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Credit union car loan

  • 23-06-2013 11:44am
    #1
    npride
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi all,

    I have been a member of the credit union for some years now and have been a regular saver. My family has extended over the last few years as a result the 5 seater car is no longer ideal with kids pets and so on. So I decided to get a bigger car to suit our needs.

    My question if I have 6k saved with the credit union and I'm looking to get a 15k Loan for the car. Now I'm not employed but I am a permanent foster parent with the HSE. Do you think I have any hope of getting the loan or ill just be told off?

    Id be very grateful of your advice.


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    If you've no way to service the loan I doubt very much you will get it, you may have to come down from the 15k price and look at something more reasonable, there's some good cars out there at the right money, you should ask in the motors forum for advice.


  • #3
    Anyone
    Registered Users, Registered Users 2 Posts: 3,376 ✭✭✭Anyone


    You wont be told off anyway, but they wont issue a loan of 15k to someone without the means to repay it.


  • #4
    npride
    Registered Users, Registered Users 2 Posts: 16 ✭npride


    As I said I have a permanent contract with the HSE so I do have an income but I just don't work for a company as such. So paying back the loan over 5 year is no problem. And as for car searchin I done so for months to no avail as anything below 10k for an estate car were of poor quality and pre 08 which would cost more to run. And I'd be looking to keep the car for a good while not just a quick fix. But I do appreciate your feedback


  • #5
    wmpdd3
    Registered Users, Registered Users 2 Posts: 9,625 ✭✭✭wmpdd3


    As you have a none standard income I'd do a bugeting sheet showing where your money goes each month. This would tell them if you would be able to repay.


  • #6
    whistler21
    Registered Users, Registered Users 2 Posts: 12 ✭whistler21


    hi, i was wondering is it possible to get a loan from the credit union with bad credit history, do they do a credit history check on you when ur applying for a loan? im currently in full time employment earning 450 plus a week, but im thinkin my credit history will be a big stumbling block in getting accepted for a loan with them??


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  • #7
    orchidsrpretty
    Registered Users, Registered Users 2 Posts: 2,148 ✭✭✭orchidsrpretty


    yes they run a credit check now. but if you are a regular saver and have means to repay with no other large debt, they will consider it..


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