Had a bit of a set back re money and the wedding this week. My car got killed and I was considering buying a new car due to good scrappage deals out there at the moment. I went to my bank who told me I could get at least a 10k top up on my mortgage no problem because I hadn't actually gone mad on my mortgage in the first place and had equity. So I went ahead and got a car loan - it's the only debt I have with my mortgage. I've always cleared my credit card every month. Anyway bank just got back to me - no to top up because I moved to this bank 3 months ago and it's too soon. Even though I've had mortage for a few years and I have paid off a good bit over the years. Sooo annoying cos if I knew that I really wouldn't have bought a new car.
So no bank is gonna give me a wedding loan with a mortgage and car loan. Thinkin for OH to get the loan - he has no debts. Only thing is his work is a bit erratic - lots of contract work and he doesn't have savings - as we just use my savings account. Plan is to move money from our savings account into his credit union every week and then in about three months look for a loan there. Anyone any experience of getting credit union loan for a wedding or other advice to offer us? I'd be a bit worried leaving it that late to apply for the loan - but have to build up savings. So not sure what to do. We don't actually need the money til the wedding day really as we do have some savings to pay all our deposits as they arise and pay for dresses, suits, rings. It's the things like hotel, photographer, band, videographer, etc that we need to pay on the day that we will need the loan for.
PM'd you sunny!
I'd definitely go to the credit union. Tell them that it's for the wedding and that you would pay off as much as you could with cash gifts after the wedding. I had got approval for a loan from them and had to use about €1000 before the wedding but didn't need to use the rest! Ended up having that paid back before the wedding anyway! They will definitely use your savings though as security on the loan so you won't be able to touch them if you borrow against them! I wouldn't think getting a mortgage top up for your wedding would be a good way to go anyway. You'd end up paying for it for 20 years! Make an appointment or drop into your credit union and have a chat to a loan officer to see what you would need to do to get the loan!
Okay this is good. Hopefully they will approve us for the loan. Hate even having to take out the loan - it is unusual for me. Generally I save for what I need. But I can't seem to cut the budget anywhere. Weddings are just so expensive.
Except for this bit.
[quote="bride-2b":2h4oy0nm]They will definitely use your savings though as security on the loan so you won't be able to touch them if you borrow against them! [/quote:2h4oy0nm]
I'm not liking that bride-2b. Definitely definitley?? Cos if so the loan will have to be much bigger. Then I will have to also borrow the amount of the savings in the account too.
definitely definitely so work out what you are going to need and ask them how much savings you would need to borrow that amount, then when you get it up to that start saving outside that account and you can take just the amount you will need from the loan. I was approved for €10,000 but only took 1 and told them to cancel the rest!
I'd agree that the Credit Union is probably the best way to go at the moment. There was a thread about this last week. H2b just rang our local C.U. & got approved over the phone & we have a fairly big mortgage & I have a car loan but we've both had loans from the C.U in the past & have a good history built up there of both saving & repaying loans so I think that's mainly what they look at. Regarding offsetting the loan against your savings unfortunately this is something you will have to do. Generally the CU will give you 3 times as much as what you have in that savings account....sometimes a little more so you'll have to factor this into what you apply for.