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Can you get a loan from the credit union when getting your first car?

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  • 09-02-2012 9:40pm
    #1
    ByronB
    Banned (with Prison Access) Posts: 85 ✭✭


    I will be starting a job soon, thing is it's only 3 days a week and 20 miles away so i cant really get accommodation as it would be too costly and id be doing nothing 4 days per week in it. My only option is to start driving. I have a provisional licence / learners permit and i can well afford a cheap car but the minimum insurance cost even on my dads insurance is like 2000 euro which i won't be able to afford until i make savings from work - but can't work until i'm driving as the hours are irregular.

    Can you still get loans in the credit union? I'm 21 haven't much saved with them and i'm on job seekers for the last year.

    Is there any other options that are available?

    Thanks a lot.


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    #2
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,368 Mod ✭✭✭✭andrew


    Moved to Banking insurance and pensions forum


  • Options
    #3
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    They do, but you'll be restricted to a multiple - usually 3x or 4x - of your savings, and they're much more stringent these days so they'll ask for bank statements, payslips, etc. Another option is a lease from a bank with the car as security, but the insurance might banjax you there, and leases on used cars can be difficult to track down.

    I'd suggest visiting your CU and bank and asking what your options are, then shopping around if they think something could be arranged. If anyone is willing to act as guarantor, bring them with you. After that I think you're reduced to a personal loan with a family member or friend, and that's rarely a good idea.


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