About Vehicle Loan
Get ready to hit the road to success with CLICO Credit Union’s Vehicle Loan. It’s not just about financing; it’s about driving your dreams forward. Offering up to 100% financing, competitive rates, and flexible repayment plans, the Vehicle Loan ensures your journey is as vibrant as your ambitions. Whether it’s a sleek car, a rugged motorcycle, or any vehicle in between, this loan option is your ticket to turning the key on your aspirations.
Features of the Vehicle Loan
- Signed consent clause
- Any two forms of identification from the following (Driver’s Permit, National Identification Card, Government Issued Passport, Electronic Birth Certificate)
- Job letter no older than 3 months
- Most recent payslip or Income and Expenditure Statement with corresponding bank statements for the last 2 consecutive years
- Proof of address no older than 3 months (Supporting documentation if the property is not owner occupied)
- Documents in support of your request
Got any questions? we’re here to help
Frequently Asked Questions
- Original claim form signed by the owner/s (with company stamp if a company car.); Copy of driver’s permit or ID (updated Certified Copy); Copy of driver’s permit or ID of person on Third Party Insurance Certificate; Copy of driver’s permit of person who was driving third party vehicle; Estimate for damages; Letter from TP’s Insurance Company stating terms of insurance; Certificate of Insurance; Vehicle’s Certified Copy of Ownership; Vehicle Inspection (if the vehicle can be driven).
To initiate your request, you’ll need to provide two valid forms of picture identification, proof of address, a recent job letter, payslip, a proforma invoice, and any additional supporting documents required.
A vehicle loan, also known as an auto loan or car loan, is a type of financing used to purchase a vehicle. Borrowers repay the loan amount plus interest over a specified period through monthly instalments. Terms and conditions, such as interest rates and repayment periods, can vary based on factors like credit history and lender policies.
The loan amount is determined based on the borrower’s ability to service the loan.
Applying for the Vehicle Loan is simple and convenient. You can visit our website and apply for the loan using your online banking credentials. Alternatively, if you are a member and do not have your online banking credentials you can apply for them at ccuebranch.com and click “Sign Up”.
You can become a member of CLICO Credit Union and apply for the Vehicle Loan. Our team will guide you through the membership process, ensuring you have access to all the benefits and services offered by our credit union. Email us at bdteam@clicocu.com or fill out the form at the bottom of this page.
Yes, there is a 5% share requirement held, this can be deducted from the loan amount in cases where the member does not have the required shares.
The interest rate for this loan product ranges from APR 5.0% to 7.0%.
The Vehicle Loan carries a maximum repayment term of up to 10 years.
You can borrow up to $650,000.00 with the Vehicle Loan, depending on your specific requirements and eligibility.
Once you have submitted your application, our lending team will review it promptly. We strive to provide quick and efficient loan decisions, and you will be notified of the outcome as soon as possible.
The preferred form of repayment is via salary deduction, but alternative options can be discussed with your lending officer.
All loans are subject to normal lending criteria. Our lending team will assess your eligibility based on factors such as your terms of employment, income, credit history, and ability to repay the loan.
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