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Anyone succesully/unsuccessfully applied for car loan recently?

  • 15-03-2011 10:44pm
    #1
    nimus
    Closed Accounts Posts: 16 ✭


    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?

    Any advice, experiences etc. most welcome.

    Thanks


Comments

  • #2
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    Try your local credit union, they are more flexible on their lending terms and their interest rates are as competitive if not more, than banks.


  • #3
    ergonomics
    Registered Users, Registered Users 2 Posts: 1,810 ✭✭✭ergonomics


    I was refused twice by my local Credit Union recently and was approved within hours by the AIB. Repayment with the AIB was cheaper over a shorter period than Credit Union too.


  • #4
    nimus
    Closed Accounts Posts: 16 ✭nimus


    Thanks to you both.

    Seems a bit hit and miss by all accounts.

    I have a loan with the CU at the moment and this will be fully repaid in the next few weeks. I have a good history with them but only about 1500 on deposit. Are they still lending four times your deposit?
    I'm with TSB and they seem to have a pretty bad rep for approval at the moment so don't think I will even approach them.


  • #5
    kev1.3s
    Registered Users, Registered Users 2 Posts: 4,358 ✭✭✭kev1.3s


    I have only about 700 on deposit and I got 5000 approved over the phone last year so I don't think that they are fixed on there lending terms.


  • #6
    nimus
    Closed Accounts Posts: 16 ✭nimus


    Okay, first stop will be the CU.
    Second stop AIB. I am pretty apprehensive though as have heard of so many people getting turned down everywhere.


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  • #7
    Squall19
    Closed Accounts Posts: 565 ✭✭✭Squall19


    nimus wrote: »

    Has anyone successfully/unsuccessfully applied for car finance recently? Is the success rate better through dealers or directly with banks?

    Any advice, experiences etc. most welcome.

    Thanks

    Dont have any experience with regard to the loan, but imo with regards to the car if you dont have enough to buy such and such a car for cash, then you cant afford it, simple as.

    Most go with the rule of 25% yearly salary for a car purchase if they can pay cash.So if you get 40k a year you can safely afford a 10k car.

    Why put yourself in the red with a loan when you can get a great machine for 2-3k now.


  • #8
    nimus
    Closed Accounts Posts: 16 ✭nimus


    Squall19 wrote: »
    Dont have any experience with regard to the loan, but imo with regards to the car if you dont have enough to buy such and such a car for cash, then you cant afford it, simple as.

    Most go with the rule of 25% yearly salary for a car purchase if they can pay cash.So if you get 40k a year you can safely afford a 10k car.

    Why put yourself in the red with a loan when you can get a great machine for 2-3k now.

    Good, sensible advice! :)

    The loan I am looking for was quoted at 280 per month repayments from the CU over four years. They don't do approval over the phone they said so will be calling in at some stage over the next week or so. Thats about 1/8 of my income after tax, pension and mortgage so its very affordable.

    TBH, haven't seen a decent car that I would like to buy in the price bracket of 2-3k....


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