Vehicle Loans

A Vehicle loan is a loan granted for the purchase of a new or used vehicle, repairs to a vehicle.

Terms and Conditions

• You must be a member for at least three (3) months.
• The equivalent of 20% in withdrawable (callable) shares for the purchase of a new vehicle.
• If you intend to purchase a used vehicle, you may be required to have up to a maximum of 40% - 50% in shares depending on the age of the vehicle.
• You must have a good credit history.
• You must be gainfully employed and be able to provide evidence of employment such as job letter from employer and latest salary slip.
• Inspection/Valuation of vehicle from a registered garage.
• Invoice/ Letter from vendor indicating price and whether any financial institution has an interest in the vehicle.
• Quotation from insurance company.
• Copy of vendor's certificate of registration.
• Assignment of vehicle insurance to Credit Union.
• Bill of Sale will be taken on vehicle (funds will be required for legal fees).
• Interest on loans is calculated monthly on the reducing balance at a rate of 0.9%. Per month.
• The maximum repayment period for a new vehicle is 7 years and a used vehicle is 4 years.
• The Credit Union reserves the right to request additional security for loans.