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Citizens One Auto Finance vs Coastal Credit Union
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- Easy application process
- An industry leader in automotive financing
- Various automotive shopping options
- Same-day prequalification process
- Payment period of 48 to 84 months
- Mobile application availability
- Discounted rates
- Does not support bad credit
- High Annual Percentage Rate (APR)
- Membership required for loans
- $25 membership deposit required
- Limited regional availability
Citizens One Auto Finance, a service offered by Citizens Bank, provides auto financing solutions designed to be flexible and customer-focused. Founded in 1828 and headquartered in Providence, Rhode Island, Citizens Bank is among the largest financial institutions in the United States, with a strong reputation for trust and reliability. Citizens One Auto Finance offers various loan options, including financing for new and used cars, along with refinancing and loan consolidation to potentially lower monthly payments. Previously offering indirect loans through dealerships, Citizens One has recently shifted its focus exclusively to direct lending, reflecting their commitment to personalized, relationship-based services. While Citizens One Auto Finance doesn’t provide preapproval for loans, they emphasize tailored financing, making it easier for customers to find suitable loan terms. Customers appreciate Citizens One for their streamlined online account management and transparency in lending terms. With competitive rates based on factors like credit score and loan amount, Citizens One Auto Finance has earned a positive reputation in the auto finance industry. Their trusted background, along with a range of services to meet varied financial needs, makes them a compelling option for those seeking auto financing through a well-established institution.
Coastal Credit Union, established in 1967, is a member-owned financial cooperative based in Raleigh, North Carolina. Originally formed to serve IBM employees, they have since expanded to provide financial services to members across the Triangle region and beyond. Coastal offers various products, including auto loans, mortgages, business loans, and more, focusing on community engagement and competitive pricing. In the auto loan sector, Coastal provides financing for both new and used vehicles, with flexible loan terms that range from 48 to 84 months, allowing borrowers to select a repayment plan that suits their financial needs. Additionally, they offer auto refinancing options for those looking to lower their payments or adjust their loan terms. The credit union is also committed to member education, featuring tools like an auto loan calculator to help potential borrowers make informed decisions. Accredited by the BBB with an A+ rating, Coastal Credit Union emphasizes customer service and ethical business practices. However, becoming a member requires a minimum deposit of $25 into a savings account, which may pose a barrier for some. With mixed feedback on their services, Coastal focuses on community trust and value. Read on for a deeper dive into Coastal’s offerings and how they stack up against competitors.
- Loan Terms : Up to 72 months
- Minimum Accepted Credit Score : 640 - 800
- APR : 6.52% - 15.28%
- Loan Terms : 48 to 84 months
- Minimum Accepted Credit Score : Undisclosed
- APR : 5.49% - 6.99% APR
- BBB Rating : A+
- Easy application process
- An industry leader in automotive financing
- Various automotive shopping options
- Payment-free period
- Auto insurance
- Refinancing available after 12 payments
- Finances vehicles up to 2012
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Lease Buyout—Undisclosed
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Extended Warranty—Undisclosed
- GAP Insurance—Undisclosed
- Limited Warranty—Undisclosed
- Mobile Application—Undisclosed
- Online Account Management
- Return Policy—Undisclosed
- Extended Warranty
- GAP Insurance
- Limited Warranty
- Mobile Application
- Online Account Management
- Return Policy
- Hard Credit Check
- Income—Undisclosed
- Minimum Credit Score
- Pre-qualification With Soft Check—Undisclosed
- Hard Credit Check—Undisclosed
- Income—Undisclosed
- Minimum Credit Score—Undisclosed
- Pre-qualification With Soft Check—Undisclosed
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees—Undisclosed
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees—Undisclosed
- Origination Fee—Undisclosed
- Prepayment Penalties
- Title Transfer Fee
- Upfront or Application Fees
- Automatic Payments
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments—Undisclosed
- Mail-In Payments
- Online Payments
- Phone Payments
- Automatic Payments
- Cash
- Check—Undisclosed
- Debit or Credit Cards
- In-Person Payments
- Mail-In Payments
- Online Payments
- Phone Payments
- Articles and Videos
- —Undisclosed
- FAQs—Undisclosed
- Help Guides—Undisclosed
- Live Chat
- Phone—Undisclosed
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
Coastal Credit Union vs. Citizens One Auto Finance
Regarding auto financing, both Coastal Credit Union and Citizens One Auto Finance offer options tailored to different consumer needs. However, their services, membership requirements, and loan terms highlight key differences.
Service range and offerings
Coastal Credit Union provides auto financing solutions for new and used vehicles and refinancing options. They offer flexibility in loan terms, allowing borrowers to choose repayment periods from 48 to 84 months. Additionally, Coastal members benefit from cashback incentives when refinancing, and the credit union partners with TruStage® to offer discounted auto insurance to members. However, Coastal’s services require membership, which includes opening a savings account with a $25 deposit.
Citizens One Auto Finance, on the other hand, works through a vast network of over 6,700 dealerships across the U.S., offering car loans directly at the point of sale. They do not require membership and provide loans for new and used vehicles, with terms extending to 84 months. Unlike Coastal, Citizens One does not offer direct refinancing options, so borrowers need to seek refinancing through another provider to adjust their loan terms after purchasing a vehicle.
Plans and pricing
Coastal Credit Union’s rates are competitive, especially for well-qualified applicants. Interest rates start at around 5.49% APR for new vehicles and 5.64% for used vehicles. They offer flexibility in terms, of allowing customers to extend their loan up to 84 months, but this could result in higher interest payments over time. Coastal also provides an online loan calculator for borrowers to estimate monthly payments and compare loan options.
Citizens One Auto Finance offers auto loans with APRs varying between 6.52% and 15.28%, depending on creditworthiness and other factors. The dealership and specific loan terms heavily influence their rates. While Citizens One does not offer preapproval or online prequalification, they simplify the process by integrating financing directly at partner dealerships.
Security and compliance
Both Coastal Credit Union and Citizens One Auto Finance prioritize security and compliance. Coastal is a federally insured credit union regulated by the National Credit Union Administration (NCUA), ensuring that member deposits are protected up to $250,000. They are also accredited with an A+ rating from the Better Business Bureau (BBB), reflecting their focus on customer service and ethical practices.
Citizens One Auto Finance operates under the umbrella of Citizens Bank, which has a long-standing presence in the financial industry. Citizens One is part of a larger bank that follows industry regulations and maintains high-security standards. However, it has faced some compliance issues in certain states, which could concern potential borrowers.
Advantages and disadvantages
Coastal Credit Union excels in offering flexibility with its range of loan terms, membership incentives, and refinancing options. However, the need for membership can be a drawback, particularly for those outside North Carolina, and vehicle restrictions limit their financing to cars no older than 2012.
Citizens One Auto Finance offers convenience with dealership-based financing and no membership requirements, making their loans accessible to a broader audience. However, the lack of refinancing options and needing to go through a dealership may limit flexibility for some borrowers.
Conclusion
In conclusion, Coastal Credit Union is excellent for members seeking flexible loan terms and refinancing options. At the same time, Citizens One Auto Finance appeals to those looking for dealership convenience without membership restrictions.