Auto Loan

Auto Loan

• 15% of required amount must be held in rfegular shares

• Repayment period differs based on the proposed use of the vehicle
Private Use
Age of Vehicle

Private Use
Commercial Use
Age of Vehicle
Repayment Period
Age of Vehicle
Repayment Period
Less than 1 year 72 Months Less than 1 year 48 Months
1-3 Years 60 Months Less than 3 years 36 Months
3-5 Years 48 Months    
Over 5 years 36 Months    

 

 • Bill of sale required as security. In some instances, a co-maker will be requested.

• Comprehensive motor vehicle insurance is required.

This policy must be assigned to the Credit Union.


APPLICATION PROCEDURES


Members Must Submit:
• Invoice or letter from the vendor showing the cost of the vehicle.

• Copy of Letter of Concession where applicable.

• Report from a recognized mechanic clearly evaluating the vehicle\'s age, performance and condition of the body when a used vehicle is being purchased.

• The terms and conditions under which insurance will be provided.

• A statement of affairs showing financial commitments, monthly income and expenditure.

Loan Application Form
This Form must be completed by members applying for a loan. The additional documentation required for the type of loan should also be attached before this application is submitted.
Download loan Application Form

 Loan Calculator