Are there minimum/maximum amounts for each vehicle I finance?
Each Advance (our term for an individual vehicle loan) for eligible vehicles must be at least $10,000 but not more than $150,000. The amount of the Advance cannot exceed the maximum Loan-to-Value ratio (LTV %). Taxes and the cost of registration are not factored into this amount.
The conditions for the maximum Loan-to-Value ratio are as follows:
- For used vehicles, the amount of the advance cannot exceed 110% of the V3 value. (e.g., for a used vehicle with a V3 Valuation™ of $50,000, the advance cannot exceed $55,000).
- For current-year used vehicles and/or when vehicle valuations do not exist or have not been released, the maximum value will be defined as 90% of MSRP.
- For new vehicles, the amount of the advance cannot exceed 100% of the V3 value. For current-year new vehicles, when vehicle valuations do not exist or have not been released, the Value will be defined as 100% of MSRP.
