When it comes to auto financing, one size does not fit all, but Citizens One car loans can fit the majority of people. Despite having only an acceptable starting auto loan rate, Citizens One auto loans had one of the lowest average APRs offered to customers on the LendingTree platform in the first half of 2023. Interest rates were quite low for drivers with weak to exceptional credit. If you’re looking to buy a car from a dealership or refinance, Capital One is a lender to consider.
A Summary of Citizens One Loans
Citizens One provides new and used car loans at over 12,000 partner dealerships across the United States. The Citizen One Auto Navigator program can help you identify a participating dealer near you, and it also offers prequalifications – financing estimates that you can apply for before you go to the car lot.
You don’t need to meet a salesman if you’re refinancing; you may apply straight on Citizen One’s website. Current auto refinance rates can be found here.
| Loan Type | Starting APR | Terms | Amount | Min. credit score |
|---|---|---|---|---|
| New | 5.79% | 36-72 months | From $4,000 | Not disclosed |
| Used (dealers) | Not disclosed | 36-72 months | From $4,000 | Not disclosed |
| Refinance | Not disclosed | Up to 12-month extension | $7,500-$50,000 | Not disclosed |
Citizen One auto loans pros and cons
Citizens One vehicle loans have a low average APR and are available nationwide, but there are a few drawbacks. Capital One does not collaborate with every dealership, and you will not know what APR you qualify for until you arrive because Citizens One only provides prequalifications, not preapprovals.
| Pros | Cons |
|---|---|
| There is prequalification available.
There are no application fees. Joint applications are permitted Finalized loans have a low average APR |
Limited dealer choices
No preapprovals No private-party sales or lease buyouts |
An examination of Citizens One auto loans
One Auto provides new and used automobile loans through its dealership partners, but auto refinancing is available to borrowers directly through the company’s website.
Citizen One auto loan specifications
Citizen One does not disclose the minimum credit score required to qualify for a vehicle loan, but you must earn at least $1,500 per month. The vehicle you want to finance must also be under 10 years old and have less than 120,000 kilometers.
Prequalification for Citizens One Auto Navigator
A pre-qualification isn’t required, but it does estimate your monthly payment and tell you how much you could borrow. It has no effect on your credit because it is a soft inquiry. Official vehicle loan preapprovals (frequently available from different lenders) provide real statistics and can give you an advantage in negotiations by allowing you to appear like a cash buyer.
Convenience
citizen One, in general, provides consumer banking accounts, credit cards, and other services. It has hundreds of branches and extensive customer service hours as a huge financial institution. You might be able to do all of your banking and borrowing at the same location.
How to apply for a Citizens One auto loan
Citizens One auto purchase
SELECT A CAR
Determine what you want in a new set of wheels. The search option in Auto Navigator gathers inventory from Capital One partner dealerships near you. You can get prequalified and head to the vehicle dealership once you’ve decided on a car (or five).
APPLY TO BE PREQUALIFIED
If you want to receive a prequalification (you don’t need one for purchases), you can apply for the Citizen One Auto Navigator program on your phone or computer. You will require:
- Personal information: Email address and name
- Residence: Your home address, period of stay, and rent or mortgage payment
- Employment: Name and address of your boss
APPLY IN PERSON AT THE DEALERSHIP
When you get to the dealership, you’ll do a few test drives, decide on a vehicle, and apply for financing. Even if you were prequalified, you must still complete the final application papers with the salesperson.
Citizen One auto refinance
PREQUALIFY ONLINE
You’ll need to acquire and enter information, such as your personal information, address, and employment information, as in step two above. Capital One will then notify you if you are prequalified and present you with other auto loan choices.
FINALIZE YOUR APPLICATION
Choose one of the choices to serve as your official loan request. You’ll most likely be able to select from a variety of loan terms with varying monthly payments.
PROVIDE ANY DOCUMENTS AND SIGN THE PAPERS
You may be required to supply documentation, such as photographs of pay stubs, to substantiate your income if needed. If your loan application is approved, you will read the document before signing on the dotted line.
How Citizens One auto loans compare
Citizens One’s auto loan offerings are competitive. Although its beginning rate is typical and its durations are somewhat limited (other lenders offer vehicle loan terms ranging from 12 to 84 months), Capital One is a decent alternative for many automobile buyers.
| Capital One | Fifth Third Bank | LendingClub | |
|---|---|---|---|
| Starting APR | 5.79% | 4.58% | 2.99%-24.99% |
| Terms | 36 to 72 months | Up to 75 months | 24 to 84 months |
| Amount | From $4,000 | $5,000-$80,000 | $4,000 to $55,000 |
| Min. credit score | Not disclosed | Varies | 510 FICO Auto Score |
Is a Citizens One loan right for you?
On the LendingTree platform, Citizens One has some of the lowest average vehicle loan rates across various credit categories. However, it’s always a good idea to check offers from several lenders to ensure you’re obtaining the best deal possible. Depending on your creditworthiness, you might receive up to five vehicle loan offers from leading lenders by completing out a single form at LendingTree.
Get preapproval from your preferred lender, such as a bank, credit union, or online lender, then go to one of Capital One’s partner dealerships and ask them to beat the APR offer you already have.
How do you compare auto loans?
Do you want to find the greatest deal? Consider the following four features:
- Low costs and competitive APRs
- Amounts of loans
- Positive feedback from customers
Let’s take a deeper look at each of these aspects.
Annual percentage rates (APRs) that are competitive
The interest rate, or annual percentage rate (APR), is the primary expense of an auto loan. The annual percentage rate (APR) is the percentage of the total loan that you will pay your lender each year. For example, if you borrow $10,000 at 5% APR, you will pay around $500 in interest per year.
When comparing vehicle loan providers, search for those who offer competitive APRs – the lower the better. It is important to note that the particular rate you qualify for within the specified range will be determined by your creditworthiness.
Low fees
Find out what fees a lender charges next. These charges could include:
- Fee for loan origination
- Prepayment penalty
- Penalty for late payment
- Ongoing charge
What is an auto loan origination fee?
Loan origination fees can also be referred to as setup or application fees. The loan origination fee covers the costs associated with loan processing. Origination fees for auto loans often range from $100 to $500. This fee is not charged by all lenders.
What exactly is a prepayment penalty on an auto loan?
If you pay off your loan early, you save money on interest, which means the lender makes less money. This cost contributes to the lender’s loss. Again, this cost is not charged by all lenders.
What is a late penalty fee?
If you miss a monthly payment, you will be charged a late penalty fee. Lenders normally charge $5 to $50 per late payment, while some offer first-time late payment forgiveness or other comparable features that might help to reduce the cost. Accidents happen, even though no one goes into a loan intending to default. As a result, before making a decision, it is critical to understand the terms of your loan.
What exactly is a monthly maintenance fee?
Lenders may levy a monthly, semi-annually, or annual recurring maintenance cost. Check to see what fees a lender charges, as well as the cost of each fee. Fees add to the entire cost of vehicle purchase and can make or break a deal.
Positive feedback about auto loans
Obtaining a vehicle loan is a multi-step procedure that includes application, approval, funding, repayments, payoff, closure, and title receipt. Each phase should ideally be smooth and efficient. However, not all auto loan lenders give a smooth and pleasant experience. And, if a problem does develop, the lender’s customer service will become critical. How do you figure out what you’re putting yourself into? Reading honest reviews from a lender’s previous clients is a good place to start.
These viewpoints might provide you with an idea of what kind of experience you can expect from a specific lender, both good and poor. When comparing vehicle loans, look for lenders who have received generally excellent comments. Keep an eye out for several clients of a specific lender expressing the same problem, as this raises your chances of having the same problem.
Amounts of auto loans
Lenders establish minimum and maximum loan amounts for borrowers. A lender, for example, may provide loan sums ranging from $2,500 to $100,000. Another may lend between $5,000 and $55,000.
Check the lender’s loan amount range to confirm it includes the amount you require. Also, if the lender you chose charges an origination fee, make sure to factor that into your loan amount calculation. Your creditworthiness, in addition to a lender’s constraints, will decide the loan amount that you qualify for.
Find the best auto loan for your requirements
Are you ready to find the finest auto loan for your needs? With our vehicle lending engine, SuperMoney is here to assist.
How does it function?
We examine the requirements and rates of prominent lenders once you complete a few basic questions.
We present you with any and all offers available to you within minutes. On one page, you can see the rates and terms side by side. You may also browse real unbiased customer ratings and in-depth auto loan reviews for more information.
Ready to locate the best auto loan and start shopping for your next vehicle (or refinancing your current one)? Get personalized pricing right away!
