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.*