Credit union car loan

Dangerdunf

Hi,
Im looking to get a loan of €5000 from the credit union for a car. I have been saving with the credit union for years. How much do I need to have saved to get this loan? Currently I have €1200 saved. I am working full time and I am saving €250 every 2 weeks. Would this make it easier to get a loan with my current savings?

Thanks in advance

nellocono

I am in an almost identical position to this also. Would be grateful of a reply as I am also interested in the answers.

Anyone

Speak to your Credit Union. All Credit Unions are separate companies, so what happens in one may not happen in another. So unless someone has experience in the Credit Union you are a member of, any answer you get may be completely irrelevant.

dlambirl

Hi,

You should have no problems getting a loan with your credit union. I went in 1 month ago looking for €10,000 over 4 years with €1500 saved in my account. I hadn't been regularly saving either. With saving €250 fortnightly - you should have no problems.
Go into your local Credit Union and enquire but i shouldn't see that there will be a problem.

bills

Dangerdunf wrote: »

Hi,
Im looking to get a loan of €5000 from the credit union for a car. I have been saving with the credit union for years. How much do I need to have saved to get this loan? Currently I have €1200 saved. I am working full time and I am saving €250 every 2 weeks. Would this make it easier to get a loan with my current savings?

Thanks in advance

Sounds ideal once you have no withdrawals & a regular direct debit. They still may look for guarantor if its your first loan

cmlw85

I WENT FOR MY FIRST LOAN WITH THE CREDIT UNION, I WAS TOLD I COULD GET A LOAN FOR DOUBLE THE AMOUNT I HAD SAVED PLUS 300.

NOW THAT WAS 2 YEARS AGO BUT WOULD DOUBT IT HAS CHANGED THAT MUCH.

HOPE THAT HELPS.

C