Loan Policy

Revised Loan Policy

We invite you to call any of the following loan officers for any clarification or further updates on our offerings:
Monique McLean	932-3508
Camille Cadogan	932-3496

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Maximum Secured Loan Amount

We have also increased the maximum loan amount an individual can access from $4Million to $10Million.

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Motor Vehicle Loan Policy

Effective October 10, 2022, the following motor vehicle policy will apply:

Year of vehicle	%age Financing  (lower of Market Value or purchase price)	Proposed  Interest rate	Proposed  max term
2022-2021(New – 1 year old)	100	7.5%	120 -108 months
2020-2019 (2 -3 years old)	100	8.25%	96 -84 months
2018-2017 (4-5 years old)	100	8.50%	72-60 months
2016  (6 years old)	80	9.00%	48 months
2015    (7 years old)	70	9.00%	36 months
2014    (8 years old)	65	9.00%	24 months
2013   (9 years old)	60	9.00%	18 months
2012  (10 years old)	50	9.00%	12 months

 

Extended repayment Option 1

Where a  percentage of the loan is secured with savings, the term of the loan can be extended as follows:
- 10% to 30% : add maximum of 18 months
- Greater than 30% - 50% : add maximum of 24 months
- Greater than 50% - 80% : add maximum of 30 months
- Greater than 80% : add maximum of 36 months

 Please note that motor vehicles older than 10 years will not be accepted by the Credit Union as collateral and subject to above policy, the maximum repayment term on any vehicle shall be 120 months.

 

Option 2

Members can benefit from increased repayment periods of up to 12 months where there is no cash included in the collateral. The applicable interest rate will be 1% higher than current rate.

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