12% interest on Credit union

a friend recently did the comparison for a car loan and ended up borrowing from Tesco.
 
njd,

my opinion would be to go with the credit union. a lot of people get into trouble with car finance companies. their interest is also very high and you cannot be flexible with paying a little extra off the loan when you can afford it. also, each of these companies are registered with the irish credit bureau so if you miss one payment it is recorded.
 
Some lenders offer cheaper rates than many CUs. Also an increasing number of CUs lodge details with the ICB these days.
 
a lot of people get into trouble with car finance companies.
Quite a few people get into trouble with CUs as well. THey will pursue you for outstanding debts. One of Eddie Hobbs 'Show Me The Money' programmes a couple of years back featured a young lady who's CU had sought a commital order to send her to jail for unpaid debts.
their interest is also very high
Not necessarily - my mother-in-law got about 8% APR from a finance company recently which was cheaper than the best offer from her bank.
you cannot be flexible with paying a little extra off the loan when you can afford it.
Not necessarily - some finance company loans offer flexible payments.
also, each of these companies are registered with the irish credit bureau so if you miss one payment it is recorded.
Some CUs are registered with the ICB too.

You need to do your research and check out your options.
 
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