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