Buying A Car In Jamaica With Monthly Instalments

by Iyele Edwards
(Old harbour, St Catherine, Jamaica)

Where can I purchase a car in Jamaica and pay for it monthly for 5 years or less in Jamaica?

ANSWER: by Wellesley

Hey Iyele,
Thanks a million again for asking!

Getting a car is almost as easy as buying a patty these day, seriously, its (almost) that easy!

In fact, by the time you get my response, chances are you would have had someone offering to sell you one!

Back to your question as to where to buy a car and pay in installment though...

Typically, you can purchase a car one one of two ways.

  1. Directly from the dealer
  2. or via a financial/loan institution.

Unless you have full cash, which you don't have in this case, the most feasible option is to approach a financial institution and request a car loan, which you'd use to pay the car dealer (or individual seller).

Note also that car dealers and financiers work hand in hand as well. In fact, if you have been observing keenly, you would have noticed that many times the banks have offsite
promotions at the grounds of the dealers - as well as the dealers in or outside of the financial institution, promoting their business.

Which Financial Institutions Provide Car Loans?

I'd say most, if not all financial institutions in Jamaica are willing to do this.

These include building societies, commercial banks and credit unions. And if you have no idea where to get a car from, your banker or financial advisor would usually be happy to recommend a trusted dealer.

See also: 7 Money Saving Car Buying Tips

And 5 years, as you noted, is the average payback time frame so you'll be right on time! Some financiers go up to even 8 years for repayment, but usually the case of new vehicles.

Just in case though, here also are additional information you might need.

What are the requirements to get a car loan in Jamaica?

In most cases, these are the typical requirements across banks, credit unions and established loan companies:

  1. Valid picture ID
  2. Taxpayer Registration Number (TRN)
  3. Two (2) References
  4. Current Utility Bill (indicating residence)

    In the case of employed persons:

  5. Last three (3) salary slips
  6. And an employment letter

    In the case of business owners:

  7. Bank Statements(s) showing last twelve (12) months activities
  8. Current financial statements (if available)
  9. Certificate of Incorporation/Registration
  10. Valid Tax Compliance Certificate (TCC)

    You'll also need documentation of the vehicle, namely...

  11. Pro-forma Invoice
  12. Motor Vehicle Certificate Of Registration
  13. Motor Vehicle Certificate of Fitness and a
  14. Recent Valuation Report (for used vehicles)

    The seller or dealer, should be willing to provide these to you if you let them know that you are getting a loan.

How Much Will The Monthly Installment Be?

It depends on a number of factors, including...

  • Interest rate (and processing fees)
  • Deposit if applicable
  • Maximum amount available based on the vehicle year &
  • Repayment period

Your representative can give you an idea using a loan payment calculator.

What Interest Rate Will I Get?

Interest rates vary but depends mainly on the:

  • The loan company and
  • The age of the vehicle.

Nowadays I see people getting rates as low at 7% on secured loans!

How Long Is The Pay Back Time?

As I indicated earlier, anywhere between 3 and 8 years is practiced, but the standard is usually 5 years here.

What is 100 financing on a car?

In most cases, you need to make a deposit towards a car loan from you own pocket (assets).

So for example, if a car is valued 1 million JMD, a loan company may tell you they'll finance 80% or $800,000, the difference of 200,000, you'd need to fin as deposit.

In the case of 100% financing, which typically happens only with brand new vehicles, the loan company will pay the full loan of 1m JMD (just an example).

Is it better to get a car loan from bank or dealer?

It can get complicated for but simplicity, personally, I'd say the bank.

In many cases, the dealer collects information from you and forwards that information to one or more potential car lenders, who provide the loan but the dealer then tops it up for their hassle. You then pay the dealer monthly.

Dealer loans are therefore, although convenient to purchase, can be more expensive and inconvenient to pay back monthly.

Can I get a car with no money?

Believe it or not, you actually can, but in most cases though, among other things, you'd need to show tenure of job/business stability and consistent earning potential. This would relate mainly to the 100% financing loans.

Do I have a Recommendation

Not really, I use one of the top institutions here in Jamaica recently and got my car loan at 6.99% secured, but for the most part, there is not much difference between them, certainly not clear-cut to me.

On one variable A appears to be better, but B is better on another.

Final note:
Remember that in the year 2013, The Lower House passed changes to the Proceeds of Crime (POCA) Amendment Bill, which, among other things, places a limit of $1 million on all cash transactions in Jamaica.

So for sums at that amount or larger you need to consider alternate (other than cash) payment arrangements.

I hope this helps. I welcome your comments

Be sure to also read my article on Key Consideration Before Buying A Car In Jamaica as well as a Listing Of Cars For Sale In Jamaica.


P.S. We've answered HUNDREDS of questions, click here and here to get even more answers.


  1. "House Approves Legislation to Place $1 Million Limit on Cash Transactions", Retreived on July 17, 2019 from JIS,
  2. "Is It Better to Finance a Car Through a Dealer or a Bank?",, Retreived from on July 17, 2019

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Jamaican Car Dealers -Q&A.

New! Talk To Me
Was the information helpful? Something needs changing? I welcome your feedback here.

Read More ...

Recommended For You ...

Don't Make The Mistakes Others Do!

Get The TIPS & TRICKS For Your Jamaica Vacation In Our Jamaica Travel Guide!

jamaica travel guide

Click Here To Get Your Copy

And, Before You Go!

Here (below) are some sweet deals on matching products at Amazon that you might have otherwise missed., by the way, is the internet's most reputable retailer and usually showcases only the best products that are related to your search. Be sure to check them out.

Note: If link does not show, please click here to be redirected to our page at

Great Articles You Might Have Missed

data-matched-content-rows-num="2" data-matched-content-columns-num="3"

Please help me get the message out by sharing this article with your friends on social media (links below). Thnx ;-)

Also connect with on Social Media: 
Facebook | Twitter | Instagram | Youtube

Thank You!

P.S. Didn't find exactly what you were looking for? Still need help?

Click Here to try our dependable and effective Site Search tool. It works!

Or, simply click here and here, to browse my library of over 500 questions and answers! Chances are someone already asked (and got an answer to) your question.

About The Author

wellesley gayle - booking link

A patriotic Jamaican who adores his culture, Wellesley has been using this medium to share what he calls 'the uniqueness of Jamaica with the world' - since April 2007.  

To date, he serves over 8,300 unique readers / viewers per day.

His efforts have earned him featured positions in local publications, including the Jamaica Gleaner's Hospitality Jamaica, Carlong Publishers, as well as recognition from numerous prestigious international agencies and universities.

He invites you to join his friends list and stay updated on all the latest. You are also invited to join his exclusive patron community

Top Of Page
Wellesley Gayle

New Here?

I recommend you START HERE to enjoy the best of this website!

What's New?

Click Here to see the VERY latest articles and features.

Trending Now

Site Sponsors


Our Preferred Sponsors  & Friends (below)

(Our Sponsorship Policy)

list your business here

Builders in Jamaica - Building Contractors
Recommended Building Contractors In Jamaica Photographers in Jamaica
Wedding Photographers
Cars For Sale In Jamaica
Cars For Sale


Click Here to Visit Our Sponsors' Page

Top Articles

What's New?

Below is a list of the very latest articles I posted on the site.

Recent Articles

  1. What is heritage day in Jamaica?

    Oct 15, 19 03:56 PM

    Answered by Aneisha Dobson, Associate Writer If you have visited Jamaica at any point and carefully observed the culture, you will agree with me that

    Read More

  2. Jamaican Daggering | The Dance & Its Social Concerns

    Oct 15, 19 02:00 PM

    Jamaican daggering might be hot and trending but is inherrently highly explicit and risky, which has caused grave social concerns. What are they? And Why?

    Read More

  3. Rastafarian Jamaica | The Truth & Nothing But The Truth

    Oct 14, 19 04:47 PM

    Rastafarian Jamaica | Enlighten yourself! Here is the whole truth behind the history, beliefs, practices and customs, diets and more of this special movement.

    Read More

  4. Rio Grande Jamaica |Idyllic River Rafting You'll Cherish A Lifetime

    Oct 13, 19 07:29 PM

    Experience idyllic river rafting adventure on the famous rio grande Jamaica, Portland and Jamaica's best river rafting attraction.

    Read More

New!  I've created a Welcome Audio. Just click the Play button below to listen.

Please subscribe here to get my latest updates.