New & Used Vehicle Financing

We offer competitive financing packages for New and Used Vehicles to individuals and companies with speedy approvals and flexible terms.

New Vehicle Loans

  • offered to individuals and companies
  • Term: For a period between 12 to 84 months
  • All vehicle types
  • Up to 100% financing
  • MFGFC New Vehicle loans are secured by Hire Purchase Agreement which bears no legal cost for execution nor a visit to the Attorney’s office

Used Vehicle Loans

  • offered to individuals and companies
  • Term: For a period between 12 to 60 months
  • Local used as well as roll-on roll-off
  • Up to 90% financing
  • Loans are secured by Mortgage Bills of Sale

*subject to normal lending criteria

Loan Application Processes

Loan Process – New Vehicle
Here are the simple loan process steps for a New Vehicle Application:

  1. The customer requests or views information on accessing the loan facility either by calling, visiting a Massy Finance GFC Ltd Location or via the website and an application form can be completed online or at the branch with a Loan Officer.
  2. The customer will then submit the relevant documents to be verified.
  3. The loan application process is completed via an interview with the customer and the application form is signed.
  4. For retail applications, the process should take no more than 24 hours.
  5. If the loan is approved, the customer is informed and the file is passed for the approval to register the vehicle subject to receipt of down payment where applicable.
  6. The customer pays the required deposit to the dealership and the receipt is presented to the Loan Officer for verification.
  7. After the vehicle is registered, the Loan closing documents are prepared. The insurance letter is prepared to be taken to the insurance company to obtain fully comprehensive insurance. The customer returns the endorsement letter to the Loan Officer on acquiring the insurance.
  8. The customer can then sign the Agreement and closing documents are looked over to ensure all policies were adhered to.
  9. The Loan Officer presents the cheque to the New Vehicle Dealer.

 

Loan Process – Used Vehicles 
Here are the simple loan process steps for a Used Vehicle Application:

  1. The customer requests or views information on accessing the loan facility either by calling, visiting a Massy Finance GFC Ltd Location or via the website and an application form can be completed online or at the branch with a Loan Officer.
  2. The customer will then submit the relevant documents to be verified.
  3. The loan application process is completed via an interview with the customer and the application form is signed.
  4. For retail applications, the process should take no more than 48 hours.
  5. If the loan is approved, the file is passed to register or transfer the vehicle (where applicable)
  6. The customer then pays the required deposit to the dealership or vehicle owner and the receipt is presented to the Loan Officer for verification.
  7. The Loan Officer prepares an insurance letter to be taken to the insurance company to obtain fully comprehensive insurance and the customer returns the endorsement letter to the Loan Officer on acquiring the insurance.
  8. On obtaining the “transfer chit” or “registration chit’, the Loan Officer prepares the Mortgage Bill of Sale and Introductory Letter to the Solicitors which the customer signs.
  9. The customer presents the receipt from the lawyer to the Loan Officer and closing documents are prepared and passed to the relevant department to ensure all policies were adhered to.
  10. The Loan Officer presents the cheque to the Car Dealership.

Requirements

All Retail clients earn Massy Points on the interest portion of the installment paid on time.

REQUIREMENTS FOR ALL PERSONAL LOANS:

  • Job Letter no more than 1 month old
  • Pay slip no more than 1 month old
  • 2 forms of valid picture ID
  • Proof for Address no more than 2 months old

 

REQUIREMENTS FOR SOLE TRADERS:

  • Trader’s Registration Certificate
  • Completed Statement of Affairs
  • One year Bank Statement
  • Contracts if applicable
  • 2 forms of valid picture ID
  • Proof of Address no more than 2 months old

 

REQUIREMENTS FOR ALL COMMERCIAL BUSINESS LOANS:

  • 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-Laws (if no By-Laws provide a letter printed on the company’s letterhead stating same)
  • Valid ID’s
    • Two (2) forms of ID 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)
  • Interm Financial Accounts for 6 months OR 6 months Bank Statements
    • (if 6 months from the Financial Year End has elapsed)
  • Business Plan

 

ESPECIALLY FOR CONTRACTORS:

  • 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