LOANS FAQs

Massy Finance GFC Ltd provides financing mainly for new and used vehicles, heavy equipment and insurance premium financing. We also provide financing for education expenses, vacation expenses, home renovations and other miscellaneous expenses both on a secured an on unsecured basis.

Interest rates do vary based on current promotions subject to lending criteria applicable to the type of request. An indication of rates and repayment values for retail customers can be obtained through use of our online loan calculator.

The required documents to apply for a loan include 2 valid forms of ID, Job Letter, Pay slip, Utility Bill or Bank Statement and two (2) References. All documents must be no more than one (1) month old. As an existing customer, you would have presented this information when you applied for your first loan. You may be required to provide updated documentation.

The required documents for a Company loan include the Business’ registration documents, Directors’ identification information and the business’ financial information.
A full listing follows:
  • Company Profile-Details or Background of Operations
  • Company Registration Documents – For Limited Companies:
    •  Certificate of Incorporation
    • Certificate of Continuance (if applicable)
    • Notice of Directors
    • Notice of Secretary
    • Notice of Address
    • Latest Annual Return filed by Company
    • Vat Registration Certificate
    • By-Law (if no By-Laws provide a letter printed on the company’s letterhead stating same)
    • Two (2) forms of valid ID’s for each Director and Secretary or Sole Trading Partner
    • Completed Statement of Affairs for the Main Principal(s) of a Limited Company
    • Financial Accounts for last 3 fiscal years (Audited or Management)
    • Interim Financial Accounts for 6 months or 6 months Bank Statements (if 6 months from the Financial Year End has elapsed)
 Additionally we may require:
  • Up to date Aged listing of Receivables and Payables
  • Proof of Trade (for Contractors)
    • Copies of past significant contracts
    •  Copies of Ongoing contracts
    • Listing of Expected contracts (All including contract dollar values, % completion, contract period)
  • Cash Flow Projections for the next 12 months with assumptions
  • Business Plan if available
You can apply for a loan at any of our convenient Massy Finance GFC Ltd locations inclusive of all the Massy Motors Showrooms located in Morvant, Richmond Street, Chaguanas, San Fernando and Tobago as well as main offices in Port of Spain and San Fernando.
  • Customer benefits include:
  • Quick and efficient turnaround time for approvals, with a superior customer experience and timely results.
  • Competitive rates and terms tailored to suit individual financing needs.
  • New Vehicle and Equipment Financing can be done via Hire Purchase Agreements which offer significant cost savings.
  • Financing is also available for annual Insurance Premiums.
  • Retail customers are eligible loyalty points on the interest portion of their premium paid on time.

Yes. You can a make lump sum payment to your account. This would be treated as an advanced payment and would be applied accordingly. However, it would not change your monthly installment. 

Yes. Massy Finance GFC Ltd will award points for Individual applicants only, based on the interest portion of the monthly payments. Once your payments are made on time, i.e. on or before the due date.

Yes. During the life of the loan we can restructure or refinance your loan which could either make available to you additional funds or reduce the monthly payments by extending the term.

Once the legal documents are executed, the loan is closed. Funds will be available within 48 hours of closing. Copies of all loan agreements will be mailed to you or can be collected at Massy Finance GFC Ltd Head Office, #63 Edward Street, and POS within one week.

We can handle the following payment arrangements:
  • With your employer’s payroll department via salary deductions
  • With your bankers via Automated Clearing House (ACH direct debits from your account)
  • Or you can handle the arrangements to pay Over the Counter at any Massy Finance GFC Ltd Location.

Fixed Deposits FAQs:

Fixed Deposit rates do vary from time to time but the current rates are as follows:
Fixed Deposit Terms
Fixed Deposit Value 1 year 2 years 3 years
20,000 – 99,999.99 0.50%
100,000 – 499,999.99 1.35% 1.55% 1.75%
500,000 – 999,999.99 1.75% 2.00% 2.25%
1,000,000 – 4,999,999.99 2.00% 2.25% 2.45%
5,000,000 and over 2.25% 2.45% 2.60%
Fixed Deposit funds are insured under the Deposit Insurance Corporation up to $125,000. Our investments are backed by the stability of the Massy group.
Once the original deposit is made, it is fixed for the agreed term.

No additional funds can be added until the end of the term when the deposit is up for renewal.

Additional funds, however, can be used to open a new fixed deposit at an agreed term length.
Customers can choose the frequency of Interest payments from one of four options- Interest can be paid quarterly, semi-annually, annually or at maturity.
Individual:
  • Two forms of valid picture ID
  • Recent Utility Bill (customer’s name to verify address, no more than two months old)
  • Recent Job letter (no more than one month old)
  • Bank Statement (no more than two months old)

Company:       
  • Articles of Incorporation
  • Certificate of Incorporation
  • Certificate of Continuance
  • Board resolution authorizing the opening of the new account
  • Notice of Directors and Notice of Secretary
  • Two forms of photo ID and signature sample for each Director and the Secretary
  • Audited Financial Statements for the last three years
  • Annual Returns
  • Copy of By-Laws

Credit Unions:
  • Copy of Credit Union By-Laws
  • Notice of Address of Registered Office
  • Notice of Directors and Notice of Secretary
  • Two forms of photo ID and signature sample for each Director and the Secretary
  • Certificate of Incorporation
  • Certificate of Continuance
  • Board Resolution authorizing the opening of the new account (s)
  • Other documents may be required