“Don’t tell the Credit Union it’s for a car!”

[exquisite1]

@annointedb When I got the credit Union loan for my car I’m pretty sure I told them it was for a car and they put it down as a personal loan so I could avail of the first time loan lower interest rate. But that was like 5 years ago so I could be wrong!

 

[balonius]

@exquisite1 It's still th3 case nowadays

 

[karrose]

@annointedb St.Columbas Credit Union :

Car Loan - 7.72% APR.

Personal Loan - 12.68%

Lying on a loan application is illegal. If you want to risk prosecution to secure worse terms on a loan then that is your call.

Why don't you save up the money and save yourself paying the interest?.

A €10k car loan over 3years costs you €1.2k in interest. That's 3.8% of one years salary pissed away on interest i.e. you're working for 2 weeks just to pay interest to the credit union.

 

[annointedb]

@karrose I’m not all in on loan vs saving, it’s a case of the current beater might one day make the decision for me. And 10k is way too much car for my needs unless they got scarce.

 

[karrose]

@annointedb I hear you.

I'd save as much as possible until that day comes personally. It's your money and you earned it so don't be so eager to hand it over to lenders as interest.

 

[broker50]

@karrose Is the car loan secured?
Even so I'd go personal, if you lose your job or ill health, you get some .money back for the car after selling, otherwise car loan they take it and leave you with nothing.