Lending / Consumer Vehicle Loan

Consumer Vehicle Loan

  • Current employed customers in need of purchasing a motor vehicle for private use and domestic purposes. To apply for this loan product, customer will need to apply directly with our panel of approved motor dealers.
  • BSP Finance offers competitive rates to approved applicants. Terms and Conditions apply.
What is a Consumer Vehicle Loan?

A Consumer Vehicle Loan is a fixed term loan repayable in regular instalments covering principal and interest.

Who are we targeting?

Employed customers in need of purchasing motor vehicle for private use referred directly by recognised dealerships only.

Features:
Description Features 
Minimum Loan Amount PGK20, 000
Maximum Loan Amount  PGK180, 000
 Term Term of the loan commensurate with the loan purpose Indicative terms are:
  • Purchase new car or used car (vehicle age not older than 15 years).
  • Maximum term of 5 years.
Equity Evidence of 20% equity is required.
Security An acceptable vehicle security from an authorised and licensed motor vehicle dealer must be provided.
Requirements
  • Minimum of 2x Valid IDs.1
  • Applicant must be above 18 years of age.
  • 3x Recent Pay slips.
  • Last three months bank statement.
  • Motor vehicle quote from dealers.
  • Details of other loans or credit accounts.
  • Current Employment Confirmation Letter to confirm minimum 12 month service.
  • Must have a salary account with BSP.

 

Footnote:
1. Driver's License/ Passport/ National ID Card.
* BSP Finance (PNG) Limited Lending Criteria.

Terms and conditions apply.

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