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Getting A Loan From A credit union with a new account and existing loan

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  • 06-04-2010 3:27am
    #1
    Eric Cartman
    Registered Users Posts: 26,282 ✭✭✭✭


    right so im earning 35k a year , I have less than 4k outstanding on a bank loan and 3 years left on that loan, I want to buy a new car and will need a loan of 16k to do so , I have a fair bit of money coming my way in the next few months but want to change my car now, considering the rate and flexibility of a credit union and the ability to pay the loan off earlier , id be seeking the loan over 3 years with the ability to repay up to about 550-600 a month (in reality it will be gone after 2 years but dont want too much pressure on myself), I have only opened a credit union account a few weeks ago and moved all my savings (a few hundred) into the credit union, and am in the process of selling my current car and depositing that money into the credit union , when applying for the loan i will have 9-10k in the credit union, what i want to know is

    a) do you think they would give me the 16k loan with 9k in savings there for under a month and the other bank loan outstanding

    or

    b) would i be better off paying off my bank loan with savings and trying to get the 16k from the credit union with only 6k in savings


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    #2
    dlambirl
    Registered Users Posts: 2,062 ✭✭✭dlambirl


    With €9K in the credit union you should be able to get a loan. The credit union look for you ability to pay back the loan. If you can show that repaying the loan would be no problem, you shouldnt have a problem.
    Give them a ring or pop in to you credit union and see


  • Options
    #3
    suzieled
    Registered Users Posts: 41 ✭suzieled


    Getting a loan in the CU will also mean you cant touch your savings. The CU can explain more.


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