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

General Information

    • 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)
Are you interested in learning more?

If you wish to speak to a BDO about your specific needs, please click on the button below to schedule an appointment.

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