VEHICLE LOANS
Laborie Credit Union Logo
Laborie Branch  758.459.6900
Vieux-Fort Branch  758.459.6925
Laborie Co-operative Credit Union Ltd.
It’s time, isn’t it? Time to claim your share of the open road? Time to not be weighed down by the bus
system? We understand that all too well and we are here to offer you solutions. Whether it is your first
time, or you’re in the business, we offer vehicle loans to suit your preference of buying new or used.

Don’t know where to start? Come in and we will point you in the right direction. Compare interest rates
and find out what best suits you.

New Vehicle

A cash security will be 20% - 40% of the purchase price of the vehicle in addition to a Bill of Sale and
Comprehensive Insurance assigned to the Credit Union. The repayment period will not exceed 7 years.

Used Vehicle (Imported)

A cash security will be 30% - 40% of the purchase price of the vehicle in addition to a Bill of Sale and
Comprehensive Insurance assigned to the Credit Union. Repayment period will not exceed 5 years.

Used Vehicle (driven locally)

A cash security will be 30% - 40% of the purchase price of the vehicle in addition to a Bill of Sale and
Comprehensive Insurance assigned to the Credit Union. Where Comprehensive Insurance is not possible
a cash security of 50% will be acceptable. The repayment period will not exceed 3 years.

Other requirements include:
•  Letter from employer stating length of service
•  Required Share Deposit
•  If Self - Employed, Evidence of Income
•  Latest Salary Slip
•  Recent valuation of vehicle from certified garage
•  Quotation from insurance
•  Vendor's letter stating price and willingness to sell and whether any financial institution has an
     interest in the vehicle
•  Copy of Vendor's certificate of vehicle registration
•  Vehicle Insurance assigned to the credit union
•  Copy of vehicle registration lodged with the credit union within 30 days of purchase of the
     vehicle
•  Funds for legal fees
•  Suitable Co-maker if necessary