Credit unions are all seperate from each other so different rates and policies apply.
Credit unions are restricted from longer term lending by regulation. 5 years is the cap on the vast majority of their loans. There interest rates generally are in the 7% or 8% region.
Most credit unions operate on a rule of thumb basis that requires a new member to save consistently for a period of 12 weeks before applying for their first loan.
The multiple of borrowings versus savings is usually in the 2:1 scale for the first loan. Again this is a rule of thumb. Credit union borrowers with a borrowing history can get different multiples depending on their personal circumstances.
These restrictions are general rules. A credit union can deviate from these policies depending on your job security, income, credit rating, and reasoning for the loan.
my experience, they do 10 year loan, however I went for 5 years when I saw interest amount, borrowed €40000, paying back €53000 interest 12.?? percent. Have to leave €5000 in the account in order to draw down the loan.
my experience, they do 10 year loan, however I went for 5 years when I saw interest amount, borrowed €40000, paying back €53000 interest 12.?? percent. Have to leave €5000 in the account in order to draw down the loan.
The rates vary and the max. rate is 12.68%. Some are as low as 7%.
You can get a 10 year loan, but probably not for a car. They can only issue a certain percentage of all loans over 5 and 10 years.
Regular savings preferred. Lump sum looked on with suspicion. Multiple of savings normally required to be built up, but you could start with 3 or 4 and build up to as much as 10.