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Credit Union Car Loan

  • 08-09-2018 7:54pm
    #1
    kamiljkamil
    Registered Users, Registered Users 2 Posts: 115 ✭✭


    Hi Folks, I would like to take out a credit union loan for car in the next 3 months.
    I’ve been saving regularly with my local credit union for the past 2 years.
    I have €8,500 saved at the moment and I’m looking for a 20k loan.
    I’m in full time employment and live with my parents so apart from rent that I contribute and other small bills I have no other so most of my wages are going into savings.
    I’ve been claim free driving for the past 3 years so insurance isn’t a problem.

    Do you think that I will be able to get the loan or chances are slim ?


Comments

  • #2
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    Each credit union operates independently, although broadly in similar ways.

    I'd guess that your chances are far from slim - probably very good indeed. The only place where you will get a clear answer is from the CU.


  • #3
    Fol20
    Registered Users, Registered Users 2 Posts: 3,627 ✭✭✭Fol20


    Take a look at a guy called Dave Ramsey on YouTube. I think you would be more financially prudent to get a car you can afford with your current saving. Everyone now has a new car and keeping up with the Jones etc yet in 3 years time, the car will be worth half it’s value. I don’t mind people getting cars they can afford however in your case, you will love it for the first 3 months and then you will realize what a waste of money it is.for 10k you can get a decent run around car.


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