Motor Vehicle Loans

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

1. Be a member of the Portland Co-op Credit Union
2. Save regularly for at least 4-6 months
3. Be gainfully employed, earning enough to comfortably afford the loan repayment

Documents required

1. Two (2) passport size photographs certified by Justice of Peace
2. TRN
3. Valid identification
4. 10%-20 % of cost amount existing on shares (depending on age of motor vehicle)
5. Pro-forma Invoice from car dealer/copy of Sales Agreement from vendor
6. Copy of current Certificate of Fitness/ copy of registration
7. Valuation Report
8. Quotation from insurance company (motor vehicle must be comprehensively insured for at least one year)
9. Import Entry (where necessary)
10. Verification of Salary (last Three salary slips)
11. Cars must not exceed ten (10) years old (condition apply)
    1.  Proof of employment letter
12. Processing fees applicable
13. Motor vehicle Title where applicable

Important things you should know

1. The Credit Union provides loan protection to the members at no direct cost to you
2. The Credit Union offers flexible interest rates
3. Generally you can access up to $2.5 million
4. Loans can be approved within 2 working days; provided all required documents are submitted
5. There is no penalty for early repayment