Lowest Credit Union Car Loan Rates
19 Jan 2022
4WheelGuide: Your roadmap to buying a new or used car
Used car prices have risen by 56% in the last two years, according to the new Done Deal Motor Price Index - which means the money in your car saving's pot might not stretch as far as you'd hoped. The price increase is due to an increased waiting time for new cars caused by Brexit and the Pandemic - thus driving buyers to the used car market instead. And where there's demand, there's cost.
If you're are in the market for a car this year and want to top up your savings to purchase your dream car; we have rounded up some of the best credit union car loan rates out there – and you never know, maybe there is a deal to be had with your local credit union.
Best Credit Union Car Loan Rates
Credit union car loan rates are very competitive. Both Enfield Credit Union and St. Paul’s Garda Credit Union offer a car loan APR of 5% in the Republic of Ireland, while in Northern Ireland Banbridge Credit Union offers a rate of 7.23% APR*
Every credit union is independent, so each one will set different interest rates for their car loans.
Many credit unions also offer discounted or promotional rates at certain times of the year so if your credit union wasn’t mentioned above, why not pop a quick enquiry to your local credit union and they’ll be back to you with any promotional offers they currently may have.
Credit Union Car Loan Approval
Credit unions will do all they can to approve a car loan application, provided the borrower can demonstrate ability to repay the loan. But don’t worry, the credit union won’t ask you for anything over and above what other financial institutions will ask you for. You can read more about applying for a credit union loan here.
To apply for a car loan at from your credit union, you must first be a member. If you’re not already a member, again no need to worry. Joining a credit union is pretty straightforward. Of course, you’ll need the usual documents such as proof of identity and proof of address etc. And in the majority of credit unions, once you join you can apply for your car loan right away!
So if you’re in the market for a car loan why not contact your local credit union who will come back to you with details on the interest rates they currently offer? Alternatively, to see what the average car loan rate will cost you – check out our handy credit union car loan calculator.
Submit an Online Loan Enquiry
Keep an eye out for #4WheelGuide across Facebook, Twitter, or Instagram for more great advice on budgeting, choosing and buying your car as well as design and style ideas and inspiring stories – so you can gear up for the car of your dreams.
*As advertised Jan 2022