With a Citizens vehicle loan, there are no prepayment penalties – you pay interest only on the amount you borrow and only for the length of time you borrow; and when you pay early or extra during the month you actually save money.

Interest Rates

Competitive interest rates computed on a reducing balance

Borrower’s Contribution

Determined by the age of the vehicle being acquired but not lower than 20.0%

Payment Period

A maximum period of five (5) years based on age of vehicle

Collateral/Security For Loan

  • A mortgage on property; or
  • A Bill of Sale over the vehicle being acquired;
  • Assignment of adequate insurance coverage
  • Cash and Traders’ security

Documents Required

  • Valid National Identification Card or Passport or Driver’s License
  • Proof of address – Recent utility bill (3 months) or postmarked letter or valid Driver’s License
  • Employment letter stating current position, date of employment and salary and other cash benefits
  • If self employed, statement of income or expenses or affidavit of income
  • Quotation from Auto Dealer or Agreement of Sale, Valuation and copy of registration
  • Evidence of equity contribution
  • Statement from other financial institutions, including Hire Purchase Agreements (If applicable) of loan accounts showing balances and monthly installments payable.