We finance vehicles up to 9 years old, ensuring that you can choose the car, SUV or truck that's just right for you. With up to 95% financing and 8 years to repay, you'll travel in style and repay in comfort.
Term of Loan: The maximum repayment period of a motor vehicle loan is 8 years. Where the motor vehicle is being used as security, the repayment period is largely dependent on the age of the car and the amount being loaned. As a rule, the loan period will not go beyond the ten-year age limit of the car.
Maximum Loan: The maximum motor vehicle loan available will depend primarily on your ability to repay and your credit ratings. Generally we grant a loan to the tune of eight times your shares provided of course it can be fully secured. What this means is whatever your total loan is, one-eighth of that amount should be on your Shares Account.
Service Charge: There is a low processing fee for the loan as well as the SIPPA cost of $4,500 + G.C.T.
Using The Vehicle As Collateral: The age of the vehicle will determine the percentage of its value that will be used as security for the loan. The market value or the purchase price (whichever is less) is used as the optimum value. Please be guided by the chart below:
Rates are on the reducing balance. Rates subject to change without notice.
Portion (Used as Security)
Months (to repay)
Rates (per annum)
Other Collateral: You can be granted a loan for the expressed purpose of purchasing a car without having to use the car as security. Other collateral accepted are shares and other funds held at IECCU, cash instruments held at other financial institutions, co-makers, real estate or any other security deemed appropriate by the Credit Union. It is of importance to note, that where real estate is used, the process can be a very lengthy one.
Terms & conditions may change without notice.
Where the motor vehicle is being used as security for the loan, the following documents will be required:
- Properly completed loan application & agreement form
- Properly completed SIPPA Agreement
- Sales Invoice
- Valuation Report
- Proof of Income
- Valid Government ID
- Proof of Address
- Motor Vehicle Title or completed application for MV Title
- Motor Vehicle certificate of fitness
- Motor Vehicle Registration
- Copy of Custom Clearance Documents (vehicle being registered for the first time)
The following are our approved motor vehicle assessors and valuators:
- Automobile Valuation Consultants
28 haring road, Kingston 5
- Advance Insurance Adjusters LTD
18 South Avenue, Kingston 10
Tele: 876- 926-0960 / 929-4718
- Reliable Loss Adjusters LTD
36-40 Fort Street, Montego Bay
Tele: 876- 940-6789 / 940-3684
- Lloyd’s Insurance Adjusters LTD
3 South Avenue, Kingston 10
Tele: 876-926-4479 / 926-4482
- MSC McKay & Associates
27 Lady Musgrave Road, Kingston 10
Tele: 876-978-9871-9 / 684-9706 (Mobay ) / 684-9227 (Mobay)
- Mendez Livingstone Incorporated LTD.
7 Goodwood Terrace, Kingston 10
Tele: 876-924-4859 / 924-5600
- Auto Assessors & Associates
17 Roosevelt Avenue, Kingston 6
Tele: 876-978-7785 / 978-6342
- National Loss Adjusters LTD
19c Dudley Kassin Drive, Montego Bay
Tele: 876-952-6125 / 952-6364