Large loan promotion at Cavan Credit Union

Cavan Credit Union is once again running its popular New Year Large Loan promotional campaign with many members taking out loans to finance their new cars.

Many people prefer this type of finance over Personal Contract Plans (PCPs) because they own the car from day one, the car is not secured against the loan and they have more flexibility to pay off loans early.

Speaking to The Anglo-Celt, Therese Conway, CEO advised: “We have had a busy start to 2025 with our New Year Large Loan campaign. We have run this for a few years now and it has proven very popular with members. The promotion is on large loans between €20,000 and €50,000 and can be for any purpose. It has been used by a lot of members for car purchase, as this is the largest expense most people have after their home.”

The promotion runs to the end of March. Those who take out loans during this period can access a much lower rate of interest on large loans. The rate on borrowings of €20k to €50k is reduced to a most competitive rate of 5.9% (6.06% APR). This means that a loan of €50,000 over 10 years at 5.9% (6.06% APR) costs €553 per month to repay, with the total cost of credit paid at €16,311.

The credit union also has a useful loan calculator tool on its website - www.cavancu.ie - and mobile app where you can find out the cost of repaying different amounts over different terms.

Ms Conway said that the loan is already proving very popular. “We have already seen a huge increase in enquiries from members regarding this lower rate, it is a very competitive in a rising interest rate market, with the benefit of borrowing locally, from an institution you trust."

Those interested in finding out more about the promotional loan can call in to the Cavan Credit Union offices at 83 Main Street, Cavan. Alternatively you can call 049-4331715 or email info@cavancu.ie