Personal Lending |
Vehicle Loan Checklist
1. Letter of request (stating amount, purpose, security/collateral being
offered).
2. Personal financial statement/s (Forms will be provided).
3. Income and expenditure statement/s (Forms will be provided).
4. Confirmation of employment (stating salary and years of service).
5. Offer letter from seller stating the price and particulars of the vehicle if used
or the pro-forma invoice if buying new.
6. Appraisal of vehicle if used (independent evaluation).
7. The customer must also have enough cash available to cover loan
charges, legal fees and the cost of insuring the vehicle.
8. The vehicle must be comprehensively insured for the duration of the loan.
9. The maximum repayment term for a new vehicle is 7 years; for used
vehicles the maximum term is 5 years( subject to the mechanic’s report
and the security offered).
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