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Car Finance

  • 26-01-2011 8:46am
    #1
    tom thum
    Banned (with Prison Access) Posts: 483 ✭✭


    hi. i was thinking about getting a new car. ( well new to me anyway.) . i was just wondering if anyone knows how old the car can be and still be able to get finance on the car.?? i think it cant be more than 5 years old but i need confirmation. thanks


Comments

  • #2
    alexmcred
    Closed Accounts Posts: 2,487 ✭✭✭alexmcred


    You can still get finance but you need to either have a decent trade in or decent deposit as one of the main things the finance companies now look for is how much equity is in the deal for them i.e. If the car is repo'd there is very little chance of them not getting their money back.

    Also they are getting very strict about 5 year terms and are trying to keep the finance on any car one year or older to 4 years or less. They may still give finace over five years but be very careful as to what interest rate they charge on this.


  • #3
    Live4Ever
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭Live4Ever


    Where do you get this finance? I was in a used car dealership at the weekend. They had "finance arranged" signs everywhere yet when I asked the told me to ring my bank about a car loan.

    Would I be right in saying they only accept finance that you arranged personally with your own bank?


  • #4
    alexmcred
    Closed Accounts Posts: 2,487 ✭✭✭alexmcred


    I got it last march through Permanent TSB finance. I rang them myself to get approved first and then went shopping.

    You would probably be better off trying to arrange finance yourself.

    While I sorted the finance myself I got the garage to do a better interest rate than the bank were offering


  • #5
    Live4Ever
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭Live4Ever


    alexmcred wrote: »
    I got it last march through Permanent TSB finance. I rang them myself to get approved first and then went shopping.

    You would probably be better off trying to arrange finance yourself.

    While I sorted the finance myself I got the garage to do a better interest rate than the bank were offering

    Cool, thanks for that. Did you have a PTSB account already? BoI wouldn't lend me a pen, think Ulster Bank might though!


  • #6
    alexmcred
    Closed Accounts Posts: 2,487 ✭✭✭alexmcred


    I did but it wasn't a very active account. A credit union if you have an account there might be a good place to check as well


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  • #7
    bazz26
    Registered Users, Registered Users 2 Posts: 51,411 ✭✭✭✭bazz26


    Credit Unions generally allow you to borrow upto 3 times what you have saved with them. They may also require you to secure your savings against the loan though meaning you cannot withdraw your savings for the term of the loan. They are alot more flexible on repayments over banks though.

    Best thing to do is have a chat with them.


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