credit union car loan

paulsc

Hi there
I am currently a student in college and am looking to get a car loan from a credit union.I have never been a member before of a credit union, so I have planned to put around 500-1000 into my new account and see can I get a decent loan from that. I am looking for around 5000 Euro.
My question is I get paid cash in hand in the job I currently work in so I will have no pay slips to prove my wages. so what are the chances that they will approve my loan?
cheers

Anyone

I would say pretty slim. You are a student, you have no visible source of income and you have no history with the Credit Union, you are also looking at a high multiple of your savings for an intial loan.

dellas1979

OP, this is not specifically directed at you, I have read more posts like this on here - but have the youth or people of today not learned anything from all the mess at the moment? Or maybe ye dont understand how it happened or why.

Why would you put yourself in a position of getting a 5k loan for a car when you are a student? Whats wrong with ye?

Long long long gone are the days (and thank God they are) where people just wake up in the morning "needing" a 5k car. I thought people had coped on and moved on from this mind-set.

And if you think this is harsh, go to the credit union with your story and see how far you get...might put some perspective on your reality.


Save...up...for...a...1k...car.

chris85

dellas1979 wrote: »

OP, this is not specifically directed at you, I have read more posts like this on here - but have the youth or people of today not learned anything from all the mess at the moment? Or maybe ye dont understand how it happened or why.

Why would you put yourself in a position of getting a 5k loan for a car when you are a student? Whats wrong with ye?

Long long long gone are the days (and thank God they are) where people just wake up in the morning "needing" a 5k car. I thought people had coped on and moved on from this mind-set.

And if you think this is harsh, go to the credit union with your story and see how far you get...might put some perspective on your reality.


Save...up...for...a...1k...car.

+1

i agree with this. OP not to sound harsh but think of it from the CU point of view. You have no income as such and absolutely no history.

I got a €5k loan from the CU 18 months ago to go travelling but i saved €3k with them over a three month period which is a good effot. I also had proof of a job when i got back and they still required my mam as guarantor as she is well know member in there. They basically covered all their bases with me which i had no problem with them doing as times aint easy for them.

I would use the money and buy a motor to get you through college with the money you have. As a student you will be hard pushed to get any credit these days from any institution.

OP why do you need a €5k car? As a student anything should do.

paulsc

Sorry I should have explained clearer. the 5000 is not just for the car, the remaining money is for college fees and exam repeats.

dellas1979

Ok, well why do you need a car when you are already struggling to pay and need to borrow for college/exam repeats?

Does not make sense unless there is more to the story as to why you "need" a car. Why do you need a car? Can you not live on bus/lifts/walking/thumbing?

I am coming from the point of view that I must not have anything unless I can afford it and at least 1 years repayments already in bank if I do borrow for it. I am female and started working at 16. I used to start at 8 or 9am. The only lift I could get (i live in a rural area-no buses) was at 6am. I used to have to wait an hour or so to even start work. And the same in the evenings. Used to work till 3am most nights when in college. I still lived at home and relied on lifts/buses etc when I could. I walked the roads. Everything I own, I own. I waited 3 years to go back to college so I could save up to pay for it. I waited 10 years to buy a brand new car that I could afford. I saved up for a laptop for 9 months. I also have a deposit saved for a house through sheer determination and not buying things throughout the years because I fancied them. I cant get over all this "I need, I need"...food, shelter and warmth are all anyone needs. Anything else is a luxury you should only have if you can afford it.

Sorry for the rant. I just see so many people getting into debt over things and I get upset for them to allow themselves to get into these situations.

peanuthead

OP, can I just point out something to you.

Although it may seem obvious - it's very easy to over look all the other added expenses that come with a car, namely:

insurance
tax
petrol
nct
repairs
maintenance
parking charges
toll visits

All of these add up, particularly the first 4.

What age are you? Is this your first car? Have you a full licence? Have you even checked what the insurance would be on the car before buying it?

I'm not saying this to make you sound/feel like an idiot - I've seen many a young lad buy themselves a nice car to end up not being able to afford the insurance on it. And insurance is going up too.

There are a lot of hidden/not so hidden (depending on how well you do your research) costs involved in this, and to be honest, where college is concerned its nearly more stressful trying to find a parking space in the mornings than it is waiting for the bus in the cold!!

Good Luck.