Get financing for that dream ride. Borrow up to $6M with flexible interest rates. Purchase vehicles up to 10 years old.
Loan Terms and Conditions:
- Must be a member for at least 6 months
- Financing available between 70%-100%
- Members may deposit 10% – 30% of the amount being borrowed to the car dealership/seller or to their shares account. If a deposit is made to car dealership/seller, 2.5% of the remaining cost of the vehicle is to be held in the share equity account. For new vehicles where 100% financing is provided by the credit union, the member is required to have 1% of the cost of the vehicle held within their share equity account.
- Maximum loan repayment period – 108 months (9 Years).
Loan Requirements
- ID
- The last two months’ pay slips
- Proof of repayment
Used Car Dealer
- Invoice from a car dealership or Sale Agreement
- For vehicles sold on behalf of an individual and sold by a Used Car Dealer – a letter giving the car dealer permission to sell a vehicle on the owner’s behalf or a letter indicating the previous owner has no interest in the vehicle along with the previous owner’s ID.
- Copy fitness, Registration and Certificate of Title
- Evaluation report (From the list of approved evaluators)
Purchasing a vehicle that has a lien
- Invoice from a car dealership or Sale Agreement
- Previous owner ID and authorization letter for sale
- Copy fitness, Registration and Certificate of Title
- Evaluation report (From the list of approved evaluators)
- Statement from financial institution (stamped and signed)
Purchasing a new vehicle
- Invoice from car dealership
- C87/Import Entry
- Copy Fitness
- Copy Concession Letter (If concession is granted/approved) 2nd Lien (Accountant General’s Department)
- Concession Letter or letter of interest/undertaking.
- Second Owner: Letter from the proposed second owner giving permission to use said vehicle as security. The letter is to be witnessed by JP/Notary Public along with the ID of the second proposed owner.
