Q:

Does Citizens Bank offer auto financing?

A:

Quick Answer

Citizens Bank offers auto financing in the form of a home equity line of credit issued specifically for the purchase of a car, according to the bank's website. As of 2015, Citizens bank does not offer standard automobile purchase loans.

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Full Answer

Citizensbank.com states that a home equity car loan can provide several advantages over a traditional auto loan. These advantages could include a lower interest rate, possible tax deductions and the opportunity to consolidate debt. Citizens bank does note a couple of significant risks in using home equity for a car loan. These risks include using a home as collateral for a relatively minor purchase, and the possibility of still owing money on the loan after selling or trading in the car.

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