Motor Loan
8% (8.3% APR)
- £5,000 - £40,000
- Up to 60 months (5 years)
Whether you're dreaming of an upgrade or your very first car, van, motorbike or camper van - Coalisland Credit Union has you covered. Enquire below to begin your journey to getting out on the road.
Loan Calculator
Maximum Loan Term :
8.3%
8.3%
8.3%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Currently the maximum loan limit is £75,000.
10% of loan amount requested is required in savings, for example loan value £5,000 requires £500 in savings. In some cases more than 10% is required.
All loans are subject to approval and complying with our Loan Policy. Terms and conditions apply. Whether an application is successful will depend on the affordability, loan history (if applicable) /character and pledged shares.
Our Loan Policy governs every loan application. Some of the elements of our Loan Policy are:
- Minimum age - You must be 18 years old or over to apply for a loan.
- Maximum loan - You can apply for a loan of up to current limit of £75,000.
- Affordability - You must be able to afford the loan. We are a responsible lender. We do not lend to members who will become over-indebted. Proof of income and affordability will be required.
- Loan purpose - Your loan must be for a productive, provident purpose. That means it must enhance the quality of your life.
- Attached/pledged shares - These shares are provided as collateral for the loan, the withdrawal of which require the approval of the Credit Committee while you still have a loan balance.
- Character - Your character - your savings and loan history - is your primary collateral. By saving regularly and repaying each loan as agreed, you increase the likelihood of future loans.
- Interview (For higher loan values) - To establish that you can repay each loan you apply for, we may conduct a loan interview. We will ask you about your income and expenses. We may also ask for additional information and documentation to further your application. With your agreement, we will carry out a credit reference check.
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Membership Made Easy
You can become a member online by simply downloading our mobile app. With advanced biometric facial verification, and the ability to submit proof of ID, we're offering you a safe and reliable way to become a member.
