Product Description
Own-A-Car Loan is intended to finance purchase of brand new vehicles:
Loan Maximum: 80% of the cost of a new vehicle, not to exceed $100,000.00
60-month maximum term
Payment frequency: monthly, semi-monthly
Recipients: Members with a steady source of income whose borrowers are classified as A, B, or C+, who have the required share capital, and are willing to open a Power Savings account.
Documentary Prerequisites
- Proof of Residence or Other Property Ownership if renting an apartment or living with parents for at least five (5) years within the area of operation
- The applicant’s permanent address must include a provision for a garage.
- A quote from a car/vehicle dealer
- Proof of income, such as employment certification, a business permit, invoices, bank statements, proof of billing, and so on, depending on the nature of the work.
- Proper identification
