Member car loan
If you are a member of a trade union this can be positive for you who want to borrow money for a car. The fact is that most unions have agreements with the lenders who say that their members can borrow at a favorable interest rate.
What kind of car loan?
The loan itself is basically the same as another regular car loan. The difference is that you often have to pay a lower interest rate and that setup fees and other fees can often be avoided to be paid. Otherwise, the loan is said to be the same which means you can use the car as collateral for 80% of the cost.
The remaining 20% must be paid by other means, such as by way of exchange, saved money or a private loan. The term of the loan is usually 2 – 7 years and the car must be fully repaid before it becomes 13 years old. If you buy a 10-year-old car you can only get a maturity of 2 years.
What are the requirements?
The requirements placed on you as a borrower do not normally differ either. You, therefore, need to be of legal age and have a stable monthly income that the lender thinks is high enough. Payment notes usually make it difficult to borrow any money.
A member car loan is, as I said, often a good deal, which means that you should check if the unit you are affiliated with has any cooperation with any lender. If they have this you can probably get a good and cheap loan. Then you should not take anything for granted just because you can borrow with the help of the union, but of course, you have to compare prices from several different lenders before submitting an application.