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What has happened to motor loans?

  • 05-02-2012 7:30pm
    #1
    MargeS
    Registered Users, Registered Users 2 Posts: 1,002 ✭✭✭


    I've just been looking up motor loans on a few banking sites, etc.
    What happened to motor loans...? They seem to only offer Motor Finance now!

    My credit union is offering a motor loan at 6.5% which is the rate I got my first car loan at 12 years ago!


Comments

  • #2
    Jimdagym
    Registered Users, Registered Users 2 Posts: 3,844 ✭✭✭Jimdagym


    The preference for finance is to do with security, but I'm not sure why you think your credit union loan should go down in price.


  • #3
    MargeS
    Registered Users, Registered Users 2 Posts: 1,002 ✭✭✭MargeS


    Jimdagym wrote: »
    The preference for finance is to do with security, but I'm not sure why you think your credit union loan should go down in price.
    'cause I thought the cost of borrowing was more expensive than 12 years ago.


  • #4
    Jimdagym
    Registered Users, Registered Users 2 Posts: 3,844 ✭✭✭Jimdagym


    MargeS wrote: »
    'cause I thought the cost of borrowing was more expensive than 12 years ago.

    Ah, you were talkIng about going the other way. Isn't a credit union meant to loan from its reserves, so the cost hasn't changed?


  • #5
    LFC Murphy
    Registered Users, Registered Users 2 Posts: 825 ✭✭✭LFC Murphy


    My credit union is 7.3% and banks are alot more.


  • #6
    enviro
    Registered Users, Registered Users 2 Posts: 1,292 ✭✭✭enviro


    6.5% is a good rate.


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  • #7
    SJT1
    Registered Users, Registered Users 2 Posts: 84 ✭✭SJT1


    VW Bank 3.9% Fixed APR
    Audi Finance 5.9% Fixed also


  • #8
    waynegalway
    Registered Users, Registered Users 2 Posts: 1,684 ✭✭✭waynegalway


    Ulster bank 14.1%


  • #9
    dar83
    Registered Users, Registered Users 2 Posts: 7,106 ✭✭✭dar83


    SJT1 wrote: »
    VW Bank 3.9% Fixed APR
    Audi Finance 5.9% Fixed also

    That's Finance though, not a Motor Loan...


  • #10
    opinion guy
    Closed Accounts Posts: 11,001 ✭✭✭✭opinion guy


    dar83 wrote: »
    That's Finance though, not a Motor Loan...

    But isn't that a response by the manufacturers to lend to buyers as the banks have just stopped lending to anyone for anything ?


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