Motor Vehicle Loans
Motor Vehicle Loans
The following conditions will apply:
- All applicant are required to be a member of the Credit Union for at least six (6) months.
- All vehicles are required to have Fully Comprehensive Insurance in the name of the Palo Seco Credit Union.
- Premiums for the assigned policy must be paid through the Credit Union
- Maximum amount granted on Vehicle Loan are Five Hundred Thousand Dollars ($500,000.00)
Security
New Vehicles: 25% unpledged shares (maximum $500,000.00) Bill of Sale / Instrument of Charge, Motor Vehicle Insurance
Taxis: 40% of unpledged shares (maximum $300,000.00)
Second Hand Vehicles: 30% to 40% unpledged sharees (maximum 300,000.00) Bill of Sale / Instrument of Charge, Motor Vehicle Insurance
Foreign Used Vehicles: 25% unpledged shares (maximum 300,000.00)
Bill of Sale / Instrument of Charge, Motor Vehicle Insurance
Repayment Period:
- New Motor Vehicles – Seven (7) years
- Taxis – Up to Five (5) years
- Foreign Used / Second Hand Vehicles
- Age greater than two (2) years – up to five (5) years
*ALL LOAN APPLICATIONS ARE FORWARD TO LOAN SUPERVISOR FOR REVIEWING AND THE MANAGER FOR FINAL REVIEWING.*
