Motor Vehicle Secured Loan
This is where the customer utilize their motor vehicle title and documents to secure the loan. The customer will place a lien on the motor vehicle until the duration of the loan and payments will be made from their bank accounts to cover the loan repayment. The motor vehicle must be within ten to twelve years old and in great condition, valuing between two to three times the amount of the loan.
Minimum/Maximum is $100,000-$150,000 and the average interest is 2.5%-5% per month.
About our Motor Vehicle Secured Loan
Applying for a motor vehicle loan is quick and easy with E-Loan MF Limited. Get started on your online loan application today. Motor vehicle loans can be utilized for both personal and business purposes. Whatever your choice the process is quick and easy.
2.5%-5% Per Month Interest Rate
Motor Vehicle Secured Loan Eligibility
You must meet the following requirements to be eligible for a Motor Vehicle Secured Loan:
| Age Limit | The applicant should be min 18 years or older. |
| Income | Income can be generated from regular salary, and business income. |
| Residence | Applicant must be a resident of Jamaica. |
| Bank Account | Applicants must have an active bank account |
| Guarantor | The customer may or may not require a guarantor, this is dependent on the type of loan. Speak to your credit officer |
Documentation
Required Documents
- Proof of address: utility bill, credit card statement, or bank statement
- 2 Passport sized Photographs
- 3 Last Pay Slips
- Valid identification Card (Driver’s License, Passport, National ID)
- Tax Registration Number (TRN)
- Updated Bank Book for the past 6-8 Months
- All the documents for the vehicle that is spelt R.I.F.T (Rgistration, Insurance, Fitness and Title)
- A Current Photograph of Vehicle (Optional, otherwise vehicle should be downstairs).
- The Receipt For the Purchase of the Vehicle
- Sign out Motor Vehicle Title
- Guarantor (Person to sign) Needs TRN, ID, one Passport size picture, 1 Last Pay slip & Job Letter
- Site Visit (Home and Inspection of Motor Vehicle by E-Loan
FAQ
Loans are a popular borrowing option that offer competitive interest rates with a predictable monthly payment. If you’re considering applying for a Loan from E-Loan MF Limited, start here if you have questions.
The average interest is 2.5%-5% per month
Minimum is $100,000
Maximum is $1,500,000
Loan approval and funding can occur on the same day.
Guarantors are optional depending on the loan amount you are accessing. Speak to your representative.
Apply Now
Applying for a motor vehicle loan is quick and easy with E-Loan MF Limited. We Don't Just Grant Loans We Satisfy Financial Appetites. Get started on your online loan application today.