Criteria for a credit union loan?

seligehgit

Registered User
Messages
7
Hi guys,
Looking for a bit of advise,I'd like to apply for a credit union loan for the purpose of buying a car as it appears to offer by far the most competitive interest rate.I am not a member of my local CU but would happily open a deposit account.
I have substantial savings in another financial institution but will need same for the car purchase.Does one need to have a record of regular savings with a CU to be eligible for a CU loan?
I have no debts and a presumably good credit rating.
Selig
 
If you have substantial savings.......why do you need a loan?
If you can, using your own funds will be cheaper than borrowing.

Some credit unions require up to six months of regular saving before a member can apply for a loan. Also 6 months bank statements can be sought, as well as the usual personal, address and earnings documentation.
Your credit history will be checked with the ICB.
 
My local credit union requires that you have a third of what u need saved


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Sorry did not get last post finished....one third of what u want to borrow saved with them, their rate was very good though and apparently each CU has different policy


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