Churches Cooperative Credit Union (CCCU) says that the financial pressures being faced by both existing and potential members have caused it to slash its interest rates and reduce its service charges on motor vehicle loans.

“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 of our loans to make it easier for people to acquire vehicles even in these challenging times,” marketing and public relations manager Juven Montague-Anderson said.

The Kingston-based credit union recently announced its Motor Vehicle Loan Sale, which offers interest rates as low as 19.95 per cent as well as “more 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 per cent. At the same time, the company is offering up to 100 per cent financing even for vehicles 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, CCCU said in a release.

Anderson said that Churches has always been a financial institution that believed in acting in the best interests of its members and customers, and even in a financial crunch the credit union would not lose sight of its functions.

“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,” Anderson remarked.

The CCCU also announced that it will be granting a waiver on principal payments for both secured and unsecured loans during December with members required to make only interest payments as long as their loan payments are up to date.

To take advantage of the offer, the CCCU says that members need only to indicate their acceptance by signing a waiver form which is available at any branch islandwide.