Irish Credit Unions around the country, with access to over €6 billion, have come together to provide easier access to their funding for customers looking to buy a car, writes Trish Whelan. The DACU service is available to both present and potential new Credit Union members.
DACU stands for Direct Access to Credit Unions, and provides potential car buyers with a simple, efficient way to make an online enquiry about a loan from a Credit Union. The application process is simple and there will be an answer within 48 hours.
This service opens another line of finance, recognising the fact the Credit Unions are already a major funder of car purchases. This initiative, with The Society of the Irish Motor Industry's Independent Dealers, recognises this but makes it more efficient.
Chris Fleming, Chairman of SIMI's Independent Dealers Committee, said this is 'a hugely important development' at the launch of the new initiative in Dublin this morning.
He said for the professional non-franchise garages specialising in selling used cars, the lack of consumer finance has been a huge problem. "We believe the new project will be very significant in helping our businesses move back towards more normal levels of activity."
Alan Nolan, Director General of SIMI said at today's announcement 'between the traditional finance providers and the new DACU initiative, the good news for all car buyers is that finance is available for creditworthy customers'.
Pictured above are Alan Nolan, Director General SIMI; Sean Staunton, Executive Manager, Balbriggan Credit Union; and Chris Fleming, SIMI’s Independent Dealers Committee.
This service opens another line of finance, recognising the fact the Credit Unions are already a major funder of car purchases. This initiative, with The Society of the Irish Motor Industry's Independent Dealers, recognises this but makes it more efficient.
Chris Fleming, Chairman of SIMI's Independent Dealers Committee, said this is 'a hugely important development' at the launch of the new initiative in Dublin this morning.
He said for the professional non-franchise garages specialising in selling used cars, the lack of consumer finance has been a huge problem. "We believe the new project will be very significant in helping our businesses move back towards more normal levels of activity."
Alan Nolan, Director General of SIMI said at today's announcement 'between the traditional finance providers and the new DACU initiative, the good news for all car buyers is that finance is available for creditworthy customers'.
Pictured above are Alan Nolan, Director General SIMI; Sean Staunton, Executive Manager, Balbriggan Credit Union; and Chris Fleming, SIMI’s Independent Dealers Committee.
