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The Motor Vehicle Loan provides up to 90% financing on personal vehicles with up to 8 years to repay
Motor Vehicle Loan
About This Loan
The Motor Vehicle loan offers members the opportunity to receive up to 90% financing for personal vehicles, with up to 8 years to repay
What You Need To Know
Up To
Unlimited
in Available Funds
8 Years
To Repay
Up To
3 - 5 Working Days
Avg. Approval Time
As Low As
10%
Interest Rate
Up To
Additional Information
Who is This Loan Primarily For?
Cornwall County residents wishing to purchase a new personal vehicle or truck
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)
Steps To Apply
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Become a member of Gateway
JOSIE LANE
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Fill out all required forms and deposit the minimum opening balance of $3,300 to become a member of Gateway.
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JOSIE LANE
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.
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Submit all required documents
JOSIE LANE
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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]
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JOSIE LANE
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.
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Pay application fee
JOSIE LANE
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The application fee required for a motor vehicle loan is 1.5% of the requested amount.
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JOSIE LANE
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.
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Receive a call from a Gateway credit clerk
JOSIE LANE
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Once the loan is processed, a Gateway representative will call and let you know if the loan has been approved.
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Sign relevant documents for disbursement
Visit the Gateway branch to sign relevant documents for loan disbursement.
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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.