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Car Loan from Credit Union to be used as deposit on House

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  • 18-02-2009 4:30pm
    #1
    sumse
    Closed Accounts Posts: 68 ✭✭


    When i walked into my local CU today i saw this great offer of 7% Interest on a Car Loan. Great rate, small repayments, could i use it for a deposit on a house or would it be too risky?

    Has anyone any experience or another way to get a deposit for a house?


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    #2
    Sleipnir
    Registered Users Posts: 5,514 ✭✭✭Sleipnir


    Ah, no. They won't let you take out a car loan unless it's for a.....car.
    If it was that easy nobody would get personal loans.


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    #3
    sumse
    Closed Accounts Posts: 68 ✭✭sumse


    oh yeah sure, but do they actually take any details of the car? how can they proof it i wonder?

    the rate for a personal loan is 10% at the moment. great savings when u compare


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    #4
    Sleipnir
    Registered Users Posts: 5,514 ✭✭✭Sleipnir


    If you're getting a loan for a car, they'll issue the cheque in the name of the dealer, not you.
    Seriously, you're not the first person to get the little lightbulb over your head on this one!


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    #5
    JustAddWater
    Closed Accounts Posts: 1,990 ✭✭✭JustAddWater


    sumse wrote: »
    oh yeah sure, but do they actually take any details of the car? how can they proof it i wonder?

    Not sure about CU but the banks from what I remember will only issue the cheque to the seller of the car. This way they are sure that it is infact for a car. In the case of a dealer it'd be written out to them, not sure for private sales though...

    Check it out though but they will put some kind of restriction to make sure it is infact for a car (I could be wrong about the credit union though!)


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    #6
    Puppies
    Closed Accounts Posts: 28 ✭Puppies


    Any car loans i got, money was just lodged into my account.
    The problem may come when you apply for a mortgage. In my experience banks want all loans cleared before they will offer the mortgage.


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    #7
    sumse
    Closed Accounts Posts: 68 ✭✭sumse


    but is it not right that the loan with CU wont show up? so you basically have nothing on bank statements?


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    #8
    Puppies
    Closed Accounts Posts: 28 ✭Puppies


    sumse wrote: »
    but is it not right that the loan with CU wont show up? so you basically have nothing on bank statements?

    That used to be the case but alass no longer.


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    #9
    sumse
    Closed Accounts Posts: 68 ✭✭sumse


    thats interesting, so do you know how that works?
    is there a direct debit going out of the personal account?


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    #10
    Saruman
    Registered Users Posts: 11,389 ✭✭✭✭Saruman


    I got a "car loan" in 2005 for this very purpose. They never asked about the car and the cheque was made out to me.


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    #11
    Sleipnir
    Registered Users Posts: 5,514 ✭✭✭Sleipnir


    They just get a report from these chaps http://www.icb.ie/


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    #12
    sumse
    Closed Accounts Posts: 68 ✭✭sumse


    :(
    so means im in trouble now!

    i actually applied for a mortgage and a loan with the CU today.
    so they can actually see what is going on???


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    #13
    Electric Sheep
    Registered Users Posts: 2,106 ✭✭✭Electric Sheep


    sumse wrote: »
    Has anyone any experience or another way to get a deposit for a house?

    Try saving.


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    #14
    sumse
    Closed Accounts Posts: 68 ✭✭sumse


    clever idea, didnt think of that :cool:


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    #15
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    I can't imagine why you think we'd allow this kind of discussion.

    Remember, lying is bad. Lying to financial institutions is even worse.


This discussion has been closed.
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