Vehicle Loans
A Vehicle Loan is a loan used to purchase a new, locally-used or foreign-used vehicle and equipment, inclusive of insurance.
- Applicant must be a member for six (6) months
- 10% of the required amount in un-pledged Shares
- Interest on Vehicle Loans – 0.75% on the reducing balance monthly
- Maximum repayment period – six (6) years
- Ability to repay
- Vehicle must be licensed and insured in the Owner’s name with the Credit Union as part of the Mortgage Agreement.
- Legal fees are to be paid by the Member
– Legal Advisors to Antilles Employees’ Credit Union: Daltons Attorneys-at-Law
– A Mortgage Bill of Sale will be held for all mortgaged vehicles.
- Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill showing current address – no older than 3 months
- Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Valid Invoice/Quotation for vehicle, which should include chassis number, engine number, make, model, colour
- Fully Comprehensive Insurance Quotation
- Member’s BIR Number Advice
- Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill showing current address – no older than 3 months
- Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Sale Agreement Letter
- Valuation Report from RICS certified valuator
- Certified Copy from owner/Licensing Authority indicating ownership
- Fully Comprehensive Insurance Quotation
- Member’s BIR Number Advice
