Motor Vehicle Loans
How old do I need to be to apply for a vehicle loan?
What would be the duration of the vehicle loan?
Minimum 6 months, maximum 7 years
How much can I borrow?
This will be determined after an interview and assessment is done
Do I need to pay down anything? If so, how much?
Minimum down payment is 20% for new vehicles and 30% for used vehicles
What interest rate would I pay?
Prevailing bank rates
Are there any other fees I would need to pay to the bank?
Group Life Insurance coverage fees and negotiation fees
How old can the vehicle be?
Maximum age 6
Are there any differences with acquiring a loan for a new vehicle versus a used vehicle?
The down payment that is required
How long does the loan application process take?
Once an application is done - 24 hours
Do I need to make an appointment to apply?
What are the requirements for the loan / what documents do I need to submit?
- Two (2) forms of identification - for first time borrowers
- A job letter from employer - for first time borrowers
- A recent pay slip - for first time and existing borrowers
- A letter of sale from owner OR a pro-forma invoice from the car dealer
- A certified copy of ownership for used vehicle financing
- A utility bill
- The source and value of the down-payment
- The name of the insurer, the value of the premium and the type of coverage