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Vehicle Loan - Clico Credit Union. Projecting confidence...inspiring trust.

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 VEHICLE

FINANCING

Interest Rate  Repayment PERIOD
New Vehicle (Showroom) 100% up to $400,000.00 0.70% Up to 8 Years
Local  Used Vehicle under four (4) years old 85% 1% Up to 6 Years
Local Used Vehicle five (5) year old 80% 1% 5 Years
Local Used Vehicle six (6) year old 75% 1% 4 Years
Roll On Roll Off  four (4) years and under 85% 1.25% 5-6 Years

 

COMMERCIAL (UNDER 5 TONNES)

FINANCING

INTEREST RATE

REPAYMENT PERIOD

New Vehicle 100% up to $400,000.00 1% 7 Years
Local Vehicle 2013 to Present 80% 1% 3 Years
Local Vehicle 2012 75% 1% 2 Years

Application

1. A Minimum Share balance of $15,000 or 5% of the total value of vehicle.
2. Must be a contributing member for at least 3 consecutive months.
3. Original and copy of Driver’s Permit.
4. Proof of address (Must be in member’s name or letter and ID from addressee).
5. Job letter & most recent pay slip.
6. Proof of BIR (Board of Inland Revenue) number, eg. TD4 slip, refund cheque slip, etc.
7. Pro-Forma Invoice (New Vehicles).
8. Letter of agreement of sale (Used Vehicles). Must be a properly addressed letter.
9. Pay $300.00 for search (Used Vehicles). (To be done by CCU’s Attorney).
10. Certified Copy of Ownership of vehicle (Used Vehicles).
11. Age of vehicle 2013 to present (See details below).
12. Valuator’s Report (Second hand/pre-owned vehicles).

Pre-disbursement of cheque

1. Copy of Certified Copy/Tax Invoice and CHIT.
2. Proof of Comprehensive Insurance coverage.
3. Sign Instrument of Charge.
4. Mortgage Bill of Sale receipt

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.