Important Weather Announcement
We wish to advise our members that the credit union will be closed on Monday July 1st, due to Hurricane Beryl. We will advise on the reopening of the credit union after the all clear has been given and the assessment of the office has been completed.
Please monitor our social media pages such as Facebook, Instagram and our Website at www.lpecu.bb for updates.
We apologize for any inconvenience caused. Please stay safe during the passing of this hurricane.
Light and Power Employees Co-operative Credit Union Ltd- Committed to Total Member Satisfaction
POWER-UP VEHICLE LOANS
Drive into the New Year in Style and Comfort!
Take charge of your future with LPECCUL’s Power Up Vehicle Loans, designed to make vehicle ownership more accessible, secure, and convenient than ever. Whether you’re buying new, upgrading, or refinancing, we have the perfect solution.
Why Choose Power Up Vehicle Loans?
At LPECCUL, we’re here to make your holidays brighter and stress-free. Our Power Up Vehicle Loans make it easy and affordable to own your very own vehicle. We offer:
- Competitive Loan Rates: 4% interest for new vehicles and used vehicles up to 4 years old.
- Flexible Terms: Customised repayment options tailored to your needs. Up to 10 years repayment plans.
Vehicle Loan Requirements – 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:-
- Engine & chassis numbers and vehicle registration number
- Year, colour and model of vehicle
- Confirmation of comprehensive insurance coverage from an Insurance company.
Vehicle Loan Requirements – 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.
- A quotation for insurance premium or Confirmation of payment of comprehensive insurance or coverage of third-party insurance
- 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 Registration Certificate (license disc) of the vehicle seller
- A letter from the seller confirming the intent to sell and the price.
- Used vehicles 4 years and older have an 8% interest rate
Application Requirements:
- Membership: All applicants should be active members of the LPECCUL
- Application Period: Submit completed application between 2nd December 2024 and 31st January 2025. View form – HERE
- Job Letter: Proof of employment
- Income Verification: Provide 2 months’ pay slips or proof of income
- Valid ID: Driver’s License, National ID or passport
- 10% Shares: Have at least 10% share value of the requested loan amount
Application Requirements (Self-employed Persons):
- Membership: All applicants should be active members of the LPECCUL
- Application Period: Submit completed application between 2nd December 2024 and 31st January 2025.
- 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
