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Am
I Eligible?
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As a member of hmcstaff you are eligible to apply for a
New Car
loan.
The New Car credit
facility
approval is dependant upon credit approval
criteria and a Debt Repayment Capacity of
less than 40%.
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What
are the items of special criteria to qualify for a New Car
Loan?
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The minimum amount for
a New Car loan is $15,000 with a deposit of 20% and is
subject to special lending criteria.
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What
can I use my New Car for?
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Your New Car loan can only be used to purchase a brand new motor vehicle.
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What
type of security is required for my New Car loan?
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Your New Car loan is to be secured by way of a Bill of Sale or Goods
Mortgage over a vehicle that has travelled less than 1,000 kilometres
and that is being purchased through a motor vehicle dealer.
Other
forms of security, including Personal Guarantees, Third Party Property
Guarantees and Script will not be considered.
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How
do I repay my New Car loan?
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Your New Car can be repaid in any
of the following ways:
- Direct - have part, or all, of your pay deposited directly into your
account,
- Direct Credit - interest payments, dividends, rental income and
pensions,
- using
QuickDebit
to draw on your account at an other financial institution.
- Cash or Cheque lodged
using Giropost,
- Transfers from existing accounts.
With a New Car loan account you are not penalised for
making extra or lump sum repayments.
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How
will my New Car loan
be funded?
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Once
the loan is approved and loan documentation has been completed your loan
funds will be transferred electronically or sent by cheque to the motor
vehicle vendor.
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How
do I apply?
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Application
Form to print.
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What
is the current interest rate?
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The current rate is 9.40%
pa and the rate will fluctuate from time to time depending upon
prevailing interest rate trends.
A penalty rate of
interest will be applied to the balance of the facility in the event
that a payment is not received by the due date.
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How
is interest calculated?
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Interest
is calculated on the daily balance and will be debited to your account
on the last day of each month.
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What
is the Comparison Rate?
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The comparison rate is
identical to the annual percentage rate because your
Credit Union absorbs both the establishment fee and establishment costs
(other than insurance premiums, if applicable).
Special waiver provisions
apply for this concession.
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What
fees and charges apply to my New Car loan?
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An
establishment fee of $100 applies subject to special waiver provisions.
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Fee waiver Option |
The establishment fee and discharge
administration fee are waived and
will only be charged if the loan is paid out for any reason within one (1) year
of funding if the loan is for less than $10,000 or within two (2) years of
funding if the loan is for more than $10,000. |
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How
often will I receive information on my New Car loan?
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Account statements will
be sent to you each six (6) months unless you also hold a Self Service
Loan in which case statement will be forwarded quarterly.
You
can check the details of your New Car loan account at
any time using Online or Phone Banking facility.
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