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Getting a car loan

Cona · 2018-04-27 10:08:41

Hi folks Wanted to just ask for advice on getting a loan as I am clueless when it comes to all things finance related... Anyway, my situation is, I have a mortgage and have an existing Credit Union loan with about 7000 remaining. My car has just kicked the bucket and I am trying to understand the options I have for getting…

27-04-2018 11:08am

#1

Cona

Closed Accounts Posts: 591 ✭✭✭

Join Date: March 2014

Posts: 492

Hi folks
Wanted to just ask for advice on getting a loan as I am clueless when it comes to all things finance related...

Anyway, my situation is, I have a mortgage and have an existing Credit Union loan with about 7000 remaining. My car has just kicked the bucket and I am trying to understand the options I have for getting a car loan. First off, I want to note that I do have the money to replay another loan, that is not a problem. However I imagine a CU or bank would not want to give an additional loan considering I have an active loan already.

Is restructuring an existing CU loan possible?

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Comments

#2 27-04-2018 12:11pm

Spocker

Moderators Posts: 6,864 ✭✭✭

Join Date: February 2004

Posts: 6075

Restructuring an existing loan in a CU is possible, but it does depending on your repayment capacity, and the loan policy in your individual CU. The best advise for now is to drop in a talk to a loan officer in your CU, it can't hurt, right?

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