We offer Vehicle Loans for new and used vehicles. Requirements are:

 

New Vehicles

• An invoice from garage/letter from vendor confirming purchase price as well as details of the vehicle. Details at minimum shall include the following:-

  1. engine & chassis numbers and vehicle registration number
  2. year, colour and model of vehicle
  3. confirmation of comprehensive insurance coverage from an Insurance company.

 

Used Vehicles

  • A letter of certification of ownership from the vendor confirming that the vehicle is free from prior charges, loans, judgements; or where the vehicle is encumbered or subject to an existing loan, confirmation of balances should be provided.
  • Confirmation of payment of comprehensive insurance or coverage of third party insurance or quotation for insurance premium.
  • A valuation report not more than two (2) months old from an authorised dealer.
  • A valuation report not more than two (2) months old from an authorised dealer.
  • An up-to-date Road Worthy Certificate from an authorised dealer or Government Agency.
  • A current Insurance Cover Note in the name of the seller or current Insurance Certificate.
  • A letter from the seller confirming the intent to sell and the price.

 

Vehicle Repair & Insurance Loans

If you need a loan for vehicle repairs, an estimate of expenses to be incurred is required. For a loan to cover vehicle insurance, an invoice from the insurance company is required.

 

Acceptable Collateral

  • Fixed Deposit
  • Savings account
  • Registered mortgage over real estate
  • Insurance policy (70% of cash surrender value)
  • Bill of sale over motor vehicle
  • Membership shares
  • Government Savings Bond
  • Government Treasury Notes
  • Guarantee

If self-employed:

  • Financials prepared and stamped by a certified chartered Accountant
  • Income & expenditure statement
  • Balance sheet
  • Cash flow statement
  • Cash flow projections (for at least three years)
  • Taxpayer Identification Number Card (TIN)
  • Valid ID (Driver’s License, Barbados Identification Card, Passport)
  • Completed application form with contact information for 2 relatives & references
  • Up-to-date utility bill for current address (Proof of Address)
  • Supporting documents for stated purpose of loan
  • Statements of all liabilities and deposits

Mission Statement

We The Light & Power Employees' Co-operative Credit Union Ltd. are committed to providing quality financial products and services to meet the needs of our members, with the highest level of integrity.

  • Hours of Business

    Monday-Friday 8:00am-4:45pm
    Closed on Saturday,Sunday & Public holidays


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