FAQs

• Do I have to be a Credit Union member to take out a loan?
• How much can I borrow?
• How do I make repayments on the loan?
• How often will I receive information on my account?
• What security is required?
• What happens if I get sick, have an accident or lose my job?
• Do I need to take out insurance on my loan?
• Do I need to take out insurance on my vehicle?
• Is a redraw facility available?

Do I have to be a Credit Union member to take out a loan?

CAPE Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of CAPE Credit Union to have a loan. Learn more about becoming a member. ^

How much can I borrow?

Wish to calculate how much you could borrow? Use our Loan Calculator. ^

How do I make repayments on the loan?

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or telephone banking transfer and at any of our branches. Learn more about these repayment methods. ^

How often will I receive information on my account?

Statements are produced three monthly or more frequently on request. Duplicate statements can be requested at any time from our office. Account Balances and Statements are also available through our Internet and Phone banking services. ^

What security is required to take out a Car Loan?

We may take a Bill of Sale over your vehicle as security. To enable this to be registered with REVS there will be a small fee involved. ^

What happens if I get sick, have an accident or lose my job?

The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. Learn more about our Loan Repayment Insurance. ^

Do I need to take out insurance on my loan?

It is recommended that you take out insurance on your loan, although not compulsory, it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Repayment Insurance. ^

Do I need to take out insurance on my vehicle?

If CAPE Credit Union has taken security over your vehicle, you will be required to have the vehicle comprehensively insured. Credit Union can offer a quote on your vehicle before purchase to make the loan process more efficient. ^

Is a redraw facility available?

CAPE Credit Union gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. You need to have your loan in advance by at least a total of 1 months repayments. This facility allows you to park extra funds on your loan, thus saving you interest and then redrawing them as required. ^

More Information

• For a copy of the Credit Guide
• Get in touch with one of our friendly staff - we'd be happy to answer any questions you may have
• Use our Loan Calculator to work out what loan is right for you

Apply

Apply for a car loan

Questions?

If you have any questions, please contact us