Need More Info?
Or contact us on any of the following platforms:
Lucea Branch:
Montego Bay Branch:
Main Street,
6 Sam Sharpe Square
Lucea, Hanover.
Montego Bay, St. James.
(876) 619-0718-9
(876) 952-1190-2
Gateway Credit Union © copyright 2019. All rights reserved.
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Gateway will finance up to 95% on New Motor Vehicles.
These are the requirements for members who want to apply for a motor vehicle loan:
1. A valid driver’s license
2. Credit report from a credit bureau
3. Employment Letter
4. Three recent payslips, where using a guarantor, your payslips and employment letter must be presented
5. Passport sized picture
6. Sales Agreement or Pro Forma Invoice from Car Dealer/Vendor
7. Valuation Report
8. Copy of Motor Vehicle Title/ Import Entry Document
9. Copy of Fitness and Registration Certificates
10. Insurance Quotation (Comprehensive Only)
11. Road Permit (for vehicles that will be used for commercial purpose)
The loan application process will take about 3-5 business days so long as you provide us with all the necessary documentation.
No there is no prepayment penalty that is associated with early repayment for the motor vehicle loan at Gateway.
No it is not, you are able to obtain motor vehicle loans for both private and commercial vehicles. Members are also able to obtain a motor vehicle loan for Trucks, Trailers and Tractors (TTT).
The interest rate on the Motor Vehicle Loan ranges from 10-12% and this depends on the year and make of the vehicle.
The maximum amount of time you can get to repay your motor vehicle loan is 8 years.
Once your loan is approved and the necessary documents are taken to its respective places then the money would be disbursed to you.
Gateway offers motor vehicle loans for motor vehicles of up to 10 years and for Trucks, Tractors and Trailers (TTTs) up to 20 years old.
You do not need additional collateral for the motor vehicle loan. The motor vehicle would stand for itself.
The application fees that are required for the motor vehicle loan is 1.5% of the loan amount.
We offer up to 80% financing on TTT with up to 6 years to repay.
Frequently Asked Questions
I am very proud to say that I am a Credit Union member. Being a member gives me all the benefits that this institution has to offer. The staff are amazing and always willing to assist with a smile. I especially love the loans department; I had my loan granted within three days. Seriously, these people are here to help. Taimar Nelson helped me step by step for me to own my very first car. She is very professional. Within two years, I was back in her office again for my second loan, this time, a car for my wife. This time I had my loan approved within a day. I will, without doubt, always recommend Gateway to all my colleagues for a speedy car loan or even a loan for their dream home.
Mark Buddle
Gateway Member, Montego Bay
NEW CAR FOR OUR NEW FAMILY
01
Applicant must be an active member of Gateway to qualify for a car loan. This can be done by visiting our nearest branch and applying for our savings accounts.
Become a Member
02
After acquiring all the required documents, applicant's must visit any of our branches for an interview and complete a loan application form.
Visit Our Branch
03
Upon approval of the loan, the applicant will be ask to collect documents for delivery to the Vendor's Insurance Company and Tax Administration.
Deliver Documents
Car Loan Requirements
A valid driver’s license
3 Recent Payslips
Credit Report from a Credit Bureau
Employment Letter
Passport Sized Pictures
Sales Agreement or Pro Forma Invoice from Car Dealer
Valuation Report
Copy of Motor Vehicle Title/ Import Entry Document
Copy of Fitness Certificates
Insurance Quotation
Road Permit (Commercial)
Registration Certificates
04
Member will return with stamped copies of documents from Insurance Company and Tax Administration registering the Credit Union’s interest.
Return Documents
05
After all previous steps are completed the Credit Union will transfer all funds to the vendor’s account.
Transferal of Funds
Transparent & Easy Step by Step Process
At Gateway we believe in a transparent and well-guided application process. Get your Gateway car loan in as fast as 3-5 business days, just follow the simple steps below.
20
yrs
TTT Vehicles
Financing
up to
old
Invest Our Money,
Into Growing Your Business.
At Gateway we understand that it takes money to make money, so use ours to expand your business. We offer up to 95% financing on commercial vehicles that your company may need to grow. With competitive interest rates of 10-12% (depending on the year and make of the vehicle), with up to 8 years to repay your motor vehicle loan breathe easy and watch your money grow.
95
Financing
%
Up to
Growing
Your Business
Tractors, Trailors, Trucks.
We will finance up to 80% of the money you need, so that you can buy the tractor you need for your farm, the trailers you need for your transportation company and the truck you need for your construction company. For TTT's up to 20 years old Gateway will provide the loan you need to grow your business.
80
Financing
%
Up to
Secure Your
Dream Vehicle.
With up to 95% financing on all new motor vehicles apply for Gateway's personal car loan today and get the money you need to afford the car you deserve. At competitive interest rates of 10-12% (depending on the year and make of the vehicle), you will have up to 8 years to repay your car loan.
95
Financing
%
Up to
Secure Your
Dream Vehicle
A Car Loan For Anyone.
Are you ready to buy the car of your dreams? Or are you buying your first car? Or maybe you are buying a car for a loved one? At Gateway we offer loans for any model vehicle up to 10 years old.
10
yrs
Motor Vehicles
Financing
up to
old
WE ARE YOUR
GATEWAY
TO...
... YOUR DREAM VEHICLE
My experience at Gateway was quick and easy and the service was superb. My loan officer Taimar ensured that all the steps were followed in a methodical way and she was always available to answer questions and query. Once you have identified the vehicle, they will ensure that you have your loan and the payments at a rate that you can surely afford so you can be driving in no time! Visit them today!
Neteshia Rochester
Gateway Member
DRIVING ALREADY