Choosing the right financial options ...

MANAGING our finances better is always a priority but do we ever actually get around to doing it?

Do we ever compare the marketplace to see if we can get a better deal on our finance? We compare prices & products when we are shopping for a new car or a new suit so why not do it for our finance?

Make it your goal in 2017 to compare your existing debts (loans, credit cards) with what is available and make that move to benefit your pocket!

At Macroom Credit Union, we not only have a variable car loan rate of 6% but have also introduced a 7% Refinancing Loan to help you tidy up your debts into one easy repayment and to reduce the cost to you. At this time of the year credit card balances escalate and some of us find it difficult to bring the balance back down to zero.

Remember that the interest rates on credit cards can generally be anything from 16% to 20% so if you can’t clear the balance quickly, the interest payable and minimum monthly payments will soon add up. For anyone who has dealings with moneylenders, their interest rate can be in the region of 187% so it’s well worth checking out the alternatives.

If you are considering changing the car there are plenty of financial options available to help you get the car you want. There is a product that suits everyone, but make sure you check out the small print on any credit you do intend taking out, be it hire purchase, PCP or a standard personal loan. Remember that all finance has a cooling-off period which allows you change your mind within 14 days of signing for the finance.

We have found our car loan rate of 6% to be very competitive and has the benefits of being a variable rate, which allows for early repayment or increased repayments at any stage of the loan period. In 2016, we issued €2.6 million to local members for car purchases so it must be a product that is meeting our member’s needs. Why not check out a price for yourself on www. macroomcu.ie .

This year we also gave a refund of 15% of all loan interest paid during the year to our members, which further reduces down the cost of borrowing from us. Going forward, we hope to maintain the refund amount as a thank you for borrowing locally with us!

When you add in the fact that you get free life cover on all loans, free death benefit on your savings and no transaction charges, along with online & mobile phone access to your accounts, full electronic fund transfer options, and our low lending rates, Macroom Credit Union could be the option for you!

We are open five days in Macroom and on Thursday evenings in Coachford, and are very much open for lending.

All underwriting decisions are made locally and take into account local knowledge and weigh up each application individually. Turnaround time on decisions is usually 36-48 hours, but generally a lot quicker.

New members are always welcome and we would love to extend a welcome to anyone out there who have yet to join with us to pop in and create a strong lasting relationship with us.

Our website, www.macroomcu.ie , gives all the relevant information regarding account opening and loan applications, along with details of other services we provide – have a glance and pop us an email if you have any queries not answered on the site.