Motor Vehicle Loans

The Credit Union shall have a lien on the motor vehicle until the loan is fully repaid. The motor vehicle must be comprehensively insured throughout the life of the loan and the said insurance be assigned to the WCCCU. Motor vehicles must be subject to a mechanical report along with a current valuation. The interest rate is 0.92% monthly and repayment should be made in a 60 months period (for new vehicles) and 48 months (for used vehicles).

 

Requirements:

  • New Motor Vehicle Purchase
  • Proforma Invoice from auto dealer
  • Insurance Premium Statement (Full Comprehensive)
  • Mechanical assessment report on motor vehicle
  • 20% minimum on savings & security (Bill of Sale)

Used Motor Vehicle:

  • Letter of intent to sell from vendor
  • Letter from vendor’s bank indicating interest in vehicle
  • Mechanical assessment report on motor vehicle
  • Insurance premiums statement (Full Comprehensive)
  • 25% minimum on savings & security (Bill of Sale)

Motor Vehicle Repairs:

  • Estimates from auto body shop or mechanic
  • Proforma invoices for parts to be purchased
  • Documentary evidence of insurance, license and servicing
  • 15% minimum on savings & collateral