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Financing Print


Deans Motor Sales can arrange financing through several financial institutions, namely NCB,Scotia Bank & COK, clients are also free to select the financial institution of their choice.    

Depending on the vehicle you choose, deposits are as low as 20%, with repayment periods of 2 to 6 years at competitive interest rates, with same day approvals whether you are a salaried employee or self-employed.

Motor vehicle loan interest rates and loan terms are listed below.

National Commercial Bank (NCB)

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Visit NCB's website for more information and to apply online

Apply online >

Regular

Interest Rate 11.5 to 15%

Age Of Vehicle Maximum Financing % Maximum Loan Amount Repayment Period
New 2009 100% $8M 7 years
1 year -2009 100% $6M 6 years
2 years - 2008 90% $4M 5 years
3 years - 2007 80% $3M 5 years
4 years - 2006 80% $2.5M 4 years
5 years - 2005 70% $2M 4years
6 years - 2004 60% $1M 3 years
7 years - 2003 60% $0.6M 2 years


Salary Advantage

interest Rate 24.75%

Age Of Vehicle Maximum Financing % Maximum Loan Amount Repayment Period
New 2009 100% J$3.5M 6 years
1 year - 2009 100% J$3.5M 5 years
2 years - 2009 100% J$3.5M 5 years
3 years - 2007 100% J$3.5M 5 years
4 years - 2006 90% J$2.5M 5 years
5 years - 2005 90% J$2.5M 5 years
6 years - 2004 90% J$2.5M 4 years
7 years - 2003 90% J$2.5M 4 years

What documents are required from prospective borrowers

  • A Salary verification letter
  • Your last three (3) pay slips
  • A pro-forma invoice from the dealership
  • A personal financial statement

COK Co-operative Cedit Union

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Please visit your nearest branch of COK to apply in person

www.cokcu.com/

Rates

Age of Vehicle % in shares % Financed Term Rate
2009 5% 100% Up to 84 months 19.95%
2006-2008 10% 90% Up to 66 months 24%
2004-2005 10% 90% Up to 60 months 24%
2003 15% 90% Up to 54 months 25%
2002 15% 90% Up to 40 months 25%
2001 15% 90% Up to 36 months 25%


What documents are required from prospective borrowers

Salaried Employee:

  1. Completed application form (with contact information of 2 relatives & references)
  2. Current valuation (done in the last 6 months)
  3. Certificate of Fitness and Certificate of Registration
  4. Copy of Title *
  5. Salary verification letter stating position, length of employment
  6. Employment and income verification letter from employer address to bank
  7. Last 2 months salary slips
  8. Qualifying shares
  9. Copy of valid Jamaican driver's licence, Voter's ID,COK ID)
  10. Passport size picture
  11. Copy of Tax Registration Number(TRN)card
  12. Pro-forma invoice from car dealership
  13. Proof of address - Example recent utility or any other bill in prospective borrower's name and current address.
  14. Valuation report**
  15. Copy of last 6 months bank statement or savings book
  16. Proof of payment of deposit on vehicle eg. Copy of receipt from car dealership



If self-employed:

  • Financials prepared by a certified chartered Accountant & stamped
  • Income & Expenditure Statement
  • Balance sheet
  • Cash Flow Statement
  • Cash Flow projections (for at least three years)



** Approved Valuators: Caribbean Loss Adjustors; Management Security Consultants; Automobile Valuators & Consultants; Auto Assessors Ltd, Advance Insurance Adjusters,
Orion Loss Adjusters, MVA Motors Consultants Ltd.

Notation: Vehicle must be comprehensively insured & open for one year.
All loans will be salary deducted where applicable.


Please Note: Rates are subject to change without notice.To obtain financing customers MUST be approved by the financial institution.
 

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