Citizens Bank is a Wisconsin-based full service community bank with 12 locations throughout the state of Wisconsin. Citizens Bank has been providing financial services since 1892 and today offers almost every financial service possible, including savings and checking accounts; certificate of deposits; money market accounts; credit cards; mortgage loans; auto and personal loans and online banking. Citizens Bank auto loans have many features that contribute to their popularity among customers.
What Type of Vehicle Can Customers Buy?
Citizens Bank allows you to purchase almost any kind of vehicle you want, whether it’s a sports car, SUV, family sedan or extended cab pickup truck. Customers can also choose to purchase a new or a used vehicle. The only restrictions the bank has is that the vehicle cannot be over six years old. However, if it’s a high-value vehicle or has low miles, Citizens Bank may consider the vehicle. Typically, banks do not like to borrow more than 80% of the vehicle’s total value. A down payment often makes this easier to attain.
What Type of Auto Loans Does Citizens Bank Offer?
Citizens Bank offers a few different types of auto loans with terms that range from 24 to 72 months. Long-term loans have more interest attached to them but offer lower monthly payments. Although being a customer of Citizens Bank is not required for approval for an auto loan, banks often look more favorably towards loyal customers and may even offer better loan terms. Having a checking or savings account at Citizens Bank also gives the customer the opportunity to use automatic payment withdrawal to ensure the payment is made on time each month.
What are Citizens Bank Interest Rates?
Citizens Bank, being a community bank, is often popular because of its reasonable and competitive interest rates; however, several factors can determine interest rates. These factors include credit scores, income-to-debt ratios and terms of the loan. While one customer may get an interest rate as low as 2%, another Citizens Bank customer may pay 6% or more. The best way to determine what interest rate a customer will pay is to contact a local Citizens Bank or fill out an online application. Citizen Bank offers a safe and secure online site with 100% fraud protection.
What Will Monthly Payments Be?
The monthly payments depend on these three things: total cost of the loan, the interest rate and the term of the loan. Some customers like short-term loans because they’ll pay less interest over the life of the loan while others prefer longer-term loans due to small and more convenient monthly payments. Once customers know what interest rates they can expect, they can use an online payment calculator to determine the payment. Citizens Bank has the reputation for offering flexible auto loans and loans that best fit the needs of the customer. They will often customize auto loans to make them as convenient and easy to pay as possible.
Can Customers Be Pre-Approved?
Customers can be pre-approved to purchase an automobile through Citizens Bank. Pre-approval is preferred by many because it allows consumers to know exactly how much they can afford to spend prior to shopping. Customers can take a simple auto loan test, which is available online, to start the process. They fill out a simple application, order a credit report and contact their local Citizens Bank. Once they’re pre-approved, they’ll be issued a letter to show to the dealership signifying how much financing they can expect. Pre-approval makes purchasing an auto very simple and convenient.