All your Car Loan Questions Answered
Buying a new car? Having researched the perfect car for you, now comes the hard part, paying for it! With so many finance options available it can be confusing, you also need a degree in jargon busting to understand all the fine print!
Not so, at Roscommon Credit Union Ltd, we love dealing with car loan applications, and we get a lot of them! In fact they are one of our most popular loans with 374 car loans approved in the last year alone!
If you have a loan currently with Roscommon Credit Union Ltd., you can expect an interest rebate of 7% to come your way just in time for Christmas! Just one of the many benefits of being a member of Roscommon Credit Union Ltd.
Other important benefits include;
- Low Interest Rates
- FREE Loan Protection Insurance
- Interest Calculated on a Reducing Balance
- No Transaction Fees
- Online Account Management with our Mobile & Online Banking service
So, if you are looking for finance from a lender who genuinely cares look no further than Roscommon Credit Union Limited.
If you still have questions! that’s ok, we have taken the questions we’re most frequently asked about our car loans and answered them below for you.
Have a question that we didn’t include? No problem, you can easily contact us here and we’ll be more than happy to chat to you.
1. How do you apply for a car loan?
To apply for a car loan at Roscommon Credit Union Limited, you must first be a member. If you haven’t used our services in a while, now may be the perfect time to have your credit reunion!
We love welcoming back members we haven’t seen in a while and extending a warm welcome to new and existing members!
New members can join and apply for a loan straightaway – no matter if you are a new or existing member, there is no waiting or saving period, all loan applications are assessed on a member’s ability to repay!
Click here to find out more about joining Roscommon Credit Union ltd.
Applying for a car Loan is straightforward, quick and easy!
Loan applications can be taken over the phone or in person in any of our 3 branch offices (Roscommon Town, Elphin, Strokestown). No appointment is needed and applications can be made in a matter of minutes! Simply call 090 6626657 or request a call back via our loan enquiry form
If you are not sure how much you need to borrow, check out our online loan calculator
2. What do you need for a car loan?
We have made it super easy to apply for a car loan with Roscommon Credit Union Ltd., all our loan applications are taken either over the phone or in person, no need for form filling!
Our friendly loan advisor’s will take your details while you wait and submit your loan application. As with all loan applications, you will need to provide supporting documentation, we have also made this process simpler!
Don’t worry, we won’t ask you for anything over and above what other financial institutions will ask you for!
Find out what documents you need
3. Where is the best place to get a car loan?
Who doesn’t want a flexible loan from a lender who cares! Our car loans are straight forward with no hidden fees or charges, and no nasty balloon payment at the end! We pride ourselves on being a friendly approachable place to visit and discuss your needs, we are very happy to help and will take the time to go through your repayments options, cost of credit, creating a flexible car loan that suits your lifestyle and income best!
If you need to restructure those payments at any time, that won’t be an issue. We are happy to adapt the repayments schedule if your circumstances change. In addition, we are ethical, not-for-profit financial institution so you can rest safe in the knowledge that we have your best interests at heart at all times.
4. What are the best interest rates on car loans?
We offer competitive car loan rates to all our members, if for example you are a first time borrower, you can benefit from our low interest rate of 6%.
For example if you borrow €10,000 over 36 months at an interest rate of 6% (APR 6.18%) with weekly repayments of €75.59, your total amount repayable is €10,901.88. The total cost of credit to you is €901.88.
The best thing is to chat to us about our rates and terms, you won’t be disappointed! If you have a certain amount in mind, submit a loan enquiry, we will get back to you straight away.
Don’t forget to sign up for our newsletter and be the first to hear about our Special Offers!
Sign up on our homepage, scroll to the bottom of the page and submit your email address, its as simple as that!
5. How easy is it to get approved for a car loan?
95.5% of credit union loans are approved*. We love saying ‘yes’, in the last year alone we approved 374 car loans for our members.
Each application is treated in the utmost confidence and will be considered on its own merits. Loan approval is based on ability to repay and not how much you have in your savings account.
6. How much can I borrow?
Members of Roscommon Credit Union Ltd. can borrow up to €100,000, with no minimum borrower amount. Loan approval is based on ability to repay and not how much you have in your savings account nor the amount of time you are a member of Roscommon Credit Union Ltd.
No matter what your personal loan needs we have a great value loan to suit you, submit a loan enquiry today!
7. How long does it take to get loan approval?
Once your loan application and supporting documents are submitted and credit check complete and where required a guarantor is in place, you can expect to hear back from our loans team within 24 – 48 hours!
What to speak to our friendly loan advisors, submit a loan enquiry now!
8. Can I apply for a further loan before I repay my current loan?
Yes, you can apply for a top up loan at any time; you don’t have to repay one loan before applying for another.
9. How do I repay a loan?
Once you decide the schedule of your repayments, weekly, bi-weekly or monthly. You can opt to repay your loan by standing order, wage deduction, electronic funds transfer or by calling into any of our offices.
10. Can you pay off a car loan early?
In a word, yes! You can pay off a credit union car loan early and there will never be any financial penalty for doing this! This is not the same with other car finance options, such as PCP agreements which are far more inflexible in this regard.
For more specific information on our loans, simply click the button below.
*An interest rebate means you get a refund of part of the interest you have paid on your credit union loan(s) in the past year up to 30th September 2019 (1st Oct 2018 to 30th Sept 2019, our financial year).
*The interest rebate figure will be discussed at our annual AGM in early December, where the proposed percentage interest rebate will be agreed and ratified. Members can expect an interest rebate in their account in plenty of time for Christmas! All members are invited to attend our AGM, details will be posted in our offices and across social media in the coming weeks.
**ILCU Marketing and Lending Survey 2019, refers to standard loan applications which were completed in full.