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.
