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Second hand car on Credit

  • 06-04-2015 9:39pm
    #1
    Bolomaster
    Registered Users, Registered Users 2 Posts: 33 ✭


    Hi all.

    I need a car that isn't going to wreck my head for the foreseeable 3 years. I do not want to go the bangernomics route as I will have no comeback on a purchase if there is any issues 2 months on, etc.

    I am wondering of going into the pure credit route by dropping into into Right Price Cars and pick up something that is known to be reliable (Ie. a 2006 Colt or similar) and ride out the credit on it for the next 3 years. - Something like this should run around 5k and I could pay it back in the guts of 180ish a month.

    I would cover about 8k miles a year in this. Also, I know an option is to save, get a loan and buy a car outright but the benefit of having a car that is reliable is paramount at this moment of my life.

    Any insight is appreciated!


Comments

  • #2
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,748 ✭✭✭✭Atlantic Dawn
    M


    Most dealers offer credit on all cars they sell, rates will vary. You should shop around and compare their rates with that of a bank or credit union.


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,362 ✭✭✭✭bazz26


    Getting finance or a loan could be hard on a car of that age. Most don't want to finance anything over 5 years old as if the loan goes south the car might not be worth anything substantial for the bank to sell on and recover some of the debt. Also most banks/lending institutions will require an up front deposit.

    On a €5k car your best bet for credit is either through a personal loan from your bank or credit union.


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