Commercial Motor Vehicle Loan (TTT)

The Commercial Motor Vehicle loan offers members the opportunity to receive up to 90% financing on new motor vehicles and up to 80% financing on trucks, tractors and trailers

Commercial Motor Vehicle Loan (TTT)

 

About This Loan

The Commercial Motor Vehicle loan offers members up to 90% financing on new vehicles and 80% financing on trucks, tractors and trailers

What You Need To Know

Up To

Unlimited

in Available Funds

6 years

To Repay

Up To

3 - 5 Working Days

Avg. Approval Time

As Low As

12.5%

Interest Rate

Up To

 
 

Additional Information

Who is This Loan Primarily For?

Cornwall County business owners wishing to purchase a vehicle.

Cornwall County business owners wishing to purchase a truck or trailer for distribution purpose

Cornwall County farmers wishing to purchase a Tractor

Cornwall County distributors/exporters/importers wishing to purchase a truck or trailer for transportation of goods

Do I Need Collateral To Apply For This Loan?

No, the vehicle will be used as the collateral.

Minimum Amount Disbursed For This Loan?

No Minimum

What Are The Requirements To Apply For This Loan?

  • A valid driver’s license

  • Credit report from a credit bureau

  • Employment Letter

  • 3 recent payslips, where using a guarantor, their payslips and employment letter must be presented

  • Passport sized pictures

  • Sales Agreement or Pro Forma Invoice from Car Dealer/Vendor

  • Valuation Report

  • Copy of Motor Vehicle Title/ Import Entry Document

  • Copy of Fitness and Registration Certificates

  • Insurance Quotation (Comprehensive Only)

  • Road Permit (for vehicles that will be used for commercial purpose)

 
Steps To Apply
1

Become a member of Gateway

Fill out all required forms and deposit the minimum opening balance of $3,300 to become a member of Gateway.

2

Fill out and submit a motor vehicle loan application in branch

Visit any Gateway branch near you and fill out an application form for the Motor Vehicle Loan.

3

Submit all required documents

In order to apply for a motor vehicle loan, several documents are required. These include:
- A valid driver's license
- Credit report from a credit bureau
- Employment Letter
- 3 recent payslips, wh ... [Click To Read More]

4

Submit proof of ownership/proof of funds for collateral

No additional collateral is required for a motor vehicle loan. The motor vehicle would be viewed as the collateral.

5

Pay application fee

The application fee required for a motor vehicle loan is 1.5% of the requested amount.

6

Wait for loan to be processed

A motor vehicle loan will take 3-5 days to be processed once the application fee is paid and the required documents are submitted.

7

Receive a call from a Gateway credit clerk

Once the loan is processed, a Gateway representative will call and let you know if the loan has been approved.

8

Sign relevant documents for disbursement

Visit the Gateway branch to sign relevant documents for loan disbursement.

Our Team Stands Ready

If you're interested in any of our loans, we'll pair you with our expert customer service representatives, who will work with you to understand how to bring you to the solution they need.

 

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STILL NOT SURE?

Deciding whether Gateway is the right partner for your loan? We know that this is a long-term decision, and we want to ensure that you are fully informed going into this commitment with us.

 

Learn more about this opportunity by chatting with our agent, or by visiting our Frequently Asked Questions.

 

Similar Opportunities

  • Commercial Mortgage

    The Commercial Mortgage Loan provides up to 90% financing on commercial properties.

  • Small Business Loan

    The Small Business Loan provides funds to Micro and Small enterprises for any business-related purpose.

Our Mission

To empower our members by providing excellent service and sound financial guidance to create partnerships that will result in prudent, progressive and competitive business decisions, yielding mutual success.

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