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 of 9.50%-13.00% 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
A maximum period of five (5) years based on age of vehicle
- 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.
One passport size photograph per applicant
Character references (two minimum)
Sources Of References – Citizens Bank (citizensbankgy.com)
View related fees here: www.citizensbankgy.com/about-us/fee-structure/
