Latest Loan Rates

Get more out of your money with our fantastic loan rates.

LOAN TYPE INTEREST RATE (Reducing Balance)
New Vehicle 0.49%-0.6%
Character 1%
RORO/Used Vehicle 1%
1ST Mortgage 0.5%
2ND Mortgage 0.58%
Fully-secured 0.75%

All rates are subject to change without notice.

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

1%

* All Interest rates calculated on reducing balance. All rates are subject to change without notice.

Repayment Period

New Vehicles

8 years

Roll-on/roll-off (foreign-used) / Local used/pre-owned

5 years

Loan Ceiling

Like all TECU loans, there is no limit on the amount being requested.

Loan Requirements

  • Two forms of ID
  • Utility Bill
  • Evidence of Income (Payslip & Job Letter)
  • 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 loan online and get a response within 60 minutes (applicable during working hours).
Apply online

Make an appointment with a Lending Specialist.
Make an appointment

How much can I borrow?

With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.

New Vehicle Loan Calculator
Pre-owned Vehicle Loan CalculatorNote: Mobile and tablet users may experience minor usability issues with the calculators.

Helpful hints in securing a loan

Build your borrowing capacity

TECU Credit Union partners with you to make achieving all of life’s goals a reality. Our character and other loans are assessed based on your ability to service a loan in addition to the following credit worthy aspects:

  • 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