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:
|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|
- 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
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.