The Motor Vehicle Loan provides up to 95% financing on new private 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 95% financing on new motor vehicles, trucks, tractors or trailers, both private and commercial.
What You Need To Know
Up To
95% of Private Motor Vehicles
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 Business owners wishing to purchase a vehicle
Cornwall Business owners wishing to purchase a truck or trailer for a distribution purpose
Cornwall residents wishing to purchase a new personal vehicle or truck
Cornwall farmers wishing to purchase a Tractor
Cornwall 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
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Passport sized pictures
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Sales Agreement or Pro Forma Invoice from Car Dealer/Vendor
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Valuation Report
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Copy of Motor Vehicle Title/ Import Entry Document
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Copy of Fitness and Registration Certificates
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Insurance Quotation (Comprehensive Only)
-
Road Permit (for vehicles that will be used for commercial purpose)
