Credit Union Car Loan

cje123

Hi guys I am sure this topic has been done to death but I would like some advice.

I have been with Skibbereen credit union for around 14 months now and I have saved on and off but due to one thing and another I have had to withdraw most of it

I now NEED a car and was hoping to get a loan from them as I don't have the best credit I owe money to a phone company but other than that I have other credit ie a catalogue which is up to date and have had 2 provident loans over the last couple of years that were paid off(which I really don't want to get again for obvious reasons!).

I currently have about €300 saved in the CU and I can show my payslips which will show I earn around €450/wk and my AIB statement.

I would want around €1500 from them just to get a run around, do I apply and secure the loan against the car? or just apply for a cash loan and buy the car? are they more likely to give it to me if they have a car that they can take if I miss payments?

Any advice would be great before I apply/ or if it's worth me applying at all?!?!

Thanks

BuffyBot

cje123 wrote: »

Hi guys I am sure this topic has been done to death but I would like some advice.

I have been with Skibbereen credit union for around 14 months now and I have saved on and off but due to one thing and another I have had to withdraw most of it

I now NEED a car and was hoping to get a loan from them as I don't have the best credit I owe money to a phone company but other than that I have other credit ie a catalogue which is up to date and have had 2 provident loans over the last couple of years that were paid off(which I really don't want to get again for obvious reasons!).

I currently have about €300 saved in the CU and I can show my payslips which will show I earn around €450/wk and my AIB statement.

I would want around €1500 from them just to get a run around, do I apply and secure the loan against the car? or just apply for a cash loan and buy the car? are they more likely to give it to me if they have a car that they can take if I miss payments?

Any advice would be great before I apply/ or if it's worth me applying at all?!?!

Thanks

Each credit union is different as are their lending criteria so it'll be hard for people to give you specific advice.

However they generally don't secure loans against the asset.

Talk to them: they're generally quite approachable and will wk you through the options.

coylemj

cje123 wrote: »

are they more likely to give it to me if they have a car that they can take if I miss payments?

It's an awful long time since banks and credit unions held on to car logbooks as security. It was fairly common I think up to the 1970s. Say they went along with your scheme and you defaulted on the loan, do you seriously think the CU is going to send someone to your house to seize the car? Plus there's nothing to stop you from reporting the registration cert. as missing, getting a new one and selling the car.