5 year finance

Vampireskiss

Can you only get 5 year finance on new cars orcan you get it on old cars too and how old can you go or maybe it would be better to ask how low in overall cost of the car can you go for 5 year finance?

OldmanMondeo

Depends on the lender. PTSB are not giving 5 year finance on any car, new or used.

MarkN

Think it depends on each individual.

Only 4 years on anything that isn't 09. No balloons on anything that isn't 09.

But then again, I was told the bank would look at a balloon on something like a 2008 M3.

I'm with PTSB anyway.

Drummerboy08

You should get 5 years on a 08 or if your luck even a 07. I assume you have a good credit history?

MarkN

Drummerboy08 wrote: »

You should get 5 years on a 08 or if your luck even a 07. I assume you have a good credit history?

unless you know something I don't, not anymore. 4 years max on anything second hand.

Owen

The way this year is going, a lot of banks won't be offering 5 years financing, full stop. The way it still is with some companies, the general rule of thumb is 8 years, so if your car is 3 years old, you can get 5 years finance, if it's 4, then 4 years, and so on.

Healyc

ned78 wrote: »

The way this year is going, a lot of banks won't be offering 5 years financing, full stop. The way it still is with some companies, the general rule of thumb is 8 years, so if your car is 3 years old, you can get 5 years finance, if it's 4, then 4 years, and so on.

+1

Ned hit it on the Head (Sorry had to say it:D)

I work in finance company and you would do well to get 5yrs now.

Drummerboy08

I had no problem getting approved on a 07 focus..

That was only last week. I didnt buy it in the end because i found out it was crashed, but as far as i can see, 5 year finance is still available.

Healyc

Drummerboy08 wrote: »

I had no problem getting approved on a 07 focus..

That was only last week. I didnt buy it in the end because i found out it was crashed, but as far as i can see, 5 year finance is still available.

Every case is different but 5yrs is max term once the age of the car is not over 8yrs old at the end of the agreement!

Vampireskiss

Basically its my first car so I dont want to spend too much I dont want an engine any bigger than 1.4 litre and as long as the mileage is good I dont mind how old it is as long as its genuine, Budget wise I suppose 5k is the max even less than 3k would be great,any ideas?

The Real B-man

Credit Union is you're best bet you can borrow double what you have in your account and when you pay it off you still have the orginal amount in your account its great.

Owen

The credit union is a joke. They meet once a week, when the moon is in the fifth orbit, and if Agnes on the committee can get down the stairs and onto her wheelchair - so if you're in a rush to buy a car, forget it. I made the fatal mistake of financing a vehicle through the Credit Union when I was a kid, and the Interest Rate was absolutely enormous, not to mention the one huge disadvantage of the Credit Union everyone seems to forget ...

To borrow 15k, you have to have 5k in your account. That 5k is then locked away from you until the time period of your loan is finished. Suddenly, you have no access to money you've saved, and should the worst happen in our current economic crisis, you'll be up sh*t creek without a paddle.

For a real loan, use a bank. For a new kitchen or a holiday, use the credit union.

snowman707

ned78 wrote: »

The credit union is a joke. They meet once a week, when the moon is in the fifth orbit, and if Agnes on the committee can get down the stairs and onto her wheelchair - so if you're in a rush to buy a car, forget it. I made the fatal mistake of financing a vehicle through the Credit Union when I was a kid, and the Interest Rate was absolutely enormous, not to mention the one huge disadvantage of the Credit Union everyone seems to forget ...

To borrow 15k, you have to have 5k in your account. That 5k is then locked away from you until the time period of your loan is finished. Suddenly, you have no access to money you've saved, and should the worst happen in our current economic crisis, you'll be up sh*t creek without a paddle.

For a real loan, use a bank. For a new kitchen or a holiday, use the credit union.

+1

totally agree,

if you are on good terms with own your bank you will negotiate better terms than other finance company.

saying this after over 30 years experience.