€4.5M in car loans at Cavan Credit Union

With more than €4.5 million loaned to its members in car loans over the last 12 months, it was another busy business year for the Cavan Credit Union.

"We are very pleased to be able to help our members by providing car loans," said Therese Conway, CEO of Cavan Credit Union. "Many members come to us for their first car loan and continue to borrow with us throughout their lives. It is fantastic as an organisation to have that loyalty from our members and to be able to have that ongoing relationship with them.”

Cavan Credit Union has different rates depending on the loan product, according to Ms Conway. “Our standard car loan rate is 9.9% (APR 10.35%) and, if you are borrowing in excess of €20,000 for a car, the rate is 8.5%", she explained.

This means that a loan of €20,000 over five years at 8.5% (8.83% APR) costs €410.33 per month and the total cost of credit paid is €4,619.84

Loan applications

Ms Conway urges anyone interested in a car loan to contact a member of the team at Cavan Credit Union at 83 Main Street, Cavan. They can also contact the branch by telephone on 049-4331715 or email info@cavancu.ie

"Also, we have a very useful loan calculator on our website - www.cavancu.ie - where you can find out the cost of different amounts over different terms,” said the Cavan Credit Union chief.

Loan applications can also be made in person, online or via the MyCU app.

“We have upgraded our app, if members want to download it from the App Store by searching Cavan CU, they can apply for a loan entirely through the app. Alternatively, we have added a feature to our website, to allow members to book a loan appointment with a loans officer, which can be either over the phone or in the branch.

"We are really trying to offer our members as many options as possible for how they interact with us to accommodate members and make their dealings with us as simple and straightforward as possible,” explained Ms Conway.

Best customer experience

She concluded by saying that a good relationship with the community is essential to the Credit Union ethos.

“Building a good working relationship with our members is very important to us and the level of member service we provide is at the heart of what we do here at Cavan Credit Union and at credit unions around the country," she said. "We are delighted to see Credit Unions top the league table for a ninth year running for best customer experience in the recently published Customer Experience Insight Report for 2023. It is a real testament to the importance of credit unions in their communities."