Kingston, Jamaica: December 1, 2009 -To help alleviate the financial pressures being faced by both existing and potential members, Churches Cooperative Credit Union (CCCU) has slashed its interest rates and reduced its service charges on motor vehicle loans.
The company recently announced its “Motor Vehicle Loan Sale” which offers interest rates as low as 19.95% as well as favourable terms and conditions to help consumers negotiate the current economic conditions.
To make it easier for customers to access financing CCCU has reduced commitment and processing fees for car loans by as much as 50% and the company is offering up to 100% financing even for vehicles that are 10 years and older.
In addition, customers can get as much as 84 months to repay loans for vehicles that are one year old or less, or up to 60 months to pay for vehicles that are between one and six years old. Customers also have the option of getting financing for their insurance premiums by adding it to their car loan.
“We know that the current recession has everyone thinking twice about spending money on major items but at the same time a car is an absolute necessity for so many people so we have adjusted our rates and the terms and conditions of our loans to make it easier for people to acquire vehicles even in these challenging times,” said Juven Montague-Anderson Manager –Marketing & Public Relations at CCCU.
She continued, “Churches has always been a financial institution that believes in acting in the best interests of our members and customers and even in a financial crunch, we will not lose sight of this”.
For most of the year the CCCU has been on an aggressive drive to give back to its members, the less fortunate and the wider community in spite of the economic recession. In April the Credit Union launched its “Season of Giving” and unveiled an ambitious agenda to provide financial support for several philanthropic initiatives and social outreach projects.
“For CCCU the recession has always meant that there would be greater need among our members, within our communities and also among the less fortunate, so rather than seeing it as a time to cut back we have seen it as a time to give more,” Mrs. Anderson said.
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