Financing

VEHICLE FINANCING

FFinancing for your newly purchased motor vehicle can be arranged through several financial institutions. Depending on the vehicle you choose, financing can be up to 100% with up to 6 years to repay at competitive interest rates, with same day approval whether you are a salaried employee or self-employed.
GK Motors have partnered with several financial institutions through which our clients can obtain financing, however clients are free to select the financial institution of their choice for their motor vehicle loan.

Come in and choose the vehicle, we will arrange the rest.

GK Motors have partnership with the following financial institutions to assist our clients with getting a loan to purchase their motor vehicle at competitive rates.

A) Bank of Nova Scotia (BNS)
B) National Commercial Bank (NCB)
C) Sagicor Bank

Rates and terms listed below

A) Bank of Nova Scotia

Need a Scota Wheels Loan? Call the GK Motors sales offices and we will arrange to have an agent help you with the application process or you can apply online: The Scotia Wheels package includes:

* Up to 100% financing on vehicles five (5) Years old or newer
* Low intrest rate of 8.29%
* Repayment period of up to 90 months (7 years and five months)

B) National Commercial Bank
Need an NCB Auto Loan? Call our offices and we will arrange to have an agent help you with the application process or you can apply online:

Rates as low 8.15% interest
Up to 100% financing
Up to 8 ½ years to repay
Financing for vehicles up to 7 years old
Optional Creditor Life loan protection insurance from NCBIC
Up to 70% discount on insurance with AGIC Multiyear motor plan

What documents are required from prospective borrowers?
Download edoc with requirement: https://www.jncb.com/JNCB/media/Main-Librarie/Forms/NCB_Loan_Checklist.pdf

The following is a list of documents required by most financial institutions.

Salaried Employee:

1. Completed application form (with contact information of 2 relatives & references)
2. Current valuation (done in the last 6 months)***
3. Copy of the vehicle’s Certificate of Fitness.
4. Copy of the Import Entry. ( C87 Form )
5. Salary verification letter stating position, length of employment
6. Employment and income verification letter from employer address to bank
7. Last 2 months salary slips
8. Copy of valid Jamaican driver’s licence, Voter’s ID
9. Passport size picture
10. Copy of Tax Registration Number(TRN)card
11. Pro-forma invoice from GK Motors (Car Dealership)
12. Proof of address – Example recent utility or any other bill in prospective borrower’s name and current address.
13. Valuation report**
14. Copy of last 6 months bank statement or savings book
15. Proof of payment of deposit on vehicle eg. Copy of receipt from GK Motors (Car Dealership)

If self-employed:

* Financials prepared by a certified chartered Accountant & stamped
* Income & Expenditure Statement
* Balance sheet
* Cash Flow Statement
* Cash Flow projections (for at least three years)

N.B Required documentation might vary slightly from one institution.
Please Note: Rates are subject to change without notice. To obtain financing customers MUST be approved by the financial institution.
Customers are free to choose the financial institution of their choice.

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