A dream car come in all different shapes and sizes. If you picture yourself in yours right now, you’ll be grinning from ear to ear.
This was exactly the feeling John got when he purchased the car of his dreams.
Thanks to John’s saving ability and a credit union smart loan – he was smiling all the way to the dealership and now proudly owns a Mercedes-Benz.
‘I love everything about this car, from the way it drives to the comfortable seats.’
Journey to the dream car
John has been steadily saving with the credit union since 2015. Before his credit union days, John tried to save using the savings account he had with his bank. He has online banking so, as many of us have experienced, saving proved to be an impossible task. The temptation of transferring money was too easy and left him with slim savings.
Thankfully, John’s wife was involved in the credit union movement and she introduced him to the benefits of having a credit union account.
Fast forward to January 2021 and John has been making the most of his account through savings and loans. He was aware that his car finance was coming to an end – his old car wasn’t always kind to John and had multiple engine problems, but he had to stick with it because of his 4-year finance plan.
‘With the old car, it was causing me a lot of stress because it had a lot of problems with the engine and it would have cost me over £3,000 to fix it.’
Initially, John wanted to save for a large deposit and finance another car. After some research, he weighed up the final cost – it was too high for him to justify and, with previous car finance problems, he needed another way.
In his research, he looked at other financial providers as well as finding some shocking hire-purchase deals.
“In the end I compared the total costs of it all. If I decided to choose to hire-purchase this car, it was going to cost me another £6,700 in total and I would have had to commit to 4 years of payments”
Fortunately, amongst his findings, the credit union came into the mix. He came across our car loan webpage and was impressed with our low rates… and the rest is history.
What does it feel like owning your dream car?
When John had received the money, he said “I felt great, my wife was very happy also. We had already seen the exact car we wanted and now it just meant we were one step closer to having a new car”.
“I like everything about the car, the look, the comfortability and technology but the highlight has to be the stability – it’s secure and very nice to drive!”
“I want to thank the credit union for offering this type of loan. It can help people who may not be able to buy a car straight up in cash or afford the fees of high cost finance options – it’s very helpful”.
