Bank of Ireland Finance

gaiscioch

I'm with BofI and I'm going to buy a 2010/2011 car. I'll get perhaps €1500 for my existing one. I've been quoted a rate of 9.7% on an €11000 car loan, or I could use Bank of Ireland Finance and get a rate of 8.6%.


My first question is this. I've been told that the lower 8.6% rate can only be given if I buy the car from a garage. Is there any way I can buy a car privately while availing of the lower interest rate which marks car finance? (I'm interested in this car)

My second question is this. I've just noticed that if indeed I do go into, say, a Toyota used car salesroom they can give me finance, which they arrange through Bank of Ireland Finance, at a rate of 6.49%. Is there any difference between both, other than the interest rate? Why would somebody go through their local bank to access finance from Bank of Ireland when if they went through a dealer they'll get a lower rate? What's the snag, and if I mentioned to my bank that I'm aware of this rate from BofI Finance do you think they would match it?

godtabh

gaiscioch wrote: »

at a rate of 6.49%. Is there any difference between both, other than the interest rate? Why would somebody go through their local bank to access finance from Bank of Ireland when if they went through a dealer they'll get a lower rate? What's the snag, and if I mentioned to my bank that I'm aware of this rate from BofI Finance do you think they would match it?

cheaper finance rate more expensive car

mickdw

Never mind the finance, Id run a mile from that car.

To be honest, with a 1500 car, Id sell that separate for whatever you can get for it as if trading in, you would get zero really.
If looking at a passat, go to dealer, no trade in and see what you can get one for. They have excellent finance rates and you can knock them down well on price. Certainly without trade in, you wont pay anything like the advertised price.

That car you linked is right at the cheaper end of what is available in 2011 passats but has half the mileage of the ones around it. It has what looks like aftermarket leather seats fitted and has a silly cover fitted over steering.
Id put money right now that there is something not correct with it. From a distance, Id wager high mile taxi

gaiscioch

mickdw wrote: »

Never mind the finance, Id run a mile from that car.

Why?

BigEejit

Banks chance their arm and offer poor loan deals to their own customers thinking (probably rightly) that a lot of their customers just wont bother their arses shopping around for different deals.

We live in the UK and my Mrs was looking for a car loan and Barclay's (our bank) were offering 4% according to their website. So we rang them up and we were told that _our_ rate was 7.9% and we were told the website just shows the headline rate but 7.9% is based on our circumstances ..... WTF says I and the guy on the phone basically said to get the 4% rate, you would need to be banking >100 grand a year. I thought that was very high and I literally spent 2 minutes looking on d'internet and found a deal for 3.5% (Sainsburys Bank) and I rang Barclays asking them to match and they basically said they can reduce the rate to 7.5% and thats it.

Told then to f off.

bazz26

gaiscioch wrote: »

Why?

Cheap looking leather seats, aftermarket low rent steering wheel cover, silly badge on the boot and fake shark fin aerial give off a bad vibe about it. It being priced similarly to other Passats with nearly twice the mileage, would also raise alarm bells with me around it's genuineness. If you could get your hands on the old UK plate it might through out some interesting facts too I'd imagine.

noelf

OSI wrote: »

I'd wager that's an ex taxi

average price is around E19500 way to cheap good stereo system though

lomb

BigEejit wrote: »

WTF says I and the guy on the phone basically said to get the 4% rate, you would need to be banking >100 grand a year.

You wouldnt need a car loan though if you were banking 100+ a year though:pac:
Should be a law against false advertising like that.

colm_mcm

Steering wheel cover and pleather seats scream "don't buy me"

Its also taxed at €95p/a



...which makes it a taxi/hackney

bazz26

I wonder how many hair cuts it's had?

colm_mcm

Its not that low mileage for 3 years to be fair.

bazz26

On a privately owned car yes it probably would not raise suspicion but given it's an ex UK car in typical sales rep silver and spec, no mention of service history, used as a PSV over here and carrying a cheap asking price it's hard to consider it genuine imo.

colm_mcm

Didn't cop the import bit. Doesn't have a ridiculous long reg.

mickdw

bazz26 wrote: »

I wonder how many hair cuts it's had?

One rather large one at least.
It goes to show how easily some people get caught. The op came on here seriously considering this car. They saw no issue with it despite it being alot cheaper than everything else. They probably would have gone ahead without a history check too. We would then have a thread re being scammed in about 2 weeks.

bazz26

colm_mcm wrote: »

Didn't cop the import bit. Doesn't have a ridiculous long reg.

Reverted back to the next available number from 2011 onwards.

mickdw wrote: »

One rather large one at least.
It goes to show how easily some people get caught. The op came on here seriously considering this car. They saw no issue with it despite it being alot cheaper than everything else. They probably would have gone ahead without a history check too. We would then have a thread re being scammed in about 2 weeks.

Indeed, a lot of people are still blinded by a "bargain".

gaiscioch

bazz26 wrote: »

but given it's an ex UK car in typical sales rep silver and spec

colm_mcm wrote: »

Didn't cop the import bit. Doesn't have a ridiculous long reg.

bazz26 wrote: »

Reverted back to the next available number from 2011 onwards.

Could you explain this a bit please? How did you spot it's an import?

colm_mcm

Mph clocks.

Also if you do a free motorcheck.ie check it flags it as a uk import.

gaiscioch

colm_mcm wrote: »

Steering wheel cover and pleather seats scream "don't buy me"

Its also taxed at €95p/a

...which makes it a taxi/hackney

Impressive investigative work. What official source did you get the taxi/hackney rate from? I googled it and found this from November 2012, where the taxi/hackney rate is €88, but an island car is €95.

colm_mcm

https://www.motortax.ie/OMT/menu.do?page=motortaxinfotype

gaiscioch

colm_mcm wrote: »

Mph clocks.

Also if you do a free motorcheck.ie check it flags it as a uk import.

Duh! This thread is a learning curve (I haven't bought a car since 2006). Thanks/grma.

bazz26

gaiscioch wrote: »

Could you explain this a bit please? How did you spot it's an import?

MPH only speedo, Irish cars should have kph dials. The alloy wheel design is unique to UK spec models too.

gaiscioch

bazz26 wrote: »

MPH only speedo, Irish cars should have kph dials. The alloy wheel design is unique to UK spec models too.

OK. The speedometer I should have got myself. But I don't know how I'd be able to identify that the wheel design was foreign. I wouldn't have even thought that the same car company would change the wheel design between the two markets (or indeed across the EU, although I was aware they'd be different in Asia and US).

mickdw

gaiscioch wrote: »

OK. The speedometer I should have got myself. But I don't know how I'd be able to identify that the wheel design was foreign. I wouldn't have even thought that the same car company would change the wheel design between the two markets (or indeed across the EU, although I was aware they'd be different in Asia and US).

Wheel design is not important tbh in this case.
Will you still consider buying it based on what you have learned in this thread.
You simply cannot buy a genuine passat with decent mileage with 11 reg for that money. The worst thing to do when buying is trying to into a model / year that stretches your budget. You will always end up with the bottom of the barrel stuff.

gaiscioch

mickdw wrote: »

Wheel design is not important tbh in this case.
Will you still consider buying it based on what you have learned in this thread.
You simply cannot buy a genuine passat with decent mileage with 11 reg for that money. The worst thing to do when buying is trying to into a model / year that stretches your budget. You will always end up with the bottom of the barrel stuff.

Wouldn't go near it now that I understand why it would be a bad buy. I've a better idea also of online resources available to check car backgrounds. Thanks.

Regarding the finance, would it be better to opt for the 9.7% car loan over the 8.6% car finance because I could get a better discount as a "cash buyer" with the first one?

bazz26

Remember that a dealer will earn an additional commission from their finance company/bank for bringing in new business so you could get a better deal on the price of the car. You really need to shop around, do some maths and see who offers the best overall finance package when all things are taken into consideration rather than just the lowest headline interest rate.

Kop On

Always compare the number of instalments you'll be making when comparing finance directly from a bank and through a dealer. In almost all cases you will have a full extra month through a dealer.

3 year car loan through bank = 36 repayments
3 year car loan through dealer = 37 payments

If your repayments are a few hundred euro, it makes a difference.

Check out the small print of the car finance you've linked, the 6.49% clearly says it 37 instalments at the very bottom of the page.

dm2978

OSI wrote: »

I'd wager that's an ex taxi

I was looking at this online earlier, it was a taxi until may this year.


Licence Number: 21086 Type: TAXI Status: ACTIVE

Known History:
Expiry Date Reg. No. Licence Holder
06-05-2015 10D125482 JIAN QU
30-05-2014 11D43309 JIAN QU
30-05-2013 11D43309 JIAN QU

gaiscioch

dm2978 wrote: »

I was looking at this online earlier, it was a taxi until may this year.


Licence Number: 21086 Type: TAXI Status: ACTIVE

Known History:
Expiry Date Reg. No. Licence Holder
06-05-2015 10D125482 JIAN QU
30-05-2014 11D43309 JIAN QU
30-05-2013 11D43309 JIAN QU

Where can you find that info online?

gaiscioch

Kop On wrote: »

Always compare the number of instalments you'll be making when comparing finance directly from a bank and through a dealer. In almost all cases you will have a full extra month through a dealer.

3 year car loan through bank = 36 repayments
3 year car loan through dealer = 37 payments

If your repayments are a few hundred euro, it makes a difference.

Check out the small print of the car finance you've linked, the 6.49% clearly says it 37 instalments at the very bottom of the page.

Good heads-up. Thanks!

dm2978

gaiscioch wrote: »

Where can you find that info online?

Yes it's on a taxi drivers forum website, not sure I can name it. It has a database of past and present spsvs. It contains information in the public domain(national transport authority driver check app). It would store the details of past spsvs even when they become expired. The NTA app would only show if a vehicle is currently licenced as a spsv. I tried to link the info in my previous post but as a new user I can't. You can see it was a taxi between may 2013 and may 2014. I would guess the vehicle licence was transferred in may 2014 to the 10D car in the post.

Bigcheeze

60,000 miles on a 3 year old car that has spent most if its life as a taxi. World's laziest taxi driver or else.....

Typical full time taxi driver mileage would be 40-50,000 miles per year.

Would be interesting to see if seller admits its a taxi.

dm2978

Bigcheeze wrote: »

60,000 miles on a 3 year old car that has spent most if its life as a taxi. World's laziest taxi driver or else.....

Typical full time taxi driver mileage would be 40-50,000 miles per year.

Would be interesting to see if seller admits its a taxi.

You know I would say it was a taxi in this country only between may 2013 and may 2014 and having said that who knows if it was a full time taxi driver driving it. It would be possible as a part time driver to do 20000km a year. I'd consider buying it if it's history prior to it becoming a taxi checked out and its current mileage corresponded with its Nct which would have being done shortly before may 2013.

Bigcheeze

dm2978 wrote: »

You know I would say it was a taxi in this country only between may 2013 and may 2014 and having said that who knows if it was a full time taxi driver driving it. It would be possible as a part time driver to do 20000km a year. I'd consider buying it if it's history prior to it becoming a taxi checked out and its current mileage corresponded with its Nct which would have being done shortly before may 2013.

First taxi license expired May 2013 meaning it was a taxi from May 2012? But I'm not sure exactly how taxi licenses work.

dm2978

Bigcheeze wrote: »

First taxi license expired May 2013 meaning it was a taxi from May 2012? But I'm not sure exactly how taxi licenses work.

Yes you're correct, apologies there, I misread the info from the database. So it was a taxi for two years. Mileage would be low alright.

mickdw

dm2978 wrote: »

Yes you're correct, apologies there, I misread the info from the database. So it was a taxi for two years. Mileage would be low alright.

2 years a taxi and a uk import.
Id say there is 160k miles on it at least.

dm2978

mickdw wrote: »

2 years a taxi and a uk import.
Id say there is 160k miles on it at least.

Yes I fully agree mickdw. I'd still check it out if I was looking for a Passat though. Actually I will be looking to buy a Passat but not until November. I'm not in dublin but I would check this car if it was still for sale in a few months. Just seen there that the seller has it on done deal and states he used it part time as a taxi.

If the seller is the taxi driver, there would be no reason why he would not have the Nct reports and SGS Suitability reports from 2012 and 2013 at licence renewal. If these figures could be tallied with the mileage at import, it could be an alright car to buy especially if the buyer could get a couple of thousand off it. That's presuming the import figure was correct.

Dangel4x4

I wouldn't get too hung up on that taxi.

One thing there's no shortage of in this world is silver TDI Passats.

Here's another '11 one in Kildare for €600 more than that other thing, same wheels and all, plus a warranty.

http://cars.donedeal.ie/cars-for-sale/volkswagen-passat-2011-1-6-tdi-like-new/7143767

mickdw

dm2978 wrote: »

Yes I fully agree mickdw. I'd still check it out if I was looking for a Passat though. Actually I will be looking to buy a Passat but not until November. I'm not in dublin but I would check this car if it was still for sale in a few months. Just seen there that the seller has it on done deal and states he used it part time as a taxi.

If the seller is the taxi driver, there would be no reason why he would not have the Nct reports and SGS Suitability reports from 2012 and 2013 at licence renewal. If these figures could be tallied with the mileage at import, it could be an alright car to buy especially if the buyer could get a couple of thousand off it. That's presuming the import figure was correct.

That dodgy leather is enough to make me walk on.