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Does the credit union care about the frequency of loans?

lightspeed · 2013-03-18 10:40:29

Hi i got a loan from the credit union for about €3500 in july last year for a car. The car i got gave me a lot of trouble and was out if action for ver a month. As i needed a car for work and evening college and was drained of money fixing the car i got in july, i got a top loan of €1500 at the end of february to get a…

18-03-2013 10:40am

#1

lightspeed

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Join Date: October 2009

Posts: 1007

Hi i got a loan from the credit union for about €3500 in july last year for a car. The car i got gave me a lot of trouble and was out if action for ver a month. As i needed a car for work and evening college and was drained of money fixing the car i got in july, i got a top loan of €1500 at the end of february to get a nissan micra. Unfortunately, the micra is not in good shape either and as the nct us just out my present insurance company will not insure it. Ill be 6 years no claims in April so i don't want to move to another insurance company as i will lose out on a years no claims.

Ive got the the old car back which i have pretty much now sold. My question is if i used the money from the car sale to pay off everything i owe the credit union to date, would they have any issue giving me another loan?

I want to get a diesel car and i only drive automatics. I've seen a decent car from a garage at around €7000. After paying off everything i owe the credit union, i would have €2000 in savings.

When i got the €1500 loan, i was supposed to show them log book of the new car but ive still not received the log book for the micra.

If i had not got the €1500 loan just over two weeks ago, i would have much doubt but will this affect my chances of getting another loan even if i clear all of the current loan balance?

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