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OWNING A MOTOR VEHICLE JUST BECAME EASIER
Members are able to purchase a new or used motor vehicle up to 15 years old or less. The motor vehicle will be used as the collateral, which enables members to benefit from a low interest rate. This loan is calculated on the reducing balance with a maximum tenure of 120 months.
Loan Requirement
- Last Two months payslip.
- Proof of Address
- Valid National Identification
- Pro forma Invoice/Letter of Intent to sell motor vehicle
- Share requirement: 5% of the loan amount
- Valuation Report (not more than three months old). amount
- Copy of Motor Vehicle Registration and Certificate of Fitness
- Documentary proof that the vehicle is being comprehensively insured
- Duty Concession Letter (if applicable) amount
- C78 (for motor vehicles being imported)
Conditions
- Applicants must have an active JPCCU account for no less than 3 months.
- Funds will be deposited to the dealer
- 100% financing on New to 2 year old vehicles.
- Members will be subjected to a credit report.
Note:
- Our loans are insured up to a ceiling of $3M. Arrangements should be put in place to obtain life insurance coverage for the difference, if any.
- We assist members to pay their motor vehicle insurance, by having members save 1/12th of their annual insurance premium in a deposit account. This amount will be paid out when the insurance premiums become due.
- Where a motor vehicle being used as collateral for a loan is more than 10 years old, the Credit Union needs to get a mechanical report, indicating that the vehicle is still road-worthy, and can be comprehensively insured.
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