Thank you so much Jimmy for taking the time to respond. I will ask the questions you put forward as IDK any of the answers. I will also use my savings to get the car & built it up again. Thanks again I appreciate your help.It doesn’t make sense to be paying interest on a loan when you have sufficient savings. In the case of credit unions what you need to look at,
1. Insurance - do you need insurance cover and if so has your credit union got cover in place? Credit Union policies can sometimes be based on the amount saved at a particular age so you will need to ask at the office.
2. Does your credit union pay Death Benefit Insurance ? This is a separate lump sum payable towards the cost of a members funeral, if your credit union has Death Benefit Insurance they will have a minimum savings balance to avail of this cover, depending on your circumstances it might be beneficial to ensure that you have the minimum balance.
3. Does your credit union pay a dividend (interest) on your savings and if so how much, while this is likely to be a lot less than the loan interest it would offset some of the cost.
4. Do you need to keep savings in place? This is a personal choice but as you pay 60 euro per week you would save over 3k per annum which would replenish your savings fairly quickly.
Hope this helps
Key point. Your good ability to save will serve you well here.4. Do you need to keep savings in place? This is a personal choice but as you pay 60 euro per week you would save over 3k per annum which would replenish your savings fairly quickly.
Thank you so much Jimmy for taking the time to respond. I will ask the questions you put forward as IDK any of the answers. I will also use my savings to get the car & built it up again. Thanks again I appreciate your help.
CU Jimmy I asked the questions you posted.It doesn’t make sense to be paying interest on a loan when you have sufficient savings. In the case of credit unions what you need to look at,
1. Insurance - do you need insurance cover and if so has your credit union got cover in place? Credit Union policies can sometimes be based on the amount saved at a particular age so you will need to ask at the office.
2. Does your credit union pay Death Benefit Insurance ? This is a separate lump sum payable towards the cost of a members funeral, if your credit union has Death Benefit Insurance they will have a minimum savings balance to avail of this cover, depending on your circumstances it might be beneficial to ensure that you have the minimum balance.
3. Does your credit union pay a dividend (interest) on your savings and if so how much, while this is likely to be a lot less than the loan interest it would offset some of the cost.
4. Do you need to keep savings in place? This is a personal choice but as you pay 60 euro per week you would save over 3k per annum which would replenish your savings fairly quickly.
Hope this helps
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