Motor Vehicle Risk Percentage
|
Year
|
2011
|
’10
|
’09
|
’08
|
’07
|
’06
|
’05
|
’04
|
’03
|
’02
|
’01
|
1999 -2000
|
|
% Security
|
95
|
90
|
85
|
85
|
80
|
80
|
75
|
70
|
70
|
65
|
60
|
50
|
|
Int. Rate %
|
14.5
|
15.5
|
15.5
|
15.5
|
15.5
|
15.5
|
15.5
|
15.5
|
18
|
18
|
18
|
20
|
|
Loan Term (Months)
|
84
|
84
|
72
|
60
|
60
|
48
|
48
|
48
|
30
|
30
|
24
|
18
|
Motor Vehicles up to 2 years old may be used to secure a loan with the Accountant General Department and JPOL jointly as lien holders. Conditions apply
Used vehicles 10 years and over must be certified fit by way of a mechanic’s report.
Risk Percentage – speaks to the percentage of the Market value or P/Price, whichever is less. A valuation report is required for all motor vehicle loans; this must be current within one year. Conditions apply
Please see Model calculation below:
|
Year
|
2011
|
2010
|
2009
|
2007-2008
|
2004-2006
|
|
Amount ($)
|
3.5M
|
2.5M
|
2M
|
1.5M
|
1.2M
|
|
Term (mths.)
|
84
|
84
|
72
|
60
|
48
|
|
Int. Rate %
|
14.5
|
15.5
|
15.5
|
15.5
|
15.5
|
|
Mthly Payment ($)
|
$67,000.00
|
$49,500.00
|
$43,200.00
|
$36,500.00
|
$34,000.00
|
|
|
|
|
|
|
|
First
Community Policing is as
synonymous with the Jamaica
Constabulary Force, as community
outreach is with the Jamaica
Police Co-operative Credit Union
Limited
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