Thinking about buying a car? Why not look at our TIP Auto Loan? With rates as low 6.99%, you can access up to 8 million dollars with a repayment period of 10 years!
“Everything you need for a fantastic future. Take the first steps to success.”
Why a TIP Auto Loan?
- Access up to 8 million
- Up to 120 Months to repay
- Save 10% of repayment
- Must be a consistent financial member for at least six (6) months
- For loan eligibility, a TIP for Life plan is a prerequisite
- Members must be employed in the field of education
- Must be between 18 and 55 years old
- Members will be required to submit a birth certificate or passport
- All loan repayments must be made by salary deduction
- Members would have to choose from a pool of brands accepted by TIP
- The maximum amount is up to J$8 Million
- Upon applying for the loan, the member must produce their last two (2) months pay slips and a valid photo identification (Passport, Driver’s Licence or National ID).
- Interest rate is calculated monthly on the reducing balance
- If it is your first loan, a letter from your Principal is required stating tenure, and this should be done on the school’s letterhead, signed by the Principal and the school’s stamp affixed.
- If it is not your first loan, your Principal will be called for verification of permanent employment.
- Withdrawals will only be guaranteed in excess of your account balance, if your total loan balances is 100% covered by your account balance.
- Valid ID issued by the Government of Jamaica
- Two (2) most recent pay slips
- Three (3) references
- Job letter to verify employment status
- Valuation report, not older than six (6) months for used vehicles
- Copy of a pro-forma invoice for the cost of the vehicle
- Certificate of fitness
- Motor vehicle registration certificate
- Motor vehicle certificate of title (usually ready six (6) months after the sale)