Credit union barrow money

rachelg1

What should I have or need to do to get a loan from credit Union, I want to pay for new car plus insurance

blindside88

You will need to have a record of saving with them and I think you can only borrow 3 times the amount you have in savings (open to correct on the multiple of savings)

CarrickMcJoe

Some are x3 and others are x5. You will need to produce proof of earnings, last bank statement and you also need to be a regular saver.
And don't have a whopping credit card bill.

rachelg1

Any particular length i should have been saving for?

dobsdave

rachelg1 wrote: »

Any particular length i should have been saving for?

Its usually 12 weeks regular saving, but you should call into your credit union, they will give you all the details you need.

KJohnson7780

I heard from friend of a friend she lodged money every week for about a year & she got loan for a car & she's unemployed

CarrickMcJoe

KJohnson7780 wrote: »

I heard from friend of a friend she lodged money every week for about a year & she got loan for a car & she's unemployed

Maybe years ago, not now.I used to go in and get loan issued straight away. Despite never missing a payment, clearing loans early, I had to provide bank statements and proof of id and they did a full credit check on me for a loan.... and I am a member since my local cu was founded. I will find out tomorrow.

KJohnson7780

I Thought it sounded a bit to easy myself but you never know, i think it was about 5 or 6 years ago. How long have you been saving for Rachel?

CarrickMcJoe wrote: »

Maybe years ago, not now.I used to go in and get loan issued straight away. Despite never missing a payment, clearing loans early, I had to provide bank statements and proof of id and they did a full credit check on me for a loan.... and I am a member since my local cu was founded. I will find out tomorrow.

rachelg1

KJohnson7780 wrote: »

I Thought it sounded a bit to easy myself but you never know, i think it was about 5 or 6 years ago. How long have you been saving for Rachel?

I've been a member since 2013, so have been lodging sometimes every week or month since. I also have a BOI account but there's not much to see on there if they want to see it ha I just wanted to get some advice here first. I don't want to go in there an make a show of myself if i haven't a hope in hell

rachelg1

OK, I guess it's highly unlikely thanks for your help anyway xx

KJohnson7780

Go and ask anyway Rachel at least you'll know for sure, don't be embarrassed

CarrickMcJoe

KJohnson7780 wrote: »

Go and ask anyway Rachel at least you'll know for sure, don't be embarrassed

Absolutely, if you can show a steady income and have saved regularly you should be considered. Car loans may be at a lower interest rate as well.
Go for it, after all a credit union isn't making money unless its lending it.

stefanovich

KJohnson7780 wrote: »

I heard from friend of a friend she lodged money every week for about a year & she got loan for a car & she's unemployed

Unemployed people should not be able to afford cars.

shamrock55

stefanovich wrote: »

Unemployed people should not be able to afford cars.

I presume thats why she got a loan

SCOOP 64

stefanovich wrote: »

Unemployed people should not be able to afford cars.

Without a car if you live out of town not a hope of getting to interviews or the new job for that matter,could be just a loan of €2000 to get a run around for this purpose.

stefanovich

When I was unemployed I took the bus.

SCOOP 64

stefanovich wrote: »

When I was unemployed I took the bus.

Bus! Rural areas, not a hope. thats why keeping the car a must, too getting work.

stefanovich

How anyone on the dole can afford to run even a cheap car just baffles me.

shamrock55

stefanovich wrote: »

How anyone on the dole can afford to run even a cheap car just baffles me.

I know a fella who hasnt worked in years drives around in a brand new people carrier has 3 or 4 kids and i dont think his wife works either but i could be wrong on that

CarrickMcJoe

I have a relation working in a Credit Union and she was saying its amazing the amount of supposedly wealthy people driving round in big new cars bought with loans and they won't pay back the money. No shame either.
It's the less well off who are the better payers.