Citroën finance options
In the market for a Citroën? Here's our guide on how to finance one today.
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Citroën was founded in Paris in 1919 and was the first manufacturer to mass-produce a front wheel drive car in 1934. It is now part of the multinational Groupe PSA, which is now the second largest automobile manufacturer in Europe.
Citroën models available in Australia
There are six new Citroën models available to purchase in Australia, including a range of SUVS, a people mover and commercial van. These are:
- Citroën C3
- Citroën C3 Aircross
- Citroën C5 Aircross SUV
- Citroën Grand C4 Picasso
- Citroën C4 Cactus
- Citroën Berlingo
How much does it cost to buy and run a Citroën?
According to Redbook, the purchase prices of popular 2018 Citroën models are as follows:
- 2018 Citroën C3 Shine Auto: $23,490
- 2018 Citroën C4 Cactus Exclusive Auto: $28,490
- 2018 Citroën Grand C4 Picasso Exclusive Auto: $38,490
- 2018 Citroën Berlingo L2 Auto: $29,990
According to Redbook, the Citroën Berlingo L2 Auto has a fuel efficiency of 4.1L/100km, making it the most efficient Citroën model available in Australia. The Citroën C3 Shine and C5 Aircross SUV both have a fuel efficiency rating of 4.9L/100km, while the Citroën C4 Cactus Exclusive Auto comes in at 5.1L/100km, and 6.4L/100km for the Citroën Grand C4 Picasso Exclusive Auto.
The ATO classifies a fuel-efficient car as one with a fuel consumption of less than 7L/100km, meaning all Citroën models would meet fall under this classification.
Compare car loans you can use to purchase a Citroën
Other costs to consider
- Insurance. You need to purchase compulsory third party (CTP) insurance in Australia in order to use your vehicle, which covers the other driver in the case of an accident. You can also take out other optional insurance products to cover theft, fire or any accidental damage to your car. The cost of insurance will depend on the policy you purchase, as well as your risk profile, which factors in your age, gender and driving history.
- Stamp duty. When you purchase a new or used car, you will need to pay stamp duty to have the vehicle transferred into your name. The cost will vary by state or territory, but you can use this vehicle stamp duty calculator to get an estimate of what you'll have to pay.
- New car add-ons. The listed price for a new car will generally not include extras such as leather seats and alloy wheels. If you plan on purchasing optional extras for your Citroën be sure to factor in the additional costs to make sure they meet your budget.
- Maintenance and repairs. All vehicles require ongoing maintenance and servicing to ensure they continue running properly. You should also be mindful of any unexpected repairs as they can often be quite expensive.
- Cost of finance. There are a number of finance options you can use to help purchase your Citroën, but you should consider the costs of different types of financing before deciding on the one that is right for you.
What types of Citroën financing options are available?
- Secured car loan. A secured loan is a popular way to finance a car purchase. The vehicle is used as security against the loan, and you will generally receive a lower interest rate than if you do not use the vehicle as security.
- Unsecured car loan. A simple personal loan where you do not need to use your vehicle as security. The rate you receive will likely be higher than that of a secured car loan.
- Dealer finance. While most loan options are provided by traditional lenders, you can also have your financing arranged by the dealer.
- Chattel mortgage. A car loan for businesses that give them immediate ownership of the vehicle, which is then paid off over the course of the loan term.
- Commercial hire. A type of business car loan where the lender purchases the vehicle on your behalf. You make regular repayments on the lease and can generally take ownership of the vehicle at the end of the lease term, provided you cover the residual value.
- Novated lease. An employee lease that lets you make payments directly from your pre-tax income, reducing the amount of tax you pay. Your employer will need to agree to deduct the payments directly from your salary.
Factors to consider when financing your Citroën
Before choosing a finance option, you should always take the following factors into account:
- Loan amount. Lenders will have different minimum and maximum amounts you can borrow, so you should always confirm a specific loan will meet your financial needs before applying.
- Interest rate. Along with the loan amount, the interest rate you receive will determine the size of your repayments. However, rates will vary across different loan products and competitive rate for one type of loan may not be competitive for another.
- Loan term. Most car loans generally offer terms of one-to-seven years. Other types of finance, such as a novated lease, may offer shorter terms.
- Fees and charges. There are a number of different fees and charges that you may have to pay depending on the type of finance you require. These include application and establishment fees, ongoing service fees, as well as early repayment or break cost fees.
- Repayments. You will generally need to make regular repayments over the term of your loan, but the frequency of payments will vary based on the type of loan you need. Some finance options may also require you to make a large, one-off payment at the end of the term.
- Vehicle ownership. While a chattel mortgage gives you immediate ownership of the vehicle, most car finance options only let you take ownership at the end of the term, provided you have completed your repayments. Some lease options will not give you ownership of the vehicle and others may require you to make a balloon payment in order to take ownership.
What you will need to apply for a Citroën
To be eligible for a loan, you will generally need to be:
- You're at least 18 years old
- You're an Australian citizen or permanent resident
- You're currently employed or earning a reliable income
You will also generally need to provide the following as part of your application:
- Contact details and proof of residence
- Proof of employment and income
- Financial information, including any debts, assets and liabilities
- For a novated lease, your employer will need to arrange payment directly from your income
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