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) 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 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 2013 to Present 80% 1% 3 Years
Local Vehicle 2012 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).
  • Age of vehicle 2013 to present (See details below).
  • 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.

Ready to apply?

Apply for a loan and get a response from our Loan Officers.

Apply online

Make an appointment with a Loan Officer

Come talk to us

Compare loans

Not sure which product is right for you?

Compare loans

Required documents

There are specific documents required for submission together with your loan application when applying for a loan via Home Banking, Mobile Application.

Note that loan applications can only be processed upon receipt of these documents.