Sure Wheels
AUTO LOAN
| Purpose | - Purchase of brand new or second hand cars
|
| Eligible Borrowers | - Borrower must be at least 21 years of age
- Individuals aged 21 years but should not be more than 65 years old at the time of loan maturity
- Partnership and Corporations
|
| Term of loan | The maximum term of the loan shall be 60 months For Second-Hand Vehicles - 1-3 year old vehicles – 48 months
- 4 year old vehicles – 36 months
- 5-6 year old vehicles – 24 months
- 7 year old vehicles – 12 months
|
| Collateral | |
| Loanable Amount | - Maximum loanable amount shall be as follows:
a. For Brand New/Refinanced Vehicles – up to 80% of the cash list or purchase price
b. For Second-Hand Vehicles – up to 75% of the appraised value |
| Interest Rate | | | In Arrears | One Month Advance |
|---|
| 12 Months | 5.43% | 4.73% | | 18 Months | 7.52% | 6.81% | | 24 Months | 10.74% | 9.92% | | 36 Months | 17.32% | 16.35% | | 48 Months | 22.96% | 21.94% | | 60 Months | 33.28% | 32.01% |
|
| Repayment Scheme | - Equal monthly amortization
|
| Mode of Payment | - Payments can be made via Automatic Debit Arrangement and Post Dated Checks
|
| Insurance | |
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