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Car loans/HP - Anyone with recent experience applying?

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  • 15-03-2011 10:46pm
    #1
    nimus
    Closed Accounts Posts: 16 ✭


    Hello - After some advice on current lending criteria for car finance and hoping some of you have bought a new car recently!

    I would like to trade up my car. However, I have heard that the banks are being pretty difficult with people in relation to giving out car finance. I don't want to go crazy applying left, right and centre so that I will end up with a sting of viewer records on my ICB report only to be refused.

    Has anyone successfully/unsuccessfully applied for car finance recently? Is the success rate better through dealers or directly with banks? I've heard BOI are not lending at all really - is this so?

    I'm hoping to borrow about 11k. My only debt at the moment is about 400 on a CU loan that will be clear in a few weeks. I have a credit card with about 1700 on it at the moment.Full time PAYE worker and my gross salary is about 30k with no rent/mortgage etc. coming out. Not good at saving but pay all my bills on time. ICB report is clear, the only thing that might be a problem there is that there is no real lending history as I have only borrowed from the CU in the past.

    Any advice, experiences etc. most welcome.

    Thanks


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    #2
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    I know that with lease/hp the bank has the car as security to protect them, if you got a bank loan its unsecured and the bank has nothing to fall back on hence they want car loans to go down the loan/hp route


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Why get a car loan from your CU? They are advertising at moment that they are lending and should get a better rate there


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