Citi car loans

Citi's overall rating for car loans

(as rated by the Mozo community)

6.0 / 10

based on 3 reviews

Need credit to buy a new or preloved ride? Then read on as we run you through the two car loans available from Citi - a variable rate loan with a super low rate for an introductory period or a fixed interest loan protecting you against any rate rises in the market. Let’s begin!

Citi offers the following car loans

Product Interest rate from Comparison rate from* Upfront fee  

8.99% 17.99% p.a.

9.96% 18.91% p.a.based on $30,000
over 5 years


Go to site

7.90% p.a.



*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

Citibank car loan FAQs

Should I opt for the fixed or variable rate loan (that comes with a competitively low intro rate)?

Use your preferred loan term (between 1 and 4 years) to guide your comparison, as it will influence the interest rate you’ll receive. For instance, if your financial circumstances mean you can repay your debt within two years, the introductory rate loan would be more suitable than the other, as you’ll be dealing with a lower rate. Keep in mind, after 2 years, your rate will switch to a higher, variable rate.

Plan to repay your loan over a period longer than 2 years? Consider picking the fixed rate Citi loan instead, where your rate is guaranteed to stay the same for the length of your contract. The rate is only slightly higher than the intro rate mentioned above too.

Both car loans are unsecured. What’s the benefit in that?

Well there’s less paperwork, because you aren’t giving Citibank legal permission to claim your set of wheels if you default on the loan. Generally speaking, secured loans have lower interest rates, but Citibank’s rates are competitive too (except when loans with intro rates are switched over to the standard variable rate after 2 years). If you want to review other options in the market, head to Mozo’s car loan hub.

Does Citibank have any car loan minimums or limits?

With both car loan products, the minimum you need to borrow is $5k, and the maximum is $60k.

So what would a car loan repayment look like?

Let’s see...Say you borrowed $30k with a Citibank fixed rate loan on a 4 year term. According to our calculations based on the interest rate at the time of writing, each monthly car loan repayment would equal $761. Have a go at creating your own scenario with Mozo’s car loan repayment calculator.

Can I make additional repayments?

Absolutely, and there are no fees for making them too. This is a useful way to cut down the balance at which Citi is charging you interest on.

And what are the loan terms like?

When it comes to the introductory rate loan, it’s best to stick to a 2 year term. On the other hand, fixed rate Citibank loans can range from 1-4 years. Pick a time-frame that compliments your budget, so you can live comfortably while paying off your debt.

What about repaying my loan before the term ends?

That’s totally fine, because Citibank won’t charge you an early loan repayment fee.

Say I wanted to dip into extra repayments. Could I do that?

You can, but be aware you’ll be charged interest at the standard variable rate on the amount you redraw, which is not so attractive. If you’re looking for a car loan with a free redraw facility instead, compare loans using our database.

Can I buy a preloved ride with a Citi loan too?

Absolutely, as these loans are unsecured.

So what happens if I make a late repayment or miss one?

Try your best to avoid such an incident at all costs, as not only will you be penalised with a fee, but risk tarnishing your personal credit score. Don’t forget, you can always set up a direct debit, so you don’t need to watch the calendar.

How can I apply?

With Citibank, it’s easy to apply for a car loan. But before you even pick up the phone, visit a branch or submit an online form, have the following personal details ready to provide Citi with:

More helpful car loan quick links