Vehicle Loans
A vehicle loan is a loan used to purchase an automobile. This type of loan is secured, which means the vehicle serves as collateral on the debt.
Owning your own vehicle for convenience, business or leisure is easy at TECU.
Our lending specialists are attentive to every member’s specific needs and provide a suite of options for you.
Interest Rate*
New Vehicles
0.49-0.6%
Foreign-used/Local/Pre-owned Vehicles
0.75%
Repayment Period
New Vehicles
8 years
Foreign-used/Local/Pre-owned Vehicles
5 years
Loan Ceiling
There is no limit on the amount to be requested.
Loan Requirements
- Two forms of valid government issued I.D.
- Utility Bill (not older than 3 months)
- Evidence of Income (Payslip- not older than 1 month & Job Letter- not older than 3 months)
- Supporting document for the purpose of loan
- Shareholding (New Vehicle): 0-10%
- Shareholding (R.O.R.O. / Used): 15%
Loan Protection
TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:
| Age | Coverage |
|---|---|
| 1-75 years | $150,000.00 |
| 76-80 years | $75,000.00 |
| 81-85 years | $37,500.00 |
| 86 years and over | $0.00 |
Call us today for up-to-date rates. Ask for a Loans Officer, who will be more than willing to assist you.
Ready to apply?
Apply for a Vehicle Loan online.
Make an appointment with a Lending Specialist.
How much can I borrow?
With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.
Note: Mobile and tablet users may experience minor
usability issues with the calculators.
Helpful hints in securing a loan
Build your borrowing capacity
- Present shareholding and frequency of contribution towards shares
- Assets such as property, vehicles, savings at other financial institutions and Liabilities i.e. other loans/ debts
- Employment status and history
- Your Shareholding and share buildup within the credit union
- Your Share to Loan Ratio, which is your total shares divided by the total loans that are currently outstanding (Shares/Loans)
- Your existing loan balance and your indebtedness
- Savings, Borrowing and Repayment History within the credit union
- The primary purpose of the loan
- Your age, current salary, employment status and duration of membership
- The availability of adequate and marketable security and other assets
