This loan product starts at $300,001 and goes up to $4,500,000 and is given to legitimate owners and operators of registered business in Jamaica who has or had a Commercial Carriage License.
The facility will assist applicants with enhancing or repairing the vehicle or documentations to acquire a motor vehicle as an upgrade or to add to his/fleet.
It must be clearly shown that the motor vehicle to be purchased is vital to the survival of the business.
Where the applicant is requesting funds to purchase unit, same must be able to get comprehensive coverage through the insurance company.
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 78 weeks.
Commercial Carriage License
Driver’s License (must include PPV)
Two (2) passport size pictures
Utility bill or character reference from a Justice of Peace (J.P.) which includes your address
Insurance certificate/ quote from insurance company
Valuation report (no older than 6 months)
Motor vehicle/ motor vehicle to be purchased
Digital images of the vehicle
Letter of undertaking
Digital images of the business (where applicable)
Copy of vehicle documents
Bank Statement
Digital images of the business (where applicable)
Insurance endorsement
Stock purchase receipts
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