# Criteria for a credit union loan?



## seligehgit (7 Feb 2014)

Hi guys,
Looking for a bit of advise,I'd like to apply for a credit union loan for the purpose of buying a car as it appears to offer by far the most competitive interest rate.I am not a member of my local CU but would happily open a deposit account.
I have substantial savings in another financial institution but will need same for the car purchase.Does one need to have a record of regular savings with a CU to be eligible for a CU loan?
I have no debts and a presumably good credit rating.
Selig


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## unsub (8 Feb 2014)

If you have substantial savings.......why do you need a loan?
If you can, using your own funds will be cheaper than borrowing.

Some credit unions require up to six months of regular saving before a member can apply for a loan. Also 6 months bank statements can be sought, as well as the usual personal, address and earnings documentation. 
Your credit history will be checked with the ICB.


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## barryc (19 Feb 2014)

My local credit union requires that you have a third of what u need saved


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## barryc (19 Feb 2014)

Sorry did not get last post finished....one third of what u want to borrow saved with them, their rate was very good though and apparently each CU has different policy


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