Bank Loan vs Credit Union Loan

[nismodriver]

Ever considered Sagicor for loans?
They quick on the approvals and closing.
Interest rates slightly higher maybe by 0.1-0.2 % , but flexible for requirements compared to the bank.
Rest assured they will line you up for Life/Property Insurance to back up the loan from Sagicor Life.

[sweeks]

Ques: When selling a vehicle, does the banks (mainly FCB) now need certified copy in the new owner's name when financing a vehicle? In the past they would have asked for a transfer chit to show proof of transfer before disbursing the payment cheque to the seller.

Can anyone advise on this?

[ProtonPowder]

Just remember that ALL banks and credit unions go with the reducing balance method.

Secondly, the interest rate the banks tell you is annual (APR), while credit unions tell you the APR/12.

So when you feel that the bank is 11.5% unsecured and the credit union is 1%, realise is nearly the same blasted thing.

[Average]

Ok so hear this one, went to a CU to get a statement to provide to the bank for me to acquire a vehicle loan. I was told that I need to wait 24hrs, so I told them that in the past I have received it within 15 mins and pointed out the clerk who did this for me. They went in the back and huddled for a minute then returned asking why I needed the statement. I told them and they huddled again, only to return and say that THEIR manager needs a statement from me stating why I am not taking the loan with them. Yes you guys read that right. I immediately told them to cash me out and close my account, you know my statement arrived within 5 minutes......I closed the account two days later.

Choose the bank. The bank stink too but CU's are not some guiding light in this darkness of borrowing.

[88sins]

Ok so hear this one, went to a CU to get a statement to provide to the bank for me to acquire a vehicle loan. I was told that I need to wait 24hrs, so I told them that in the past I have received it within 15 mins and pointed out the clerk who did this for me. They went in the back and huddled for a minute then returned asking why I needed the statement. I told them and they huddled again, only to return and say that THEIR manager needs a statement from me stating why I am not taking the loan with them. Yes you guys read that right. I immediately told them to cash me out and close my account, you know my statement arrived within 5 minutes......I closed the account two days later.

Choose the bank. The bank stink too but CU's are not some guiding light in this darkness of borrowing.

yeah, credit unions does try them kinda crap OFTEN. but u eh see nuttn yet boi
imaging having to write to someone 3 months in advance to ask them to release some of your money, not to close your account or seek financing, not like your money on hold as collateral or anything eh, just for you to take out some of your own money & then they telling you that your request wasn't approved & not even have enough respect to offer you even a lame reason.


I would NEVER recommend that anyone put even a Guyanese cent in any credit union.

[PariaMan]

For car loan bank is best

[ProtonPowder]

Ok so hear this one, went to a CU to get a statement to provide to the bank for me to acquire a vehicle loan. I was told that I need to wait 24hrs, so I told them that in the past I have received it within 15 mins and pointed out the clerk who did this for me. They went in the back and huddled for a minute then returned asking why I needed the statement. I told them and they huddled again, only to return and say that THEIR manager needs a statement from me stating why I am not taking the loan with them. Yes you guys read that right. I immediately told them to cash me out and close my account, you know my statement arrived within 5 minutes......I closed the account two days later.

Choose the bank. The bank stink too but CU's are not some guiding light in this darkness of borrowing.

yeah, credit unions does try them kinda crap OFTEN. but u eh see nuttn yet boi
imaging having to write to someone 3 months in advance to ask them to release some of your money, not to close your account or seek financing, not like your money on hold as collateral or anything eh, just for you to take out some of your own money & then they telling you that your request wasn't approved & not even have enough respect to offer you even a lame reason.


I would NEVER recommend that anyone put even a Guyanese cent in any credit union.

And is years now i hearing some older folks preaching how vital it is to put money in a credit union, and to always have a loan with them 'to build credit.' Not realising their interest rates are higher than banks for identical loan schemes from mortgage and car to unsecured 'character' loans

[PariaMan]

Credit union great for small loans and hassle free approval

You fridge gone thru and you doh want to deal with the Courts

[BlueEarth]

Ammm anybody know if the bank does give loans to ojts? A car loan that is

[PariaMan]

Ammm anybody know if the bank does give loans to ojts? A car loan that is

Your best chance is Scotia, if you have some cash you will get thru

[88sins]

Ammm anybody know if the bank does give loans to ojts? A car loan that is

if you have the assets to fully secure the transaction (50% in cash, + they hold title to the car as collateral), yeah ojt would gt, but they will need to see evidence of how long again you gonna be where you are, & the loan will likely be for the span of your employment.
If you could show you have a full time job lined up immediately for after the ojt stint even better.

[V2NR 3.0]

Ques: When selling a vehicle, does the banks (mainly FCB) now need certified copy in the new owner's name when financing a vehicle? In the past they would have asked for a transfer chit to show proof of transfer before disbursing the payment cheque to the seller.

Can anyone advise on this?

Yes. The banks have upped everything you can think about. I sold a vehicle, got a certified cheque from the SAME bank, SAME branch that I went to deposit it and they wanted to not only see a copy of the receipt, but also a copy of the certified copy for the vehicle that was sold.

It grimy.

[Chimera]

lol my wife went massy 2 weeks ago to check out a tucson

they offer her 90% financing wth 6% interest for 7 years

it had a issue where they never register her credit card on transunion system or something so her credit score was showing 0 , massy still approved the 90% financing but wanted a letter from republic bank saying she had a credit card with them and she was paying it off properly


when she gone republic to get the letter , they realize she gonna take a car loan and they said they could try to give her 100% financing at 5%

no scene

the loan officer take 2-3 days to call back to say the most they could give is 90% because she not salaried (self employed, so only monthly deposits as proof of income)

she tell the officer...nah doh study it...you take too long to call back, i will go with massy (this is yesterday)

yesterday evening 4:15 pm, a manager call from rbl to offer the full 100% financing at 5%

[PariaMan]

100 % at 5% is a real good deal

[V2NR 3.0]

lol my wife went massy 2 weeks ago to check out a tucson

they offer her 90% financing wth 6% interest for 7 years

it had a issue where they never register her credit card on transunion system or something so her credit score was showing 0 , massy still approved the 90% financing but wanted a letter from republic bank saying she had a credit card with them and she was paying it off properly


when she gone republic to get the letter , they realize she gonna take a car loan and they said they could try to give her 100% financing at 5%

no scene

the loan officer take 2-3 days to call back to say the most they could give is 90% because she not salaried (self employed, so only monthly deposits as proof of income)

she tell the officer...nah doh study it...you take too long to call back, i will go with massy (this is yesterday)

yesterday evening 4:15 pm, a manager call from rbl to offer the full 100% financing at 5%

They tusty for business right now. She should have counter bargain. Scotia doing 4.75 if I am not mistaken.

[RedVEVO]

^^

Credit Unions are better with loans .

If you miss ONE payment with a Bank or Credit Union ..

You are a sufferer ..

Per the financial circles secret society .

[V2NR 3.0]

^^

Credit Unions are better with loans .

If you miss ONE payment with a Bank or Credit Union ..

You are a sufferer ..

Per the financial circles secret society .

I agree they are friendlier.

But the fine print is like...........