So you have decided to approach a bank in Barbados for a vehicle loan. Most banks will ask for the same standard set of information which I have detailed below. Additionally I have provided you with the reasons why each piece of information is required in order for you to be more informed.
- Recent Job letter from your employer – The Bank needs to confirm that you are working with the company you listed on your application form. This letter also gives the Bank independent confirmation of your length of employment, employment status and monthly salary.
- Two Recent pay slips – This document supports your job letter by ensuring that the amount listed is also the same on your pay slips. Additionally your pay slips tells a bank what type of deductions are taken from your salary monthly such as union dues, insurance premiums or any loan payments.
- Proforma Invoice – This is the invoice you receive from the Vendor selling the vehicle. It confirms that a price has been agreed between you and the Vendor. If you are not purchasing your car from a Vendor then this document needs to be replaced with a letter from the seller of the vehicle confirming that they have agreed to sell you the vehicle at a certain price.
- A Recent Valuation of the vehicle – This should be from an approved dealer in Barbados. E.g. if you are purchasing a Toyota then this valuation should be from NASSCO.
- Transaction Statement from your bank or credit union for three (3) months transactions – This once again confirms your salary as its applied every month to your bank account. Additionally it gives your bankers insight into your spending habits. Do you carry a credit or debit balance on your savings accounts?
- Two forms of original photo bearing ID – Driver’s license is mandatory – required under the regulatory requirements for each loan facility a bank gives to a customer. The Driver’s License confirms that you are permitted to be on the roads of Barbados.
- Proof of your address: A recent bill that was mailed to you – Another document that is required under the regulatory requirements for each loan facility approved by a Bank. Additionally it gives the Bank confirmation of your address and ensures that should they need to contact you in the future that this address can be trusted.
All these documents listed above should not be older than three (3) months. Only the Valuation Report on the vehicle can be more than three months old – some banks accepts this document as old as 6 – 12 months old depending on the type of vehicle being purchased.
Stay tune for further credit knowledge – Until next time my LinkedIn Family Take Care & God’s Blessings.
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If you have any questions please do not hesitate to contact us at support@afbconsultingservices.com