How difficult is it to get a Credit Union Loan

shadowcomplex

I opened up a credit union account yesterday, I should have 4-5k in there in the next 2 months , if I applied for a loan of 10k in 2 months time to buy a car would it be accepted or rejected. I am on a decent wage, 60k a year and no mortage. I am also paying off another loan with the bank of ireland

BuffyBot

Unlikely. I can't imagine any credit union sanctioning that kind of loan.

First, they'd want to see a longer term saving history, and your first loan will generally be for a smaller amount than your shares.

I've said it before, but people seem to have a deep misunderstanding about credit unions. They're not first and foremost a way to obtain a loan. They're there to encourage savings and to lend to their members (and to do so responsibily).

NeVeR

Just to add,, I think you've to be a member for over 3 months before you can apply for a loan.

Lisha

Generally bank car loans and car finance companies have lower interest rates