Citibank allows borrowers to take out variable-rate or fixed-rate car loans to purchase either new or used vehicles. Car loans range from $5,000 to $75,000. Citibank does not charge monthly or annual fees. There are also no early payment or exit fees, so borrowers can make a lump sum repayment at any time. Citibank also offers banking services, credit cards, home loans, personal loans, insurance and wealth management. Citibank is part of Citigroup, one of the world’s largest financial services organisations. It started consumer operations in Australia in 1985.
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Pros and cons
- No ongoing fees
- No penalties for early payout
- Establishment fee charged
- Minimum loan $5,000
Citi car loans rates
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Citi, the local arm of global financial services company Citigroup, has had a presence in the Australian banking space since 1985. It offers a range of personal loans for a variety of purposes, including renovations, holidays, paying school fees and debt consolidation. Its other products include home loans, insurance, transaction accounts and wealth management services. The lender can be contacted via phone, email or by stepping into a branch in metropolitan parts of Australia.
Features of a Citibank Car Loan
Citibank loans can be used to pay for new or used vehicles, car registration, dealer delivery charges, CTP or compulsory third party insurance and stamp duty. Citibank loans have no ongoing fees or early exit penalties and you can apply online for the loan. There are no early payment charges or exit fees, so you can make a lump sum repayment at any time.
Citibank loans have a credit limit from $5000 to $75,000. They include an upfront application fee and missed penalty fee of $10, however there are no annual fees charged. They also include a redraw facility at the standard variable rate.
- Customer service centre (phone)
- Mobile app
- Online banking
- Mobile banking staff
- No ongoing fees
- No early exit penalty
- Can apply online
- Application Fee charged
What RateCity says
Citibank variable personal loans can be used for new or used car purchases. A variable interest rate on your car loan is adjusted from month to month by the lender, so consider whether these rates could increase in the future as this will affect your budget. Citibank loans have minimal fees compared to other loans, allowing borrowers the opportunity to save and pay off their loan. There are no early exit penalties or annual fees involved and Citibank loans also allow borrowers to make additional payments, withdraw additional repayments when desired. Citibank loans do have upfront fees but this is common across personal loans.
Citibank personal loans are unsecured, meaning they are riskier for the lender as no security item is provided by the borrower. Due to this risk, have higher than average interest rates than secured loans. However, they do offer unsecured loans that still have a lower than average interest rates, making them a competitive choice against other lender products.
To be eligible for a Citibank personal loan, applicants must:
- Earn an income of $40,000 p.a. or more
- Be 18 years of age or older
- Be permanent Australian resident
- Have a good credit rating
Learn more about car loans
Where can I find lenders who offer no credit check car loans?
One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.
Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.
What is proof of income?
Before giving you a car loan, lenders will ask for proof of income – documentary evidence that you earn as much as you claim you earn. Lenders will typically want some combination of tax returns, pay slips and bank statements. The reason lenders want proof of income is because they want to be sure you have the means to repay the car loan.
What is dealer finance?
Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.
What is a dealership?
A dealership is a car yard or a place where cars are sold.
Can I get a no credit check car loan?
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
Where can I find lenders who offer no credit check car loans?
You might be better off finding a specialist lender who will look at your credit history and income, who will decide whether or not you are able to responsibility pay back the loan. Alternatively, you could contact a car finance broker.
Who provides bad credit car loans?
Lenders that provide bad credit car loans tend to be smaller challenger lenders rather than the bigger banks.
Bad credit car loans are a niche product. The bigger banks tend to focus on mainstream car loan finance for borrowers with better credit histories. That’s why smaller lenders tend to be the ones that provide bad credit car loans.
Bad credit car loans can have high interest rates and fees, so it’s important to compare options before submitting an application.
What is CTP insurance?
CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.
What is salary packaging?
Salary packaging is an arrangement you can make with your employer that can allow you to buy a car from your pre-tax salary. The advantage of salary packaging is that it will redue your taxable income.
What is an establishment fee?
Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.
What is residual value?
The residual value of a car is how much it will be worth at the end of a lease period. Finance companies need to calculate a car’s residual value before they can know how much to charge during the lease period. For example, if a financier calculates that a $30,000 car will have a residual value of $16,000 at the end of a five-year lease, the financier will know that it must charge $14,000 to break even on the lease – and more to make a profit.
What is a commercial hire purchase?
A commercial hire purchase, or CHP, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the financier. Once the final payment is made, you take ownership of the car.
What is collateral?
Collateral, or security, is an asset you agree to surrender to a lender if you fail to repay a loan. Generally, the collateral for a car loan is the car itself. So if you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.
What is an upfront fee?
An upfront fee is a one-off fee that many lenders charge when you take out a car loan.