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credit union car loan 9k

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  • 18-05-2015 1:20am
    #1
    theperson2014
    Registered Users Posts: 48 ✭


    Looking to take out a car loan of 9000 in the next few weeks. I'm planning on borrowing it under my dad's account as I don't have an account with them. I plan on paying back 40 a week. Would they allow this over a few years or am I mad to be considering this?


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    #2
    sebcity
    Closed Accounts Posts: 546 ✭✭✭sebcity


    I got told what my minimum repayment was on a monthly basis


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    #3
    Mrs OBumble
    Registered Users Posts: 25,942 ✭✭✭✭Mrs OBumble


    The first question is whether your father would allow it.

    Whether the CU will consider lending HIM that much will depend on his previous history, I think.


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    #4
    theperson2014
    Registered Users Posts: 48 ✭theperson2014


    My father has approved it. He has a considerable amount in savings and very good history of repaying loans. Would they agreed to 40 a week in repayment for such a loan though?


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    #5
    TitianGerm
    Registered Users Posts: 28,085 ✭✭✭✭TitianGerm


    theperson2014 wrote: »
    My father has approved it. He has a considerable amount in savings and very good history of repaying loans. Would they agreed to 40 a week in repayment for such a loan though?

    To have repayments of €40 a week you'd be borroowinng €9000 over 5 years at around 8%. Most credit unions will only give around the 8% if your getting the cheque made out to a dealer.
    In your case seen as your father is borrowing the money I'd be inclined to think that the CU will want the car registered in his name from the garage which might affect your insurance etc.
    If they insisted on the car being in his name you might be as well to get him to take out a personal loan which are usually around 11/12%.


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    #6
    theperson2014
    Registered Users Posts: 48 ✭theperson2014


    emmetkenny wrote: »
    To have repayments of €40 a week you'd be borroowinng €9000 over 5 years at around 8%. Most credit unions will only give around the 8% if your getting the cheque made out to a dealer.
    In your case seen as your father is borrowing the money I'd be inclined to think that the CU will want the car registered in his name from the garage which might affect your insurance etc.
    If they insisted on the car being in his name you might be as well to get him to take out a personal loan which are usually around 11/12%.

    Thanks for a very helpful post Emmet. Perhaps I could change the car back into my own name after I present the cheque?


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    #7
    TitianGerm
    Registered Users Posts: 28,085 ✭✭✭✭TitianGerm


    theperson2014 wrote: »
    Thanks for a very helpful post Emmet. Perhaps I could change the car back into my own name after I present the cheque?

    You could but then your adding an extra owner to the log book which could affect the resale value later on.
    Also bear in mind if you/your dad fail to pay the loan back the credit union have the right to take the car to cover the cost of the loan.


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