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Credit Union loans (car loans )

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  • 04-08-2010 3:52pm
    #1
    PEACEBROTHER
    Registered Users Posts: 1,149 ✭✭✭


    Just wondering guys do credit union do car loans to new members or do you have to be member for certain amount of time ?
    Also do they only give certain amounts or is there minimum or maximum ?
    And yes im new to boards :D:D:D:D:D:D:D:D


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    #2
    ethernet
    Registered Users Posts: 3,568 ✭✭✭ethernet


    I think you need to have an account with them for a few weeks. Obviously it'll help if you had a loan with them in the past.

    AFAIK, you can borrow up to 3 times your account balance.

    Open to correction on this though.


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    #3
    biko
    Registered Users Posts: 81,220 ✭✭✭✭biko


    Galway City -> Banking


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    #4
    bills
    Registered Users Posts: 952 ✭✭✭bills


    Best advise is to contact your local credit union so you get accurate information


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    #5
    dlambirl
    Registered Users Posts: 2,062 ✭✭✭dlambirl


    Yes, each credit union is independent and have their own rules regarding lending. Some will lend 3 or 4 times the savings in the account, some will require you to show 3 months constant savings, with some a lump sum deposit will suffice, also if it is your first loan they will most probably require a guarantor who has to have an account with the same branch and enough savings in their account to cover your loan.
    Your best bet is to ring your local credit union and ask them.


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