To obtain a vehicle loan from the Grenville Credit Union you will need the following:

Documents

• Professional valuation, preferably by the credit union’s approved assessor
• Pro-forma invoice from the auto dealer/vendor
• Pro-forma invoice from an insurance company stating the annual insurance premium
• Confirmation of ownership
• Letter of intent sale (Sale Agreement)
• Security and Collateral

Bill of sale

• Assignment of insurance Comprehensive (preferred)
• Other forms of collaterals may be considered, e.g.: Deed of Further Charge, Mortgage, Cash, etc.
• All Collaterals pledge, Along with comprehensive insurance assignment must be consistent with repayment period.

Deposit

Owner Driven 25{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}

Third Party Driven 35{faf1b84c3a2be60a8477597cddd7dccac1ff0bb474bb0bcfd7c46614efd20396}

Amortization

New vehicles 8 years

Other used vehicles 4 years

General Criteria

Valid Photo Identification Documents such as Passport and National Insurance Card along with proof of residence and citizen ship in the case of Non-citizens. A Job letter and recent pay slip dated no more than 6 months, Statement of all existing debts/loans and savings/investments accounts, including credit cards. Site visits to verify location of land and construction process.

The Board approval must be sort when considering other forms of collateral and where Board decision made on other conditions, interest rate shall be adjusted accordingly.