Car Loan

Does your bank GUARANTEE your car loan rate?

At SPCU your loan rate is Guaranteed

Loan calculator

Our Car Loan is available to all members who have made at least one payment by salary deduction or direct debit to their membership account.

This is a separate loan from our Standard Loan and is specifically designed for the purpose of purchasing a motor vehicle. This way you know exactly when your loan finishes or how much is left to pay when the time comes to renew your vehicle.

If your loan is approved we can transfer your loan funds directly to your bank account using the faster payments system or we can issue a cheque payable to yourself or a third party if you wish.

Alternatively, for your convenience we can pay the car dealership from which you purchase your car directly.

Please note all applications are subject to approval and we recommend you have your finance in place before committing yourself to any car purchase.

Payment Waiver (applicable to all Car Loans from 15/01/14)

Payment waiver is our great loan insurance cover and comes as a feature of your Special Car Loan at no extra cost to you. If you are unable to work due to an accident or sickness you can claim on your payment waiver insurance to make your loan repayments for up to 18 months (terms & conditions apply). This means no arrears build up, your credit rating is not affected and your loan continues to reduce while you are off work. Ask about Payment Waiver when applying for your Special Car Loan.

Interest rates range from 6.9% to 17.9% APR dependant on the amount you wish to borrow.

Remember we do not use representative rates, the rates are applicable to the amount you borrow and all successful applications get the rate we quote, therefore while we cannot guarantee your loan will be approved we can guarantee the rate you will be charged.

To see how much a car loan from your Credit Union will cost you contact our loans team on 0141 771 1314 and choose option 1

Did you know?

  • Your Car Loan comes with Free Payment Waiver, our great accident and sickness insurance cover. (Terms and Conditions apply)
  • Interest on your loan is charged on a daily basis on the reducing balance each month.
  • There are no administration fees for the set up or early repayment of your loan.
  • Your loan is insured at no cost to you, covering death and total & permanent disability (Terms & Conditions apply). Repayment periods can be up to 5 years.

Cancellation Policy

If you wish to cancel your loan application prior to approval, just let us know you no longer wish to proceed and it will be removed.

However, if your loan has been approved and loan funds have been allocated to your loan account, the following conditions apply under the Distance Marketing Directive.

Loan applications not completed in person at our office can be cancelled in writing within 14 days of signing your loan agreement and any funds paid to you must be refunded to the Credit Union within 30 days of cancellation.

Loans completed in person in our office cannot be cancelled under the Distance Marketing Directive. If you change your mind, you simply repay the full amount owing together with any interest due, as agreed.


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