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Credit Union Loan Advice

  • 21-09-2009 5:04pm
    #1
    topline5
    Closed Accounts Posts: 3 ✭


    I'm considering applying for a personal/car loan through my local credit union of 4k.
    I've been a member for ten years but usually have only had insignificant amounts in my account as I mainly used a BOI student acount.
    I put 1000 worth of savings in this week and I have someone willing to sign as a guarantor. Im a 21 year old student and Im working part time.
    Can anyone tell me what are my chances of getting this loan approved and if so will i need to provide any additional information such as proof of income etc?!
    Thanks ;)
    Tagged:


Comments

  • #2
    romah
    Closed Accounts Posts: 150 ✭✭romah


    topline5 wrote: »
    I'm considering applying for a personal/car loan through my local credit union of 4k.
    I've been a member for ten years but usually have only had insignificant amounts in my account as I mainly used a BOI student acount.
    I put 1000 worth of savings in this week and I have someone willing to sign as a guarantor. Im a 21 year old student and Im working part time.
    Can anyone tell me what are my chances of getting this loan approved and if so will i need to provide any additional information such as proof of income etc?!
    Thanks ;)

    If this is your first loan ...the credit union do not have a credit record for you or i assume that you do not save regularly either ..both are taken into account.

    Having a guarantor is good ..assuming a parent..they will be liable for the loan if you dont pay it..!!

    questions that might be asked ??
    more details of your income..
    does the 4k include insurance for the car ?
    what is the value of the car..


    best of luck


  • #3
    topline5
    Closed Accounts Posts: 3 ✭topline5


    thanks romah
    my guarantor is actually a good friend and not a parent.
    i've had a boi student loan before which I paid off on time etc but I assume that wont be relevant to the credit union....
    I think i might just gradually add to my savings over the coming weeks and then apply...


  • #4
    515
    Closed Accounts Posts: 150 ✭✭515


    Ask at the counter about it, Credit Unions would tend to be very helpful. Their purpose is to give loans to people like you, they're not a bank. I think it's usually 3 times what you have saved that you can borrow easily, otherwise it would have to go to the board... but the same as any other loan they'll take all the details and make a balanced decision. I'm sure you'll be fine.

    Also tell them it's for a car, my CU gives lower interest rates for a car loan.


  • #5
    EG77
    Closed Accounts Posts: 14 ✭EG77


    looking to get loan of 10k

    have 2k saved over last 5 months

    how much more do i need to save and what are the chances of getting it?

    also if i get it am i allowed to withdraw some of my savings?


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