This facility allows members to purchase new or used motor vehicle for personal use
We finance vehicles up to 10 years old (condition apply) , older vehicles may be acquired with the use of alternative security.
Maximum loan payment period is 7 years (depending on age of motor vehicle)
We will finance up to 90% of the cost of new vehicles
How to Qualify
- Be a member of the Portland Co-op Credit Union
- Save regularly for at least 4-6 months
- Be gainfully employed, earning enough to comfortably afford the loan repayment
Documents required
- Two (2) passport size photographs certified by Justice of Peace
- TRN
- Valid identification
- 10%-20 % of cost amount existing on shares (depending on age of motor vehicle)
- Pro-forma Invoice from car dealer/copy of Sales Agreement from vendor
- Copy of current Certificate of Fitness/ copy of registration
- Valuation Report
- Quotation from insurance company (motor vehicle must be comprehensively insured for at least one year)
- Import Entry (where necessary)
- Verification of Salary (last Three salary slips)
- Cars must not exceed ten (10) years old (condition apply)
- Proof of employment letter
- Processing fees applicable
- Motor vehicle Title where applicable
Important things you should know
- The Credit Union provides loan protection to the members at no direct cost to you
- The Credit Union offers flexible interest rates
- Generally you can access up to $2.5 million
- Loans can be approved within 2 working days; provided all required documents are submitted
- There is no penalty for early repayment