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Finance on used cars?

  • 07-06-2010 11:43pm
    #1
    Cheat
    Closed Accounts Posts: 9 ✭


    Sorry if this is a stupid question but is it possible to get a finance on used cars?
    Im looking to buy a honda civic saloon 1.6 car and to hopefully pay it off over time?


Comments

  • #2
    Ri_Nollaig
    Registered Users, Registered Users 2 Posts: 2,297 ✭✭✭Ri_Nollaig


    I got finance on mine when I bought it, I do however remember the garage saying a lot of banks wouldn't have approved the loan as the car was an 02 but still got it anyway, off of AIB.


  • #3
    furtzy
    Closed Accounts Posts: 1,464 ✭✭✭furtzy


    Of course you can. They are fairly strict now and will look very deeply at your ability to repay and credit history. Also a 20% deposit seems to be the norm now as well


  • #4
    bazz26
    Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    It depends on the age of the car. To my knowledge most banks will not give finance on anything over 3 years old. The reason being that if the loan goes bad they want to recoup as much from the selling of the car as possible.

    Given that the OP is looking at a Honda Civic saloon 1.6 litre then I am assuming it is at least 4 years old as that was the last model the Civic was sold here with a 1.6 litre engine. The current saloon as been on sale here since 2006 in 1.8 litre petrol and 1.3 litre hybrid.


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