Clico Credit Union

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:

Private Vehicles

Vehicle Status Financing Interest Rate 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) years old 80% 1% 5 Years
Local Used Vehicle six (6) years old 75% 1% 4 Years
Roll On Roll Off three (3) years and under 85% 1.25% 5-6 Years

Commercial Vehicles (under 5 tonnes)

Vehicle Status Extent of Financing Interest Rate Period
New Vehicle 100% up to $400,000.00 1% 7 Years
Local Vehicle up to six (6) years old 80% 1% 3 Years
Local Vehicle up to seven (7) years old 75% 1% 2 Years

Application/Eligibility

  • A Minimum Share balance of $15,000.00 or 5% of the total value of the vehicle.
  • Must be a contributing member for at least 3 consecutive months.
  • Original and copy of Driver’s Permit.
  • Proof of address (Must be in member’s name or letter and ID from addressee).
  • Job letter & most recent payslip.
  • Proof of BIR (Board of Inland Revenue) number, eg. TD4 slip, refund cheque slip, etc.
  • Pro-Forma Invoice (New Vehicles).
  • Letter of agreement of sale (Used Vehicles). Must be a properly addressed letter.
  • Pay $300.00 for search (Used Vehicles). (To be done by CCU’s Attorney).
  • Certified Copy of Ownership of vehicle (Used Vehicles).
  • Valuator’s Report (Second hand/pre-owned vehicles).

Pre-disbursement of cheque

  • Copy of Certified Copy/Tax Invoice and CHIT.
  • Proof of Comprehensive Insurance coverage.
  • Sign Instrument of Charge.
  • 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.

Apply now at ccuebranch.com

Conditions Apply

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