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Credit Union Car Loan - Need Less Than Processed

  • 29-04-2016 1:34pm
    #1
    Paully D
    Registered Users, Registered Users 2 Posts: 28,710 ✭✭✭✭


    Hi all,

    Local Credit Union is closed today so knowing Boards like I do I figured I'd be much quicker getting a response here anyway.

    I recently applied and was successfully granted a car loan from the Credit Union for X amount. It hasn't been drawn down yet. I've since decide to purchase a car for Y amount (which is about €2,000 less than I originally applied for).

    I'm just wondering, now that I need less than has originally been processed, is it possible for me to collect cheque on the day for the lesser amount and for the Credit Union to change the figures on the weekly payments etc there and then or do I need to process a completely new application?

    It's a bit of trek and involves a lengthy wait down there so if they can change things there and then that would be ideal, but if I need to process a new application I'd rather know now so I can get it sorted and won't be messing the dealer around with payment dates, hence asking on here. :)

    Thanks all.


Comments

  • #2
    byte
    Moderators, Regional North West Moderators Posts: 19,124 Mod ✭✭✭✭byte
    byte


    You could just put the 2k back in against the loan, ie. you'll have 2k less to pay back.

    According to here, "repayments are calculated on your reducing balance, so you pay less interest with each repayment."


  • #3
    Paully D
    Registered Users, Registered Users 2 Posts: 28,710 ✭✭✭✭Paully D


    byte wrote: »
    You could just put the 2k back in against the loan, ie. you'll have 2k less to pay back.

    According to here, "repayments are calculated on your reducing balance, so you pay less interest with each repayment."

    Thanks for your response, byte. Yeah, that would be ideal too. Don't know why I didn't think of that, it has been a long day. :o


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