ACCESS AutoLoan

TARGET MARKET : First time motor vehicle purchasers or individuals wishing to purchase a vehicle valued at J$1m or less. Individuals should be employed to an approved employer that will facilitate salary deduction of motor vehicle payments or an individual where the motor vehicle plays a critical role in their survival (e.g. taxi operator). Applicants must be employed or operating a business for at least 1 yr.

INTEREST RATE : 37.5% p.a. calculated on the reducing balance.

MAXIMUM LOAN TERM : 36 Months

FUNDING PROVIDED : 60% of the value of the vehicle to a maximum vehicle value of J$1m (i.e. maximum loan of J$600k.

TARGET VEHICLES : Popular vehicles and reliable models such as Honda Civic, Toyota Corolla, Nissan Sunny, Mitsubishi Lancer.

MAXIMUM VEHICLE AGE : 13 years old.

RATIONALE : Motor Vehicles in excess of 10 years old comprise a significant proportion of total vehicle sales. The majority of financial institutions provide funding for vehicles under 10 years old with little or no funding available for vehicles in excess of 10 years old

Requirements:

APPLICANT

• Confirmed invoice for motor vehicle purchased.
• C78/87 for imported vehicles.
• 2 Passport sized pictures.
• Taxpayer Registration Number.
• Valid Identification.
• Proof of Address (2 recent utility bill).
• Proof of Income (Job letter, 2 recent salary slip, 6 mths bank statement).
• Credit Report (where applicable).
• Proof of motor vehicle deposit.
• Valuation report from an approved motor vehicle valuator.
• Certification of fitness from an approved mechanic.

APPLICATION & APPROVAL PROCEDURE AND GUIDELINES

• Applicants will be required to provide the required documentation listed above.
• The will then be required to attend an interview at one of our offices.
• An inspection of the vehicle will then be carried out by the credit officer to verify motor vehicle chassis and engine number.
• A quotation for annual insurance of the motor vehicle will then be obtained by the credit officer from an approved insurance provider. This amount will be added to the loan amount.
• Upon approval of the loan documents including (bill of sale; promissory note; declaration of ownership; will be prepared and signed by the customer.
• Proof of Motor vehicle insurance should then be submitted.
• Issuance of a letter of Undertaking.
• The bill of sale will be stamped and the interest of Access Financial Services Limited noted on the title.
• Upon confirmation of steps the loan will be disbursed to the seller of the vehicle.