Overview

The Auto Loan offered by First Citizens BancShares is designed to make vehicle ownership accessible, affordable, and convenient for individuals and households. Whether you are buying a new car, a certified pre-owned vehicle, or refinancing an existing loan, this product provides a range of term options, repayment schedules, and support services intended to match your financial situation and goals. With a focus on responsible lending and transparent communication, the loan aims to deliver clear terms, predictable payments, and straightforward servicing.

Key Features

• Competitive financing: Rate structures that reflect market conditions and individual credit profiles, combined with options for fixed or variable interest rates depending on eligibility.
• Flexible terms: Multiple loan terms to fit short-, medium-, and long-term needs, commonly ranging from 24 to 72 months with customized terms available in certain cases.
• New and used vehicle financing: Support for new vehicles, certified pre-owned models, and selected used cars, with clear guidelines for vehicle age and mileage at origination.
• Refinancing options: Opportunity to refinance existing auto loans to potentially lower monthly payments, shorten repayment horizons, or consolidate debt under one account.
• Simple application process: Streamlined online and in-branch application pathways with quick pre-approval decisions to help with negotiating power at the dealership.
• Optional payment features: Options such as automatic payments, biweekly payment schedules, and the ability to make extra principal payments without penalty, subject to the loan agreement.
• Dedicated support: Customer service and loan specialists available to review your options, explain terms, and guide you through the documentation and funding process.

Who Is It For?

This auto loan product is intended for consumers seeking responsible and reliable vehicle financing. It is suitable for:

• First-time car buyers who want a clear and guided financing experience.
• Buyers of new and certified pre-owned vehicles seeking competitive interest rates.
• Owners of existing loans looking to refinance for better terms or lower monthly payments.
• Customers who want predictable monthly payments and the convenience of managing their loan through established banking channels.

Application and Approval Process

Applying is designed to be straightforward. Prospective borrowers typically provide personal and financial information, vehicle details if already selected, and verification documents. The approval process evaluates credit history, income, employment stability, debt-to-income ratio, and the value of the vehicle being financed. Pre-approval may be available to give borrowers clarity on the amount and terms they can expect, enabling stronger negotiating power at the point of sale.

Typical steps include:

1. Complete the application online or in-branch.
2. Submit requested documentation for identity, income, and assets.
3. Receive a credit decision and, when approved, an offer outlining proposed rates and terms.
4. Finalize loan paperwork and complete vehicle purchase or refinance transaction.

Repayment, Fees, and Protections

Repayment is structured in fixed installments over the agreed term, with the option to set up automated payments for convenience. Borrowers should review the loan agreement for disclosures on any applicable origination fees, late payment charges, or prepayment provisions. In many situations, the loan allows additional principal payments to reduce interest over time without imposing prepayment penalties, but specific terms vary by agreement and jurisdiction.

Borrowers are encouraged to consider insurance and protection products that may be available to protect against unforeseen events. While these products are optional, they can provide peace of mind by helping to cover payments in cases of disability, involuntary unemployment, or other qualifying circumstances. Details and availability of such protections are disclosed at application and during closing.

Documentation and Eligibility

To apply, you will typically need:

• Valid government-issued identification.
• Proof of income (recent pay stubs, tax returns, or employer verification).
• Proof of residence (utility bill, lease agreement, or similar document).
• Vehicle information, including VIN, mileage, seller details, and purchase agreement if the vehicle is already selected.

Eligibility criteria include age requirements, residency, sufficient income to support repayment, and a review of credit history. Loan decisions are based on a comprehensive assessment of these factors to ensure sustainable lending.

Tips for Getting the Best Auto Loan

• Check your credit report and address any errors before applying to potentially secure better rates.
• Shop for pre-approval to understand realistic budget and bargaining power.
• Compare loan terms and total cost, not just monthly payment amounts.
• Consider a larger down payment to reduce the financed amount and monthly cost.
• Ask about options to make additional principal payments and verify whether prepayment penalties apply.

Customer Experience

First Citizens BancShares emphasizes personalized service and transparent communication. Loan officers provide guidance through every step, from application to final funding, and support borrowers with post-closing service options. Regular account management tools help borrowers track balances, make payments, and review transaction history.