to.
To sign a car loan, you'll need to show the following documents:
- Proof of identity
- Proof of income
- Proof of residence
- Proof of insurance
Citizens One Auto Finance does not specify minimum loan amounts, so you'll have to check with the partnering dealers in your area. The total amount you'll have to pay for a loan includes the balance for the car, the interest, taxes and licensing fees, dealer fees, and add-ons, such as an extended warranty or GAP insurance.
Refinancing Your Citizens One Auto Finance Auto Loan
Car loans that are taken out at dealerships often come with higher interest rates and underhanded dealer fees. Although you can't change the terms of your loan once you sign them, you can ask for a new loan to pay off the old one at a better interest rate, also known as refinancing the car.
A few reasons you might consider refinancing down the road include:
- High monthly payments
- High-interest rates
- You have better credit now to qualify for better terms
Before you begin with refinancing, you will most likely need to have positive equity, which means that you prove that you owe less on loan than the vehicle is worth. On the other hand, if you are currently behind on your loan, you may need to provide an upfront payment to secure a refinance.
Citizens One Auto Finance Customer Service
Citizens One Auto Finance does not offer many customer service options. However, you can still call them by phone at 1-877-265-3278. You can also visit their website and view the information there to help you better understand their services. You can view their Frequently Asked Questions (FAQs) section for any further inquiries.
Bottom Line on Citizens One Auto Finance
Citizens One Auto Finance is a branch of Citizens Bank that offers auto financing and auto loan options. They are not a direct loan lender but rather connect you to a network of dealerships. They are the 13th largest bank in the United States, so you can trust them for sure.
You can borrow a loan from Citizens One Auto Finance between $5000 and $55,000.
You need a credit score of at least 600 to qualify for a Citizens One Auto Finance auto loan. Keep in mind that even if you qualify for a loan, the best APRs are only available to those with the highest credit scores.
Citizens One Auto finance offers a fixed APR car loan product that ranges from 6.52% APR up to 15.28% APR. Your APR can vary depending on several factors, such as your credit score.
Citizens One Auto finance has car loans with a maximum term of 72 months. Having the option of longer terms allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your car loan, the more interest you will pay.