Motor Vehicle Loan

A motor vehicle loan is a type of secured lending facility provided to customers to purchase an automobile for personal use only.  JMMB Merchant Bank provides two types of auto loans:

•  Automobile Loan - The Bank provides a loan to purchase the motor vehicle

•  Auto Equity Loan - The motor vehicle is used as collateral to access financing. An Auto Equity Loan is secured consumer loan facility that allows customers to leverage the available equity in their motor vehicles registered for personal / private use to acquire financing for any legitimate purpose. The motor vehicle used must be free of any liens or encumbrances.

                                                                                                                       

Get the Motor Vehicle loan you’re looking for so you can drive away with your new car in no time.

 

Benefits of JMMB’s Motor Vehicle Loan

• Financing of New and Used vehicles

• Rates as low as 10.95% for new vehicles - subject to credit score

• Financing of up to 100% of the purchase price for qualified buyers

• Up to 8 years to repay

• Discounted and financing options available for insurance

• Easy and convenient payment options

o  Salary deduction

o  Standing orders

o  ACH transfer

• Eight years repayment term is limited to new cars with engine cc ratings of 1,500cc or higher. It follows that new cars with lower cc ratings will have a maximum repayment period of 7 years.        

 

Who can get a JMMB Merchant Bank Motor Vehicle Loan?

• If you are able to make monthly payments on a loan with a fixed rate and term

 

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