The St. Joseph's difference
Peter had a credit union account at St. Joseph’s for years. In fact, it was his granny that had first opened the account for him for his confirmation. But in recent years, Peter was busy with work, travel and starting a family. He didn’t visit the credit union very often.
With the economy improving and Peter feeling a little more positive about the future, he was on the lookout for a car, a really nice car.
And when he got a modest pay raise, he decided it was time to do something about getting the car he really wanted. He had done all the right things, like saving for a pension and buying his home, and he did have a small emergency fund. But a car was something he really needed to get to and from work and also, he just wanted a little comfort…and style!
When his bank had turned him down for a car loan, or for the amount that he needed to borrow (they would lend less), Peter decided to talk to one of the team at St. Joseph’s.
Wrong interpretation of how lending works at St. Joseph’s
Because Peter had just €1,000 in savings with the credit union, he wrongly believed that the most he could borrow was €3,000.
The lending officer informed him how that interpretation was wrong.
Yes, he would need to be a member of St. Joseph’s in order to borrow but the way St. Joseph’s would approve any loan application was based on how much he could afford.
In fact, when Peter told the lending offices how much he was earning each month, he was surprised to learn how much he could really afford.
And because his credit record was really, really strong, his €30,000 loan application would not be a problem. And to put the icing on the cake, their car loan rates were highly competitive. At just 5.9% / 6.07%APR. In fact, with their new website, the loan calculator made working out the repayments really easy.
Since then, Peter has become a regular visitor to St. Joseph’s. Today, he carries out the majority of his day-to-day banking.