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
Vehicle Loan
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:-
- engine & chassis numbers and vehicle registration number
- year, colour and model of vehicle
- 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.
- 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
- 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