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Another credit union question...

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  • 25-01-2015 2:27pm
    #1
    carlope2
    Registered Users Posts: 17 ✭


    Hello,

    what are the chances of me getting a loan of 4k for a car, without having anything saved in the account as i never used it after i signed up.

    and if no, what if i put like 1k in the account now and set up direct debit with them ?

    id say chances are slim, but worth to ask.

    Thanks


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    #2
    Darren 83
    Registered Users Posts: 1,685 ✭✭✭Darren 83


    carlope2 wrote: »
    Hello,

    what are the chances of me getting a loan of 4k for a car, without having anything saved in the account as i never used it after i signed up.

    and if no, what if i put like 1k in the account now and set up direct debit with them ?

    id say chances are slim, but worth to ask.

    Thanks

    Every credit union is different but I'd say very unlikely to get a loan with no record with them .
    Set up the direct debit and save for three months then approach them about a loan.


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    #3
    carlope2
    Registered Users Posts: 17 ✭carlope2


    Darren 83 wrote: »
    Every credit union is different but I'd say very unlikely to get a loan with no record with them .
    Set up the direct debit and save for three months then approach them about a loan.

    Thanks, id say ill just do that :/.


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    #4
    180Bhoy
    Registered Users Posts: 21 ✭180Bhoy


    Very unlikely. You'd have to be saving consistently for at least a few months before they would give you anything. Have you got a family member or friend with a good saving history? They could go as *garentour* (terrible spelling) :-)


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    #5
    carlope2
    Registered Users Posts: 17 ✭carlope2


    180Bhoy wrote: »
    Very unlikely. You'd have to be saving consistently for at least a few months before they would give you anything. Have you got a family member or friend with a good saving history? They could go as *garentour* (terrible spelling) :-)

    ive a friend that saves with them yeah, but i wonder would that change anything ? if yes than im heading to CU tommorow :)


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    #6
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    Hi OP!

    Um, I got a loan with the local CU about 4 years ago (car loan), and had e5 in my account.

    So, yes it is possible. I didnt even think it wasnt at the time. Just went in and made application.


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    #7
    carlope2
    Registered Users Posts: 17 ✭carlope2


    dellas1979 wrote: »
    Hi OP!

    Um, I got a loan with the local CU about 4 years ago (car loan), and had e5 in my account.

    So, yes it is possible. I didnt even think it wasnt at the time. Just went in and made application.

    well that got my hopes up a little bit now :) thanks, do you mind me asking how much did you get ?

    thanks


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    #8
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    e5000.

    I negotiated with them also ;)

    So, for the term of the loan, say, for example, e25 per week went to the credit union. e20 went to the loan. And e5 went to savings (they seem to like this suggestion). So, at the end of the loan, you'll also have some savings in CU (and Ive finished the loan, but Ill leave that money in the CU/going to the CU, as never know when I might need a loan again.

    Youll also need to provide details for your daily banking/any savings you do have (no matter how small) will work in your favour.


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    #9
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    dellas1979 wrote: »
    Hi OP!

    Um, I got a loan with the local CU about 4 years ago (car loan), and had e5 in my account.

    So, yes it is possible. I didnt even think it wasnt at the time. Just went in and made application.


    That sounds very unusual.
    CU's in general have become more strict recently


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