Who is this loan for?
This loan is for you if you are:
- looking to purchase a vehicle and need to borrow between £5,000 and £25,000 or
- reaching the end of a Personal Contract Plan and you need to make a balloon payment in excess of £5000 and
- working for an employer (see the list below) who will send us the loan repayment direct from your salary or stipend or
- in receipt of a pension from a previous employer who will send us the repayment direct from your pension.
Before you apply
Car loans must be used to purchase a vehicle (not always but usually a car) and we will ask you to provide proof of purchase within 28 days of the loan agreement. We do not require information regarding the vehicle you intend to purchase but we do advise you to buy wisely, obtain an HPI check and use a reputable dealer. Credit Union car loans are usually made over four years and you should expect the vehicle to be roadworthy for the length of the term.
The following employers are currently part of the payroll deduction scheme:
- Methodist Connexion and Methodist Ministers
- Church of England Church Commissioners
- Church of England NCIs
- Church of England Pensions Board
- Church of Scotland and Crossreach
- Church in Wales
- Diocese of Oxford
- Diocese of Salisbury MAT
- St Vincent de Paul Society
- United Reformed Church
- RC Diocese of Westminster
- Aletheia Anglican Academies Trust
- The Springfield Project, Birmingham
- The Good Shepherd MAT
If you are not employed by an employer on this list, please use the application details on the Personal Loan page to apply for a loan for a car.
If you are not an existing member of Churches Mutual please check your eligibility before completing the application form.
HOW WE ASSESS AFFORDABILITY
Churches Mutual now uses ‘Open Banking’ to assist us in assessing the affordability of the loans we make. This means that in most cases it will no longer be necessary to send us bank statements in support of your application (unfortunately the Co-operative Bank is the main exception to this), instead you will receive an email with a link that enables you to give permission for us to download a report to help us with assessing the amount of income you have available to repay a loan. If Open Banking is new to you Martin Lewis has a good introduction on his website: https://www.moneysavingexpert.com/banking/open-banking/
If you cannot or do not wish to use open banking please provide banks statements in the usual way.