868-649-5683 | 4507 | 6253 palseccu@gmail.com

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.*