A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  


Loans are approved for a wide range of motor vehicles. 

Loan ceiling:         $2 MILLION

·      Maximum repayment period: up to 84 months (depending on age and condition of vehicle)

·      Interest rate: determined by the Board of Directors from time to time; calculated on the reducing balance.

·      Purchase age of vehicle: 1-10 years old


·      Member must have 10% of loan required or at least $100,000 saved in shares (whichever is greater).

·      Vehicle must be comprehensively insured for the life of the loan.

·      Vehicle can be used as security for the loan.

·      Lump sum placed on shares will attract a Service Charge, or member will have to wait for a minimum of three (3) months to qualify

·      The loan will cover up to 80% of the purchase price or market value (whichever is less)

·      Amount of loan accessed will be dependent on member’s ability to repay

·      Cheque will be drawn to the vendor.

·      Application must be accompanied by current Certificate of Fitness and a Valuation Report done by a Certified Valuator within the last 6 months

·      A processing fee will be charged.                          


Other conditions may apply




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