Tips for Used Car

It is recommended that you do not transfer the car under your name prior to loan approval.
Loan is only available for vehicles which are not more than 10 years old from the original date of registration.
The open market value (OMV) of a used motor vehicle will be adjusted in accordance with its age, for the purpose of determining the appropriate loan-to-value (LTV) ratio allowable under the financing restrictions. A straight-line depreciation will be adopted in the value of the original OMV over 10 years (120 months) to derive an "applicable OMV" for purpose of determining the appropriate LTV ratio.

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