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Requirement
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Motor Vehicle Loan Schedule
Requirement
- Must have unencumbered shares of 0-20%-(1-13yrs) of the amount requested for vehicle to be purchase & deposit requires for vehicle new
- Maximum loan amount $9M.
- Original Pro-forma invoice
- Colored Valuation report from our list of approved valuator,
- Import entry (if vehicle as never being driven in Jamaica before)
- Copy of title, Certificate of Fitness, Motor Vehicle Registration
- Repayment period 30 – 120 months.
- Last 2 salary slips
- Picture identification
- Job Letter (Everyone Except JDF Military Personnel)
- Credit Report done - $1,495.00
- Bill of Sale document to be completed & sign by both staff & member on all pages. - $2,000.00
- Notice of lien to be stamped by Tax Office so as to affect lien on Certificate of Title.
- Letter to be stamped by the Insurance Company to note our interest in said vehicle.
Motor Vehicle Loan Schedule
| Year | Financing | Shares | Period | % Rate |
|---|---|---|---|---|
| New | 100% | 0% | 10 yrs |
7.59% up to $9M
9.09% over $9–13M
12% over $13M
|
| 1–3 yrs. | 95% | 5% |
1 – 9 yrs
|
9.85% |
| 4–5 yrs. | 95% | 5% | 8 yrs | 9.99% |
| 6–8 yrs. | 90% | 10% | 6 yrs | 11.50% |
| 9–11 yrs. | 80% | 20% | 5 yrs | 13.50% |
| 12–13 yrs. | 80% | 20% | 3 yrs | 13.50% |