Car Loans: The Synod makes car loans available to both churches and ministers. In both cases unless there are compelling reasons against, the assumption is that a loan will be made.
1) Churches should apply, in writing, directly to the Synod Office, describing the proposed purchase and enclosing copies of the church accounts for the past two years.
2) Ministers should apply, in writing, directly to the Synod Office, describing the proposed purchase.
3) Loans are made available from the General Purposes Fund of the Synod on the following basis:-
a) The current maximum loan is £5,000
b) Interest is calculated on the reducing balance and averaged over the repayment period. The current rate of interest is 3%
c) Repayments are made monthly, by bankers standing order.
d) The repayment period for new cars is three years and for second hand cars two years.
e) The car purchased should normally be of a popular and readily resalable model and should not normally be more than three years old at the time of purchase.
4) Ministers need to be aware that the level of £5,000 was set so that as long as the minister has no other beneficial loans they would not, under current guidelines, incur any tax liability.
£5,000 for three years is £145.31 per month (other amounts pro rata)
£2,000 for two years is £85.94 per month (other amounts pro rata)