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car loan

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  • 19-04-2007 10:18pm
    #1
    Misticles
    Registered Users Posts: 13,746 ✭✭✭✭


    i have my heart set on a car!! i need a loan of 7k for it. i applied in the credit union today for it.. but because its my 1st loan, i might not get it, plus the fact i dont have much in shares. so i wanna know what the deal is with a bank loan, major differences between it and a credit union one.
    and for the credit union, if i got a guarantor would they give it to me then. i only have a few hundred in the credit union at the minute, but a one stage there was a fe thousand..
    any help/advice welcome
    oh im a student too if that helps...


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    We can't really tell you what your credit union will or won't do, but generally they tend to be slightly more flexible than the banks.

    However, car finance packages from the banks tend to be easier to get than personal loans, as the finance is secured on the basis or the car. I'm assuming you're over 18 and have a regular income of some sort. If so, start contacting the various banks to see who will give you the best deal.


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    #3
    Sad Professor
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators, Technology & Internet Moderators Posts: 22,677 CMod ✭✭✭✭Sad Professor


    So you've got a few hundred in shares and you're looking for a 7 thousand loan? And this is your first loan? No way in hell, I'm afraid. Usually for first loans they'll give you twice your shares, max. Sometimes not even that. It depends how much and often you make lodgements. I'd recommend you set up a standing order for a set amount each month or if you prefer to visit your branch directly make sure it's regular. Consistent payments will impress them.

    It sounds like you once had quite a lot saved with them and then withdrew most of it. I made this mistake as well, it kinda goes against your favour. You establish a good rep with your credit union by successfully paying back loans. When you get the first one out of the way they should loan you more for the second and so on. Obviously the bigger the loan the longer it takes to pay back so they may want proof (pay slips, etc) that you can. All depends on your Credit Union of course. The longer you're with them the better.

    Talk to your bank and see what they can offer you.


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    #4
    Bluetonic
    Registered Users Posts: 7,588 ✭✭✭Bluetonic


    Sad Professor wrote:
    So you've got a few hundred in shares and you're looking for a 7 thousand loan? And this is your first loan? No way in hell, I'm afraid. Usually for first loans they'll give you twice your shares, max. Sometimes not even that. .
    It's up to each Credit Union board to agree each and every loan. In many cases large loans can be taken out without any funds deposited in the Credit Union. It's all about the individuals circumstances.


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    #5
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    How the christ can you afford to buy a 7k car when you're a student?


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    #6
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    MagicMarker wrote:
    How the christ can you afford to buy a 7k car when you're a student?

    Yep i can, you have to work for it :)


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