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 100% financing and up to 11 years to repay, you'll travel in style and repay in comfort.

Fact Sheet

Term of Loan: The maximum repayment period of a motor vehicle loan is 11 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:

Loan Rates

Current Auto Promotion

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Rates are on the reducing balance
Rates subject to change without notice

2023 Motor Vehicle Promotion

Rates are on the reducing balance. Rates subject to change without notice.

Age
Share Requirement
Months (to repay)
Rates (per annum)
New
12.5%
132
6.95%
1 Year
12.5%
120
6.95%
2 Years

12.5%

108
7.95%

3 Years

12.5%

96
7.95%

4 Years

12.5%

84
8.95%

5 Years

12.5%

72

8.95%

6 Years

30%

60

9.50%

7 Years

50%

54

10.50%

8 Years

50%

32

11.50%

9 Years

60%

30

12.50%

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.

Conditions apply.

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
    Tele: 876-7546862/6861
  • 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