|What are the requirements to obtain a vehicle loan?
|Thank you for your interest in our loans, the requirements include:
1. Employment Verification Letter or Proof of Income if you are self-employed.
If you do not currently have any accounts with us, please also bring along the following documents:
Other required documents include:
|What documents am I require to present to obtain a vehicle loan?
|Customers applying for a vehicle loan will be required to present the following documents:
1. Pictures of the vehicle
2. A copy of the existing title for the vehicle
3. A mechanic evaluation report
4.. A sales agreement between you and the seller.
Non-Customers will be required to also fulfill the onboarding requirements. Please also bring along a valid social security card and recent utility bill (in your name).
|What are your interest rates on vehicle loans?
|We provide competitive loan interest rates ranging from 11% to 14%. The interest is applied using the reducing balance method where interest is charged on outstanding principal amount.
|What is the maximum loan amount for a vehicle loan?
|We offer a maxiumum of 100% financing for vehicles.
|What is the maximum loan term for vehicle loans?
|The maximum repayment term is 84 months.
|What fees can I expect?
|The loan application fee is 1% of the loan amount or a minimum of $300.
|What payment options do you offer?
|We offer individualized repayment plans to meet your financial situation. Payments can be made weekly, bi-weekly or monthly. These payments are automatically withdrawn from your Belize Bank salary/deposit account.
|How long will it take for my vehicle loan to be approved?
|The typical turnaround time ranges from 1 to 7 business days or as soon as 24 [business] hours.
|Can I obtain funds to buy a vehicle abroad?
|Yes, we do consider loan requests for vehicles being bought outside of Belize. Such requests are approved based on your abililty to repay and financial character. After the assessment is carried out, the lender will outline the details.
|Will any vehicle year be accepted? Or should it meet certain requirements?
|We do not have any restrictions on the vehicle age; however, the vehicle must be functioning.
|What is a bill of sale?
|The bill of sale is a hybrid legal document that serves as both proof of a contract and confirmation of the transfer of ownership of the property, most commonly vehicles.
|Will a bill of sale be required for a vehicle loan?
|Yes, a Registered Bill of Sale will be required for the vehicle loan.
|Can I refinance my existing loan to obtain funds for a vehicle loan?
|Typically, financing for the purpose of purchasing a vehicle is done as a seperate loan. However, refinancing of an exisiting loan is still possible depending on the value of the security and the amount of financing required. Be sure to contact one of our friendly personal banking officers for more information.
|Are vehicle loans insured?
|While it’s not necessary to obtain insurance for your loan, having a debt cancellation scheme ensures that your debt gets paid in the event of your death. Your family will not need to worry about repaying it.