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:
|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)
|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|
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
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.