Citizens One Auto Finance
Citizens Bank is one of the largest retail banks in the United States. This bank has over 5 million customers and has branches in 11 states in the country. Citizens One Auto Finance is a subsidiary of the Citizens Bank of Pennsylvania. This firm focuses on providing loans for the purchase of auto loans. It partners with 6700 auto dealerships nationwide.
How to Apply to Citizen One Auto Finance
To apply, you need to visit any of the dealerships to apply. You will not be able to apply online like it can be done for other loans. Once you submit your application at the dealership, they will send the application to Citizen One and the loan officers will analyze the application.
The loan officers do not have a set of qualification or credit score requirements. They review each application on a case-by-case basis. If you qualify, they will check the loan rates and terms for which your qualification is valid.
Citizen One allows you to conveniently make payments through its service called PayMyLoan. You can easily make payments online or set up recurring payments using this service. You can set up recurring payments online. You can also make payments online.
Frequently Asked Questions
How Much Can I Borrow?
You can a minimum of $5,000 and a maximum of $50,000. It depends on your affordability.
What is the APR on Citizen One Auto Finance Loans?
The APR ranges from 6.52% to 15.28%. The APR depends on several factors including your credit score. If it is risky for the lender to offer you a loan, the interest rate will be high.
If you have a high credit score you are likely to get this loan at a lower rate compared to someone with a low credit score. This is because people with low credit scores have a higher chance of defaulting on their loan than people with high credit scores.
What is the Maximum Loan Term for Citizen One Auto Finance Loan?
The maximum loan term is 72 months. There are options for longer loan terms but that depends on the loan amount. If the amount is extremely high, the loan term can be longer.
However, such huge amounts are approved for borrowers who can make manageable payments over the agreed period. You should, however, remember that the longer the loan period the more interest rate you will pay.
What Fees Does Citizen One Auto Finance Charge on Their Loans?
They charge origination fees and late fees. Late fees are penalties charged when you do not pay your loan on time. Since late fees can be avoided, make sure that you always pay your loan on time so that you can avoid it. Late fees are mostly high and they add up to your debt.
What Fees Does This Lender Waive?
Citizen One Auto Finance does not charge prepayment fees. Prepayment fees are charged when you pay your loan earlier than the agreed time. This fee is used to compensate for the amount lost through interest rates that the lender would have received when you pay on the agreed period.
The good thing with this lender is that they do not charge this fee which means you can pay your loan early without consequences.
What are the Qualification Requirements for this Loan?
You need a minimum credit score of 640 and you should be at least 18 years old. You should also be a citizen of the United States or you should be a permanent resident of the United States. You will also need to provide your driver’s license and recent pay stubs.
How Long Does the Application and Funding of the Loan Take?
When you submit an application, this lender will tell you if you have been approved or rejected within one hour. It takes up to 7 business days for the funds to hit your account.