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Credit Union loan

  • 22-06-2016 10:14am
    #1
    all the bais
    Registered Users, Registered Users 2 Posts: 90 ✭✭


    Good morning folks,

    I opened a credit union a/c recently for savings & loans. I currently have €2k and have the intention of applying for a car loan. (they have a current promotion of 6.5% APR Car loan)

    Branch policy is the ability to borrow 6 times the amount of savings i.e. €12k in my case.
    My query is that if I borrow €12k, will the €2k of savings I have be untouchable during the duration of my loan term?

    Interested as the savings could be useful for car insurance.

    Thanks.
    Tagged:


Comments

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


    Assuming you get the loan of €12k, then your savings of €2k are held as security against that loan, so no, you can't touch it


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