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Tel: 028 71 266738 Email: info@derrycu.com

Loans Car Loan

Key Product Information for our Car Loan

Loans over £2,500

8% APR

Interest rate

0.64% per month on the reducing balance.

Interest charging information

Interest rate is calculated on the reducing balance and interest accrues daily.

Repayment information

Repayment by standing order.

Repayment period

The maximum loan term is 120 months and must be repaid in full by your 75th birthday.

Amount of loan available

You can borrow up to £15,000 maximum above your shares in total.

Pre-approval

You can apply for a pre purchase quote. We will hold this decision for 30 days to allow our members to secure the best possible deal.

Condition of approval

Cheque or Electronic Funds Transfer (EFT) must be made payable directly to the dealership or approved car retailer.

Decisions

We aim to have a decision on approval within 24 hours of submitting all necessary information.

Interest rebate

Interest rebate is guaranteed on this product until 2018.

Early settlement

You can repay the loan at any time fully or partially without charge. Any additional payments or lump sums will be applied to the cheapest loan first.

Requirements

Memberís loan must be capable of being insured by ECCU at point of application and at point of issue.

Re-finance

You may use your Car Loan to clear any outstanding car finance external to Derry Credit Union. Redemption documentation will be required. Cheque or EFT made payable directly to current finance provider.

Offer Period

This offer is available for a limited time only, Derry Credit Union reserves the right to withdraw this product at any point in time. Withdrawal of product will not affect any outstanding car loans.


Terms and Conditions

These terms and conditions are for reference only; full details of interest and total amount payable is included in your credit agreement provided on loan issue.

The product

The interest rate on the Car Loan is calculated on the reducing balance with a maximum 10 year repayment plan. The loan must be repaid in full by your 75th birthday. The amount available will be determined by a credit check and the submission of bank statements confirming your ability to repay the loan over the agreed timeframe. The minimum loan amount is £2,500. The total maximum loan amount is £15,000 above shares.

Interest Charges

∑         8% APR representative

∑         4.33% flat rate representative

∑         Interest will be calculated at 0.64% per month on the reducing balance.

∑         Interest accrues daily.

∑         Interest rebate guaranteed until 2018.

∑         You can repay the loan at any time, fully or partially, without charge.

 

General Information

∑         Derry Credit Union will make enquiries about your financial affairs.

∑         You will be asked to submit bank statements and sign for an Experian credit check.

∑         All loans, including Car Loans, are subject to affordability.

∑         The credit committee will use their discretion if you apply to avail of multiple loan products.

∑         Your Car Loan must be for your own use.

∑         The Car Loan is available to all members but must be cleared before your 75th birthday. (subject to terms and conditions).

∑         Your Car Loan must be capable of being insured by ECCU at point of application and at point of issue.

∑         You can apply for a pre-purchase quote. We will hold this decision for 30 days to allow you to secure the best possible deal.

∑         Proof of purchase is required and cheques / Electronic Funds Transfer (EFT) will be made payable directly to a dealership, approved car retailer or finance company.

∑         You may use your Car Loan to clear any outstanding car finance external to Derry Credit Union. Redemption document will be required. Cheque or EFT will be made payable directly to your current finance provider.

∑         Cleared finance must be in your name and you must be the registered owner of the vehicle.

∑         The Car Loan product will be available for a limited period only.

∑         Derry Credit Union may withdraw this loan product at any stage.

∑         If you miss a Car Loan repayment Credit Control staff will intervene to recover the outstanding balance.

∑         This is a legally binding contract.  If you fail to comply with its terms you may render yourself liable to further action, which may include court action.  You will be required to pay any legal expense accrued.

∑         For lump sum repayments the balance will reduce on your lower rate loan first.

∑         If the car is sold or an insurance claim made, the funds should be repaid off the car loan.

Method of Payment

Derry Credit Union is authorised to apply payments as specified in the Car Loan credit agreement until all moneys due are repaid. Repayment is to be made via standing order, with exceptions made only in special circumstances.  

 

Insurance

The Car Loan will be insured under the terms and conditions of the ECCU Loan Protection Insurance scheme. Loan Protection Insurance will cease on the anniversary of your 75th birth date less one day. For members over the age of 70 years, additional health insurance cover is required and this is subject to ECCU approval. Loan Protection Insurance is only provided for members who are in good health at the time of the loan being issued. When you apply for pre-approval we require that all health forms be completed at point of application and at point of issue.

 

Termination

Derry Credit Union may terminate the Car Loan agreement and demand immediate repayment of all sums due if:

∑         You fail in any material respect to keep any part of the Car Loan agreement.

∑         You deliberately give false or inaccurate information.

∑         You are subject of a court action which has the effect of taking away from you control of the whole or a substantial part of your assets.

Complaints

Derry Credit Union has an internal complaints procedure; full details are available on request. If Derry Credit Union is unable to resolve any complaint through its internal procedure, you may take your complaint to the Financial Services Ombudsman.

 

Derry Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 574104). For a limited period only (T&Cís apply).

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  • Derry Credit Union
  • Tel: 028 71 266738
  • Fax: 028 71 372144
  • Email: info@derrycu.com
  • Web: http://www.derrycu.com
Derry Credit Union LImited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 574104)