How I Bought my First Car with a Credit Union Loan
03 Jan 2020
We sat down with Dublin City University Communications student, Mark Daly, to find out why he chose his local credit union for his first car loan. Here’s what we found out!
What made you think of the credit union for your car loan?
I was learning to drive but never had access to a car when I needed it most, like driving to matches or training. I knew I needed to get out on the road. My local credit union sponsored our football team. So I decided to check them out and see what they had to offer on car loans. I’ve had a credit union account since I was younger, (set up by my grandparents). But I never really knew what the credit union did and I had never used them before.
Was it an easy process to get the information you needed?
I had a look on the credit union’s website to find out a little more about their car loans, and I came across a loan calculator. I could put in the amount I wanted to borrow, and then I was told instantly how much I would have to pay back and for how long. I sent off a loan enquiry form on the website. And they came straight back to me. The loan officer chatted me through the best loan amount and options for me. The process of actually applying for the loan was also simple enough. My loan officer was on hand any time if I had any queries while filling out the form. It made such a difference to have someone there to ask when I wasn’t sure about something.
How long did it take for the car loan to be approved?
My loan was processed within two days and the credit union rang me to ask my preferred method me to collect my loan. I asked for it to be paid into my bank account. I found this aspect really helpful, as I couldn’t always make it down to the credit union without missing college or work.
What car did you buy?
I bought a second hand car. It is a Renault Clio from 2010. It is perfect for my needs and the price was an affordable amount to pay back over a period of time.
How are you finding the loan repayments now?
I’m just under half way through paying back my loan, and I can honestly say it has been the best option for me. The credit union worked with me to ensure that my loan repayments wouldn’t cut a huge hole in my income. As I am working part time while going to college, this was huge factor in my decision to go with a credit union loan. They were really understanding. And I’m still managing to have a social life!
Would you use the credit union for loans in the future?
Absolutely! The process was simple, for someone who has never borrowed before, it was a bonus to have a person in the credit union to contact directly with any queries I had. It made the experience personal and gave me a better understand of the benefits of borrowing from a local community based financial institution.
Would you recommend the credit union to your friends?
I definitely would recommend the credit union to my friends. Community is important to us as a generation. And to be able to support your local community, while also benefiting yourself is an added bonus. I will be definitely considering a credit union loan for traveling in the future and I will recommend my friends do the same.
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