Public Passenger Vehicle Loans
This loan product starts at $300,001 and is capped at $1,500,000 and is given to legitimate business owners and operators of public passenger vehicles.
The facility will assist applicants in acquiring motor vehicle as an upgrade or to add to his/her fleet.
The applicant MUST be able to acquire comprehensive coverage in his/her name and the vehicle to be purchased should be ten (10) years or younger.
A percentage of the vehicle would be financed by First Union Financial, however, the applicant is required to have his/her percentage deposit and the cash to comprehensively insure the vehicle for at least one year.
The percentage to be approved by First Union Financial depends on the valuation report presented and the year of the motor vehicle. The maximum repayment time is 156 weeks.
Public Passenger Vehicle Loan Requirements
TRN
Tax Registration Number
ID
Valid Jamaican ID
Photos
Two (2) passport size pictures
Proof of Address
Utility bill or character reference from a Justice of Peace (J.P.) which includes your address
Quotation
Quotation from insurance company
Valuation
Valuation report (no older than 6 months)
Collateral
Motor vehicle to be purchased
Vehicle
Digital images of the vehicle
Undertaking
Letter of undertaking
Endorsement
Insurance endorsement
Lien
First Union Financial Company Lien (noted and confirmed)
