Motor Vehicle Loan

Driving You from Dreams to Reality!
Buying a vehicle has never been much easier. At BRED Bank, we make owning a vehicle easy for you. Apart from choosing the model and colour that suits your style, a challenging decision you'll face is financing your purchase.

Whether it’s a brand new or a second hand vehicle; we have a choice of loan that will get you behind the wheel! Plus with your loan secured by your vehicle you will enjoy the benefit of low interest rate.

Features and Benefits

  • 10% deposit on purchase of brand new vehicle.
  • 15% deposit on purchase of second hand unregistered vehicle.
  • 20% - 35% deposit for registered vehicles.
  • Competitive interest rates - 8.40% p.a
  • Interest is calculated on reducing balance.
  • Repayment term up to 7 years for new vehicles, 5 years for unregistered second hand vehicles and 3 years for used vehicles less than 10 years old.
  • Extra payments allowed without any fees or charges
  • With SUN Insurance as our Insurance partner your vehicle will be in safe hands. Some benefits include*:
    • Flood and cyclone damage coverage to your vehicle without any additional premium.
    • Passenger risk and third party property damage up to $1,000,000.00.
    • For “firm out” brand new vehicles where your vehicle is involved in an accident and written off within 12 months of being registered, we will replace your vehicle with a similar make and model.
    • Accidental death benefit up to $5,000.00.

 

How do I apply for a Motor Vehicle Loan?

To help us assess your loan application quicker, we advise you to bring the following information when visiting your nearest BRED Bank Branch:

  • Photo ID.
  • Car quotation.
  • 3 latest pay slips.
  • Copy of 1 year bank statement of your personal account.
  • Employment confirmation letter from your employer.
  • TIN Letter of FRCA/FNPF Joint card.
  • Statement for hire purchase or any other outstanding liabilities.
  • Evidence of deposit.
  • Salary credit to BRED Bank or source deduction.
  • Any other relevant information to support your application.

For more information you may write to us at customer.care@bred .com.fj. BRED Bank branches are located in Suva, Nausori, Nadi, Namaka and Lautoka. In addition, BRED Bank has a Kiosk at Tappoo City Building, Level 4.

 

Fees and Charges  
Facility Approval Fees:  
Up to: $20,000.00 $250.00
$20,000.00 - $50,000.00 $400.00
Above $50,001.00 1% of the Loan Amount
   
Service Fee:  
Up to: $20,000.00 $20.00 per month
$20,000.00 - $50,000.00 $25.00 per month
Above $50,001.00 $35.00 per month
   
Arrears Fee:  
$25 applicable when repayment not paid in full within 5 days from repayment due date.
   
Inspection Fee: $40.00 per inspection
   
Terms and Conditions apply.
*SUN Insurance Terms and Conditions apply.