Vehicle Loan

Car loans are strictly for the financing of motor vehicle purchases. The vehicle will be held by CLICO Credit Union Co-operative Society Limited as collateral for the loan. The following collateral and insurance coverage requirements must be met by the member for the duration of the term:

Details

PRIVATE

EXTENT OF FINANCING

 PERIOD
New Vehicle 100% up to $400,000.00 8 Years
Local Vehicle 2011 to Present 85% 5-7 Years
Local Vehicle 2010 80% 4 Years
Local Vehicle 2009 75% 3 Years
Roll On Roll Off 2011 to Present 85% 5-7 Years
Roll On Roll Off 2010 80% 4 Years
Roll On Roll Off 2009 75% 3 Years

 

COMMERCIAL (UNDER 5 TONNES)

EXTENT OF FINANCING

PERIOD

New Vehicle 100% up to $300,000.00 6 Years
Local Vehicle 2011 to Present 80% 3 Years
Local Vehicle 2010 75% 2 Years

Application

  • Share balance of $15,000 and at least 3 months membership.
  • Original and copy of Driver’s Permit.
  • Job Letter / Most recent payslip.
  • Pro-Forma Invoice (New Vehicles).
  • Letter of agreement of sale, and search document.
  • Certified copy of Ownership of vehicle.
  • Age of vehicle (2009) to present, see details above.
  • Valuator’s Report (Second hand / pre-owned vehicles).

Pre-disbursement of cheque

  • Copy of Certified Copy/Tax Invoice and chit
  • Insurance Policy
  • Sign Instrument Of Charge
  • Sign Mortgage Bill of Sale

NOTE
In the event change of Registration No., Chassis No. and Engine No. after legal documents i.e. Instrument of Charge have been prepared, a fee of Five Hundred Dollars ($500.00) is in effect.