best rate loan

LegacyUser

i've currently got a 10k loan with the credit union, i dont think the apr is great, around 10% does anyone know the best rate loan for this amount.

ta.

Gilgamesh

not sure if it is through all amounts, but recently got quoted by Ulster Bank for 5k with 6.9%

koneko

Banks will sometimes give you different quotes to what they say on their website. Ring a few places, tell them you're looking at getting a loan with X, and they'll might give you a better rate.

LegacyUser

that's prety good

Gilgamesh wrote:

not sure if it is through all amounts, but recently got quoted by Ulster Bank for 5k with 6.9%

Gilgamesh

paperclip wrote:

that's prety good

thought so aswell

Scruff

how come on the aib website if you go to the car loan calculator the repayments are more that if you select a personal loan?
more aib swindling?

Gilgamesh, how did you go about getting that low rate?

litirspam

I have always had credit union loans but am I better changing to a personal loan with a bank. What is the main difference besides the APR?
Could I get a personal loan for €10,000?

sector

litirspam wrote:

I have always had credit union loans but am I better changing to a personal loan with a bank. What is the main difference besides the APR?
Could I get a personal loan for €10,000?

I would say the main difference is the credit union would be slow to report you to the ICB whereas if you run into problems for several months a bank will not really care too much & report you, a black mark with the ICB will affect all future loans & financing in Ireland.

An example would be if you had some new drain on your income or lost your job, whatever, you could approach the CU and temporarily lengthen your term, a bank won't do this too easily.

BuffyBot

I would say the main difference is the credit union would be slow to report you to the ICB

Most CU's aren't members of the ICB so they won't tell the ICB anything. However this could change - I think some CU's are looking to join. (see below)

From: http://www.oasis.gov.ie/personal_finance/irish_credit_bureau.html

In 2004, the Board of the ICB agreed requests to give all credit unions in Ireland the option of becoming members of the ICB. This means that credit unions will, in time, be able to supply information regarding loans and repayments to the ICB. Credit union customers' consent will be required before information can be passed on. There is no fixed date for when the passing of information from credit unions to the ICB will begin.

litirspam

Thanks for the replies on that question. So are the rates about the same? From what I have seen on the net they are?

ROVER

AFAIK Loan protection is built into credit union loans at no extra cost.