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Car Loan FAQs

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Do I have to be a member of Endeavour Mutual Bank to take out a loan?

To apply for a loan, you DO NOT have to be a member of Endeavour Mutual Bank Ltd. However, as Endeavour Mutual Bank is a mutual bank, it is owned by its members, each one of whom is a shareholder. You therefore must be a member if you wish to take out the loan. To become a member, please click here and follow the prompts. ^

How much can I borrow?

Would you like to calculate how much you may be able to borrow? Use our Borrowing Power 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, at any of our branches or by a transfer from another financial institution. Learn more about these methods of repayment. ^

How often will I receive information on my account?

Statements are produced at least every six months. Additional or duplicate statements can be requested at anytime from our office. Account information also available through our Internet banking, our mobile app and Phone banking services. ^

What security is required?

The security required will depend upon your individual circumstances. Examples of the type of security we may require are a mortgage over property and a Bill of Sale over an asset such as a motor vehicle. A fee is payable where this is required. ^

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?

It is recommended that you take out insurance on your loan. Although it is 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. ^

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