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Stocking loan!!

  • 21-08-2015 5:37pm
    #1
    Feckthis
    Closed Accounts Posts: 504 ✭✭✭


    Got offered a stocking loan at 6.74% variable with BOI. Does this sound right or could better be got somewhere else?


Comments

  • #2
    RightTurnClyde
    Registered Users, Registered Users 2 Posts: 2,141 ✭✭✭RightTurnClyde


    Got a FCL ( farm credit line) from AiB @3.8% to buy some cows in April. Works like an overdraft and must have it cleared for 30days every 12 months


  • #3
    Buford T. Justice XIX
    Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    RightTurnClyde wrote: »
    Got a FCL ( farm credit line) from AiB @3.8% to buy some cows in April. Works like an overdraft and must have it cleared for 30days every 12 months
    They also have Prompt Pay where you get, say 10k, on loan over 11 months and pay roughly 950 or so a month for the 11 months. A few lads I know are using it to pay the tax bill and get a load of fertiliser in spring for saving more than they would be paying in interest on the total loan.


  • #4
    Bullocks
    Registered Users, Registered Users 2 Posts: 5,891 ✭✭✭Bullocks


    RightTurnClyde wrote: »
    Got a FCL ( farm credit line) from AiB @3.8% to buy some cows in April. Works like an overdraft and must have it cleared for 30days every 12 months

    What kinda security did they look for , or did they ?


  • #5
    Sam Kade
    Registered Users, Registered Users 2 Posts: 12,313 ✭✭✭✭Sam Kade


    Bullocks wrote: »
    What kinda security did they look for , or did they ?

    There's no security for that loan. All they do is check a few years accounts and stock on hands etc. I must renew my FCL as I didn't use it in a few years and it will expire in sept.


  • #6
    RightTurnClyde
    Registered Users, Registered Users 2 Posts: 2,141 ✭✭✭RightTurnClyde


    Sam Kade wrote: »
    There's no security for that loan. All they do is check a few years accounts and stock on hands etc. I must renew my FCL as I didn't use it in a few years and it will expire in sept.

    Yup, no security... Accounts + stock


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