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Credit union loan

  • 20-06-2015 11:50am
    #1
    Lia_lia
    Registered Users, Registered Users 2 Posts: 6,691 ✭✭✭


    Hi guys,

    I am looking to buy a car in the next few weeks, and want to take out a loan of about €3500. Never taken out a loan in my life! I have some savings in my Ulster Bank savings account (almost all gone now due to a recent holiday!) and I also have a few grand worth of shares with the company I work with, but don't want to sell these.

    Was going to get a bank loan but a credit union loan looks like a better option, especially with the low rates they offer for car loans.

    I have a credit union account at home that I've had since I was a child. I have saved and withdrawn money mainly when I was in secondary school/college. I don't think I have anything much in there at the moment. Probably about €100.

    My question is, how long do you have to be saving for in order to get a credit union loan if you haven't saved there in a few years ? Would it need to be a few months?

    I would be able to deposit about a grand out of my wages in there next week, but I am guessing it would need to be over a period of time. Also, do they charge anything for paying off the loan early? I plan to have it paid off by the winter. I just want the money for the car ASAP without selling the work shares really!

    Will call into the branch next week but just thought I'd ask here first to get an idea. Thanks!


Comments

  • #2
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    Lia_lia wrote: »
    I have a credit union account at home that I've had since I was a child. I have saved and withdrawn money mainly when I was in secondary school/college. I don't think I have anything much in there at the moment. Probably about €100.

    My question is, how long do you have to be saving for in order to get a credit union loan if you haven't saved there in a few years ? Would it need to be a few months?

    I would be able to deposit about a grand out of my wages in there next week, but I am guessing it would need to be over a period of time. Also, do they charge anything for paying off the loan early? I plan to have it paid off by the winter. I just want the money for the car ASAP without selling the work shares really!

    Will call into the branch next week but just thought I'd ask here first to get an idea. Thanks!

    It's unlikely you'd be given the loan immediately, after the account being dormant for some time. Each credit union is different in it's rules, but they would likely prefer you to be saving over a regular period, rather than depositing one lump sum.

    Having said that, it's no harm to call in and ask, make sure to bring some proof if ID, 3 months bank statements, and it may be based on your ability to repay, rather than your savings - like I said, all CUs have different criteria.

    Theres no charge for paying off early.


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