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Car Loan

  • 20-01-2011 5:36pm
    #1
    no nails niall
    Closed Accounts Posts: 97 ✭✭


    Greeting Folks,

    Im looking at borrowing £5k to help pay for a new motor. Currently with Ulster Bank in Belfast. What the best option? Is it better to get finance through the car dealer or get a loan off the bank?

    Thanks,
    Niall


Comments

  • #2
    dnme
    Registered Users, Registered Users 2 Posts: 3,429 ✭✭✭dnme


    In order of preference

    1. Save and buy with cash, 5k is doable in a year or two
    2. Family loan (interest free) but you need to have trust and total integrity, defaulting can cause war.
    3. Credit Union loan. Best by far of the financial institutions. You need to be saving with them for a while to prove a track record.
    4. Bank loan - good luck with that
    5. Dealer finance. Money black hole as they use under writers such as GE Capital etc. High interest rates and no leverage for dealing / haggling.


  • #3
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Never get dealer finance :)


  • #4
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    I wouldn't borrow €5k for a car full stop. These days, you can get a good, reliable car for under a grand.


  • #5
    rebel.ranter
    Registered Users, Registered Users 2 Posts: 3,570 ✭✭✭rebel.ranter


    GE Capital have pulled out of car finance in this country. The banks are not really interested in giving out motor loans any more. They prefer the option of Hire Purchase agreements, however I would say €5k is too low for that sort of agreement. You would actually find it easier to seek a bank loan for a home improvement or holiday loan. Also a lot of banks now will only lend you money to buy a car if you ae buying one of theirs.
    Ideally a Credit Union loan is ideal for this sort of thing.

    As for the person suggesting to spend 2 years saving :rolleyes: :rolleyes::rolleyes: Maybe the OP needs a car to get to the job that generates the income? No car = no income. Sometimes a loan is the right option.


  • #6
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    You'd easily get a loan for £5k if you have a steady income.


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  • #7
    shadowcomplex
    Closed Accounts Posts: 4,097 ✭✭✭shadowcomplex


    The banks especially the BOI and the AIB wont give you the steam of their piss these days


  • #8
    Nonoperational
    Registered Users, Registered Users 2 Posts: 7,401 ✭✭✭Nonoperational


    Got a bank loan from AIB last summer no bothers. Got an overdraft a few weeks ago no problem. Just to put the other side of the story out there.


  • #9
    dnme
    Registered Users, Registered Users 2 Posts: 3,429 ✭✭✭dnme


    rebel.ranter wrote: »
    GE Capital have pulled out of car finance in this country. The banks are not really interested in giving out motor loans any more. They prefer the option of Hire Purchase agreements, however I would say €5k is too low for that sort of agreement. You would actually find it easier to seek a bank loan for a home improvement or holiday loan. Also a lot of banks now will only lend you money to buy a car if you ae buying one of theirs.
    Ideally a Credit Union loan is ideal for this sort of thing.

    As for the person suggesting to spend 2 years saving :rolleyes: :rolleyes::rolleyes: Maybe the OP needs a car to get to the job that generates the income? No car = no income. Sometimes a loan is the right option.

    I said "such as" GE Capital.
    I was only giving him a list of options, the saving merely being one. Also if he needs a car for work, then buy a Corolla for 1k.


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