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getting a loan

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  • 28-10-2006 12:58pm
    #1
    gary the great
    Closed Accounts Posts: 2,665 ✭✭✭


    I started a job last week and i seriously need to get a car. I have an SSIA and about 1k in my current account. I therefore need to get a loan. I just want something cheap and a loan of about 2k should suffice. However because i only started to work full time after 4 years of college i dont have a regular income on my statements. Will this be a problem?

    Plus i have my SSIA in EBS and current in AIB, so i applied for loans with both. Because each of the institutions dont know what I have in the other account, will they think im poorer and therefore be more likely to reject?

    Also any recommedations on where would the cheapest place to get a loan? I look to pay it back monthly over a year.

    Thanks for any advice


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    #2
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Car finance plans are generally easier to get than personal loans, because they are secured on the car.

    Either institution will problably want to check out your finances and will ask for statements from the other before they would accept the loan. And you should probably shop around before you apply, as every credit application gets noted, so if you do loads the banks tend to wonder why you are applying here, there and everywhere.


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    #3
    SarahMc
    Closed Accounts Posts: 517 ✭✭✭SarahMc


    Is your SSIA matured? If so why not use your savings to buy the car, if not, get a short term loan with no early redemption penalties (credit union?) to buy the car, and pay it off out of your SSIA.


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    #4
    gary the great
    Closed Accounts Posts: 2,665 ✭✭✭gary the great


    SarahMc wrote:
    Is your SSIA matured? If so why not use your savings to buy the car, if not, get a short term loan with no early redemption penalties (credit union?) to buy the car, and pay it off out of your SSIA.


    It doesnt mature till late April, which is so annoying knowing i have all that money sitting there that i cant touch. Do AIB or EBS have short term loans with no early redemption penalties? I havent got a credit union accout unfortunatly.


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    #5
    Dutz
    Closed Accounts Posts: 102 ✭✭Dutz


    boi are doing a loan specifically designed at students straight outta college starting work so you should try them


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    #6
    Savman
    Closed Accounts Posts: 8,323 ✭✭✭Savman


    BuffyBot wrote:
    Car finance plans are generally easier to get than personal loans, because they are secured on the car.
    Yep, although some of us figured this out the hard way :o:o


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