Car Loan Survey – Results

by Sep 8, 2020Car Purchase, Financial Research

Intro

Car Loan Survey Results

An auto loan survey was issued to persons in Jamaica on Aug 6, 2020 via Twitter. The respondents were asked questions on their experience in five (5) main categories: Where they got the loan, how they would rate the service, how easy the process was, what the deposit rate was and what the interest rate requirements were. 

 

Although not a scientific survey by any means, I hope it can provide future car owners with some insights into the loan process. The information below represents data from the 100 responses received at the time of analysis.

 

1.1 Top Places to Shop

A majority received from a Commercial Bank.

 

The top seven locations are as follows:

 

 

2.1 Customer Service 

Scale:

1 – Lowest Customer Service Rating

5 – Highest Customer Service Rating

 

 

2.2 Credit Unions on average have better customer service ratings.

JMMB Bank and C&WJ Co-Op Credit Union had the best average customer service ratings.

 

3.1 Ease of Loan Application Process

Credit Unions on average have easier loan application processes, with C&W J having the best ratings for ease of process among the top seven (7).

Scale:

1 – Easiest Application Process

5 – Hardest Application Process 

     

 

 

 

4.1 Interest Rate

 

The commercial banks and building societies generally had higher interest rates selected as the most frequent rate by the survey respondents.

The table of all the responses is as follows:

Interest Rate 0-4% 4-6% 6-8% 8-10% Over 10% Grand Total
Building Society 1 1
Commercial Bank 2 3 31 27 1 64
Credit Union 1 1 4 1 7
Micro Financer 1 1
Other 3 3
Grand Total 6 3 34 31 2 76

 

Interest Rate 0-4% 4-6% 6-8% 8-10% Over 10% Grand Total
National Commercial Bank 1 1 7 12 1 22
JMMB Bank 1 10 3 14
CIBC FirstCaribbean 1 4 5 10
Bank of Nova Scotia 2 6 8
First Global Bank 5 1 6
JN Bank 1 2 3
             

 

 

Deposit Requirements

Most institutions have a 0% deposit as the most frequently selected down payment requirement among respondents. For the 1 person that used a micro financer the deposit required was 5-10%.

 

 The full tables are as follows:

 

Category 0 10-20% 5-10% Over 20% Grand Total
National Commercial Bank 4 11 7 22
JMMB Bank 10 3 1 14
CIBC FirstCaribbean 6 1 3 10
Bank of Nova Scotia 5 1 2 8
First Global Bank 4 2 6
JN Bank 1 1 1 3
C&WJ Co-operative Credit Union 1 1 2

 

 

Category 0% 10-20% 5-10% Over 20% Grand Total
Building Society 1 1
Commercial Bank 30 15 17 2 64
Credit Union 4 2 1 7
Micro Financer 1 1
Other 2 1 3
Grand Total 37 18 18 3 76