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.
Competitive interest rates of 9.50%-13.00% computed on a reducing balance.
Determined by the age of the vehicle being acquired but not lower than 20.0%
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
- 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.
- One passport size photograph per applicant
- Character references (two minimum) Sources Of References – Citizens Bank (citizensbankgy.com)