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Is there any reason you would not take a HP loan from the bank

  • 15-03-2014 7:54pm
    #1
    colly10
    Registered Users, Registered Users 2 Posts: 3,017 ✭✭✭


    I have seen that some people are very critical of HP but the APR is a good bit lower than a personal loan.

    I understand that you do not own the car until the final payment but it would be a bad idea to take out a loan that you don't plan to pay back in full anyway.

    I was wondering if there is something i'm missing, why would anyone choose a loan with higher repayments over a HP loan (assuming their confident of job security)?


Comments

  • #2
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    If you want to change the car before the finance is finished you have to settle the loan first. Ie you'll pay more interest.


  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,762 ✭✭✭✭Atlantic Dawn
    M


    Look in to the fees associated with it, sometimes the banks have larger fees associated than dealer loans.


  • #4
    colly10
    Registered Users, Registered Users 2 Posts: 3,017 ✭✭✭colly10


    colm_mcm wrote: »
    If you want to change the car before the finance is finished you have to settle the loan first. Ie you'll pay more interest.

    That clears it up, thanks


  • #5
    colly10
    Registered Users, Registered Users 2 Posts: 3,017 ✭✭✭colly10


    Atlantic Dawn wrote: »
    Look in to the fees associated with it, sometimes the banks have larger fees associated than dealer loans.

    It's a HP loan direct from the bank, i'd buy private and it's cheaper (as long as I don't want to settle early)


  • #6
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Will they do a hire purchase on a private sale?


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  • #7
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    mickdw wrote: »
    Will they do a hire purchase on a private sale?

    No.


  • #8
    colly10
    Registered Users, Registered Users 2 Posts: 3,017 ✭✭✭colly10


    mickdw wrote: »
    Will they do a hire purchase on a private sale?

    I presumed so, i havn't seen anything in the T&C's on who I can purchase from. I'll call them to be double sure


  • #9
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    colly10 wrote: »
    I presumed so, i havn't seen anything in the T&C's on who I can purchase from. I'll call them to be double sure

    No they won't. They will insist on it being from a dealer.


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