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chances of a credit union top up loan

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  • 22-04-2015 7:20pm
    #1
    alanhiggyno1
    Registered Users Posts: 1,498 ✭✭✭


    hi guys been with credit union for over 20 years and have savings of 1100 which is been used as credit union shares towards a car loan of 4500 12 months ago.now i pay 70 euro every 2 weeks and have never missed a payment thank god as i have a good job and just wondering what are the chances of getting a small top loan in few weeks time to cover lanscaping works and putting down some timber flooring.would asking 1500 as a top up be too much or could i get less or more.thanks for helping


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    #2
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    alanhiggyno1 wrote: »
    hi guys been with credit union for over 20 years and have savings of 1100 which is been used as credit union shares towards a car loan of 4500 12 months ago.now i pay 70 euro every 2 weeks and have never missed a payment thank god as i have a good job and just wondering what are the chances of getting a small top loan in few weeks time to cover lanscaping works and putting down some timber flooring.would asking 1500 as a top up be too much or could i get less or more.thanks for helping

    Every Credit Union has different rules, I dont know what your credit union is therefore I cannot discuss the likelyhood of you getting a loan.


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    #3
    alanhiggyno1
    Registered Users Posts: 1,498 ✭✭✭alanhiggyno1


    CIARAN_BOYLE wrote: »
    Every Credit Union has different rules, I dont know what your credit union is therefore I cannot discuss the likelyhood of you getting a loan.
    i know but do u reckon my chances are good as ive never missed a repayment


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    #4
    alanhiggyno1
    Registered Users Posts: 1,498 ✭✭✭alanhiggyno1


    thought all credit unions where generally the same anyway.


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    #5
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    alanhiggyno1 wrote: »
    thought all credit unions where generally the same anyway.

    Vast differences in the 3 we audit in work anyway in terms of their lending policies.

    You probably have a good chance but I could tell you.

    Whats the net loan at this point?


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    #6
    Spocker
    Moderators Posts: 6,860 ✭✭✭Spocker


    The fact that you have been paying back regularly on your car loan will stand you in good stead - you've shown an ability to repay - €1680 over the 12 months so far. As CIARAN_BOYLE said, every Credit Union is different, you won't know until you go in and ask.

    Don't be surprised if you're asked to increase the repayment amount, as you'd still need to be paying down the core debt (the outstanding €2820 of your car loan) along with the new debt you'd be taking on (the extra €1500)


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    #7
    alanhiggyno1
    Registered Users Posts: 1,498 ✭✭✭alanhiggyno1


    CIARAN_BOYLE wrote: »
    Vast differences in the 3 we audit in work anyway in terms of their lending policies.

    You probably have a good chance but I could tell you.

    Whats the net loan at this point?

    4500 over 3 years with 1200 already payed and 1100 in shares


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    #8
    alanhiggyno1
    Registered Users Posts: 1,498 ✭✭✭alanhiggyno1


    Spocker wrote: »
    The fact that you have been paying back regularly on your car loan will stand you in good stead - you've shown an ability to repay - €1680 over the 12 months so far. As CIARAN_BOYLE said, every Credit Union is different, you won't know until you go in and ask.

    Don't be surprised if you're asked to increase the repayment amount, as you'd still need to be paying down the core debt (the outstanding €2820 of your car loan) along with the new debt you'd be taking on (the extra €1500)

    Ya no problem with increase in payments if i cud get 2000 I'd be very happy


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    #9
    badgerbroc11
    Registered Users Posts: 141 ✭✭badgerbroc11


    alanhiggyno1 wrote: »
    Ya no problem with increase in payments if i cud get 2000 I'd be very happy

    Increase payments now by 20 and when you apply they will see that you can afford the extra payments on the new amount.

    For your own sake in the long term: You've reduced your loan by 1200 but are looking for 1500 which means your loan is increasing. If you could do the opposite. Pay off 1800 and be only looking for 1500 you would eventually clear your loan and not have to pay any interest


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