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credit union loan and newbie

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  • 11-01-2014 2:34am
    #1
    vwhead
    Registered Users Posts: 124 ✭✭


    hello im new to boards.ie

    im 19 years old and intrested in getting a loan off my local CU for a car. Im currently unemployed and on jobseekers allowance and part of the reason for getting a car is to help expand my field of looking for work the other is because i am a car enthusiast (not a boy racer). Ive been told that i need to be saving consistantly for 3 months and i have being doing that. Ive been saving 50 euro a week since september so im nearly 3 months saving and i nearly have €1000 i am looking for a loan of €5000 but i would settle for a bit less. I found out today that i need to prove of my income but seing as im unemployed how would i work around this ? i have done the homework and i know exactly what car i want i have an insurance qoute on the car printed and sent from the broker. I have added up the tax, insurance, loan repayments and i am wel able to afford it as it fits wel with my with my yearly income of €5000 and il have money left over for diesel and other bits. I still live at home and not in any hurry to move out (god help my parents)! can anyone tel me any probloms i might run into or the best way to go about it ? thanks for reading :)


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    #2
    Spear
    Moderators, Computer Games Moderators, Technology & Internet Moderators, Help & Feedback Category Moderators Posts: 25,304 CMod ✭✭✭✭Spear


    Try the banking forum:

    http://www.boards.ie/vbulletin/forumdisplay.php?f=544


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    #3
    sedric
    Registered Users Posts: 49 ✭sedric


    Fair play to you for saving that amount in such a short time.

    Have you discussed this with the credit union .
    I would be straight with them, if you can save then you can pay a loan.
    That's the way they think. Show your analysis to them as well, that always impresses.
    They want to lend to people in the community who put the effort in.
    That's their purpose.

    The question is the amount of the loan. Usually CU's use a limit like first loan 2 or 3 times shares. Later loans are different because the person has built a good history. Remember when you borrow you will have to leave the shares as collateral.
    But if you can do it you are building up a better credit rating. Which will help you later.

    They usually also have guideline limits on repayment period~3 to 5 years.
    But if you can do €50 a week now, €5000 seems ok.
    If you get work and can pay earlier there's no penalty and your interest overall will drop.

    Some credit unions are also paying a small dividend on savings, it is small but at least your money is earning interest.

    I wish you the best.


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    #4
    vwhead
    Registered Users Posts: 124 ✭✭vwhead


    cheers


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