Credit Unions

tigerforest

Hi no idea if this is the correct area to post in but if im wrong then ill ask in the appropriate area. I just wanted to know, does anyone know what sort of questions you are asked in a credit union when you apply for a car loan, esp if its your first loan?

Potential-Monke

Don't they require you to have saved half of what you want to borrow or something simular. Thats what i was told when i went to get a loan ages ago off 'em.

spurious

My credit union never asked any questions, though under its rules the first loan is not a large amount.

Latchy

You can have a loan 3 times the amount of your shares ,what you spend it on is irelevant ,probley just technical questions .

Oryx

If you want quite a lot, youll probably need a guarantor. Theyll ask how much you can pay back per week and as has been said you usually borrow up to three times your savings. Afaik you need to have been a member for a certain length of time as well. Theyll need to know where you work, if your married they might ask if your spouse is a member. Stuff like that.

Strokesfan

I used to work in a car dealers and people often used to ask for a letter on headed paper just saying...

Re: Mr. ***** of 1 Corner Street, Town, Co.

To whom it may concern,

Mr. **** is purchasing a 2003 VW Golf and requires 10,000.

Don't hesitate to contact me if you've any queries... etc

I think it's literally like the year, make, model etc. Your direct debit details if you have to pay that way and you have to keep a quarter or a third of the amount you're borrowing in your account.

Credit Union is great - so wise not to go down the finance route.

SerialComplaint

Each credit union is independent, and will have their own local policies and procedures about what they ask, and what funds (if any) that you have to keep on deposit. While many CUs do offer great value, it is always worth checking the APR. My mother-in-law got a better finance deal from her car dealer than her CU last year.