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Car loan

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  • 01-10-2007 9:54am
    #1
    noelstjohn
    Closed Accounts Posts: 1 ✭


    Hi there

    I am hoping to get a car loan but I was told if I do this will affect how much I can borrow for a house loan

    If I get it through a credit union can I hide this from banks or will they have access to this,

    I can well afford to pay mortgage just want to be sure I can get max mortgage

    Thanks
    Noel


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    #2
    Saruman
    Registered Users Posts: 11,389 ✭✭✭✭Saruman


    Banks do not have access to credit union loans. However they will see your bank statements so it makes little difference.
    It will only affect you in the sense of your ability to pay back the loan. If you have a monthly outgoing for a car loan, they have to deduct that from your monthly income so they know how much you can affor to pay back and stress test it against interest increases.


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    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Not nessecarily true. Quite a few credit unions have signed up to the ICB and therefore banks would have access to credit scores of their customers.

    As has been said however, they would possibly see it on your statements.

    Having a car loan may not nessecarily damage your chances of a mortage - it depends on your income and whether or they will cover it.


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    #4
    Saruman
    Registered Users Posts: 11,389 ✭✭✭✭Saruman


    BuffyBot wrote:
    Not nessecarily true. Quite a few credit unions have signed up to the ICB and therefore banks would have access to credit scores of their customers.

    Has this actually happened yet? I know it was talked about in 05 when i was buying my house. I had thought it was still not worked out yet though.


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