Vehicle Loan

New Vehicle

10% shares (unencumbered) with an interest rate of 0.8%

Commercial Vehicle

10% shares (unencumbered) with an interest rate of 0.85%

Roll on Roll off

10% shares (unencumbered) with an interest rate of 0.9%

Locally Used

10% shares (unencumbered) with an interest rate of 0.9%

All loans are subject to normal lending criteria:

  • Completed Loan Application Form
  • Recent Job Letter & Payslip
  • Statement of Income & Expenses for the last year (if self employed)
  • Utility Bill
  • Two (2) Personal References (1 family & 1 close friend)
  • 2 Valid forms of ID (one must be Drivers permit) and/or Taxi Badge (where applicable)
  • Statement of Savings & Indebtedness from financial institutions
  • Required down payment
  • Performa Invoice from Car dealer or Sale agreement (if local used)
  • Copy of Registration Certificate from Ministry of Trade & Industry (if Roll on Roll off)
  • Recent Valuation (If locally used or foreign used) from either of the following:
    • Motor Critic – 625-8554 or 622-7235
    • Twin Isles adjusters – 640-8300 or 639-5241
    • Cariclaims Investigators – 625-9080 or 623-8401
  • Certify copy of ownership (if locally used) and copy of existing insurance
  • Full comprehensive insurance (quotation) from one of the following:
    1. Colfire (Chase Financial Solutions 658-5572 or 658-1350)
    2. Tatil Sagicor
    3. Maritime
    4. Guardian General
    5. Beacon Bankers Ins. For (H)

(Note: Vehicle loans ‘MUST’ be insured fully comprehensive for the duration of the loan)

  • Repayment period maximum 5 years for (Roll on Roll off /Local used/Commercial)
  • Repayment period maximum 7 years for (New vehicles)
  • Debt service ratio – not more than 45%
  • Interest rate subject to the above classification of vehicle based on the reducing balance

Fees Applicable:

  • Note: Searches are done on all members applying for vehicle loans (approx. $225.00) and persons applying for loans to purchase a locally used vehicle a search is required on the vehicle as well (approx. $210.00 – $310.00) done by the credit union
  • Loan processing fee 0.25% of Loan approved (included in loan applied for)

 Interest rate subject to the above classification of vehicle based on the reducing balance. 

Download your loan form by clicking on the link below, ask your Liaison Officer, or Contact Us for further information.

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