Clergy Car Loans
Clergy Car Loans
All licensed clergy are eligible for a car loan provided by the Anglican Community Fund (ACF). Clergy should contact the ACF prior to making any commitment to purchase a car. The term of any loan from the Fund shall be a maximum of five (5) years for second-hand vehicles and a maximum of seven (7) years for new vehicles.
A minimum deposit to the equivalent of 15% of the purchase price of a second-hand vehicle will normally be provided by the applicant (independent of other borrowings that may occur) to assist with the cost of purchase, e.g., by way of trade-in allowance or cash deposit. No deposit is required for the purchase of new vehicles except if the value of the car exceeds the maximum loan amount, then a cash contribution will be required.