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Vehicle Financing

Vehicle financing is a credit facility to a business entity or individual to purchase a motor vehicle.

Requirements


  • Down payment and admin fee
  • Comprehensive Insurance is mandatory and must be assigned to the financier
  • Gainfully employed for at least 24 months
  • Good credit history
  • Original Registration Certificate
  • Official Performa Invoice

Application Requirements

The following Application documents will be required:

  1. Two pieces of Original Identification:
    1. One must be either Passport or Social Security plus

      1. Driver’s license/Voter’s ID or Work IDs
  2. Proof of Income:
    1. Employed Persons

      1. Employment Letter (cannot be more than 3 months old, and must have length of employment and total salary received annually or monthly — minimum $1,000)
      2. For customers who have rental income kindly provide:
        Rental receipt/agreement — receipts for each apartment/room rented. 6 months bank statements showing deposits of rental income.
    2. Self-Employed Persons:

      1. Copies of bank statement for past two (2) years,
      2. Financial statements: for the past two (2) years (Profit & Loss and Balance Sheet)
      3. Income Tax Record for the past two years (Letter from Income Tax Department)
      4. Business Certificate of Registration
      5. If Business is registered as a Limited Company

      6. Most recent annual returns
      7. Memorandum and Articles of Association
      8. Confirmation of personal salary received from the company
      9. Copies of Bank Statements for the past 6 months showing personal salary deposits
  3. Address Verification
    1. Utility Bill or Rent Receipts

      1. For Renters: Rental receipts stating the address with Land Lord’s name and contact number
      2. Living with Parents: Utility bill in parents’ name signed by the parent along with contact number
      3. Room and Board: Proof of address with name and contact number of person you currently reside with
  4. Proof of Assets:
    1. All documents must be in your name or jointly owned

      1. Cars (copy of title), what year is your vehicle? Not required if less than 8 years old
      2. Land (copy of title, appraisal or updated property tax receipts).
      3. Savings at other Financial Institutions (Updated copy of statements/passbooks)
  5. Proof of Liabilities:
    1. Current Statements for Mortgages, Loans, Credit Cards held at other banks or credit unions

Financing for loans is done at an interest rate of 7.5%. Customers can qualify for 100% financing up to 7 years. Depending on the price of the unit being purchased, monthly installments may differ. Please visit www.belize.scotiabank.com for more information or call us at +501-224-4222 to discuss the financing option that’s right for you.