Whether you’re shopping for a new or used personal or commercial vehicle the Grenville Co-operative Credit Union has the ideal vehicle loan package for you. You can get a new or used Vehicle loan for just about every type of transportation you could ever need.
To obtain a vehicle loan from the Grenville Credit Union you will need the following:
- 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.
Owner Driven 25%
Third Party Driven 35%
New vehicles 8 years
Other used vehicles 4 years
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.