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A Vehicle for
Everyone Loan

Standard requirements for all loans in this category:

  1. Member must be employed at least 2 yrs. with the same company – evidenced by up-to-date job letter and addressed to AGECU.

  2. Recent payslip (no more than 2 months old).

  3. Recent proof of Address - Utility Bill/Bank Statement (no more than 3 months old). Must be in member’s name or accompanied by a letter and ID from the owner.

  4. TransUnion search to be done – cost to be borne by member.

  5. Title search to be conducted where applicable – cost to be borne by the member.
    *Member can conduct their own title search but it must be from an approved list of providers.

  6. Fully Comprehensive Insurance (with preferred insurers) assigned to AGECU must be maintained for the duration of the loan.

  7. Valuation on Vehicle* required at specified intervals where applicable by one of the following:

    • Motor Critic
    • Twin Isle Adjusters
    • Cariclaims

    *Vehicles valued below $35,000 should not be used as collateral for the loan.

  8. An Instrument of Charge or Mortgage Bill of Sale to be executed. Member to bear cost – member can consider including cost of the MBS in their loan based on discussion/interview with credit committee

  9. Transfer slip to be signed by the member before loan disbursement for vehicles being held as collateral by the AGECU

  10. The minimum value of vehicles for consideration is $50,000

  11. Members are not allowed to have multiple AVE loans at the same time. A member will only be eligible for a “new” AVE loan after:

    • The existing AVE loan has been repaid
    • The initial, agreed upon, duration of the loan has expired.

    However, a member who wishes to pay off his/her loan before the period has expired may be allowed to do so under the following conditions:

    • After at least 50% of the period of time has elapsed on the loan.
    • The member does not use his/her shares to ‘contra’ the loan.
    • The member must not have taken another loan from an external source to repay the loan.

  12. No processing/administrative fees.

  13. Categories:

    A – Dealership Deal (NEW VEHICLES)

    • Up to 100% financing
    • Vehicle held as collateral
    • Max repayment period 7 years
    • A pro forma invoice from a Registered dealer (should include chassis number, engine number, make, model, colour, etc.)
    • Valuation due every 3 years and no more than 3 months old.
    • Payment will be made to dealer only
    • Insurance Quotation (Fully Comprehensive)
    • Insurance Letter


    B – Road Ready (roll on/roll off foreign used vehicle) Up to 100% financing
    • Max repayment period 6 years.
    • A pro forma invoice from a registered dealer (should include chassis number, engine number, make, model, colour, etc.) OR
    • Valid quote from foreign seller. Final disbursement will only be provided upon provision of shipping documents.
    • Recent valuation by listed valuators.
    • Valuation due every 3 years and no more than 3 months old.
    • Vehicle maximum age 3 years.
    • Insurance Letter
    • Payment will be made to dealer in the case of a local seller or to the member if using a foreign seller. However, final disbursement will only be provided upon provision of shipping documents if using a foreign seller.


    C – Local Used/Pre-Owned Vehicle

    1. Less than 4 yrs old - Up to 100% financing (cost or market value of the vehicle, whichever is lower). Max repayment period 5 years.

    2. More than 4 yrs old - Up to 100% financing (cost or market value of the vehicle, whichever is lower). Max repayment period 5 years.
    • A pro forma invoice and/or sales agreement from a registered owner (should include chassis number, engine number, make, model, colour, etc.)
    • Recent certified copy (No older than 6 months)
    • Title search to be conducted by AGECU representative (estimated cost to be paid upon application.)
    • Recent valuation by listed valuators.
    • Valuation due every 2 years and no more than 3 months old.
    • Letter of Comfort will be issued upon approval of loan.
    • Insurance Letter
    • Payment will be made to seller/registered owner and will only be disbursed upon evidence of transfer & signing of IOC or MBS by member.

CONTACT US SEE LOAN POLICY