Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Hire Puchase - Family Car

  • 07-12-2016 12:20pm
    #1
    Fox1978
    Registered Users, Registered Users 2 Posts: 223 ✭✭


    Hi guys,

    Hopefully someone can spare a few moments for some advice.

    Very much a newbie to this, but our Nissan Primera is getting a bit squished with 3 kids in the back so looking to upgrade to a (slightly) bigger car.

    We can't afford to buy a new car outright so interested in the various hire purchase deals available.

    We don't have a specific car in mind so would rather look at what we can afford over a monthly rental + deposit and make a decision that way. Perhaps calling into a garage and discussing what they have on offer.

    Would be happy to look at a five-year-old car if it means the monthly rent is substantially less (i.e. €100 a month) over several years. Not sure if garages offer cars that old on hire purchase deals.

    Anyhow, if anyone has any comments on best way to go about this I would be appreciative. Perhaps we do need to pick out one or two cards we want but as I say we're more guided on budget than car type at the moment. I could just pop into various garages and discuss but wanted to see if there were any thoughts here first.

    Thanks a zillion.


Comments

  • #2
    CIP4
    Registered Users, Registered Users 2 Posts: 4,657 ✭✭✭CIP4


    This is a useful calculator tool have a mess around with that the longest HP loan you will get in general is 5 years. Interest rates vary hugely but on a 5 year old car you could be paying around 7% plus. Looking at the calculator tool to have repayments under €100 per month over 5 years you can only really borrow around 5k.

    http://www.consumerhelp.ie/loan-calculator

    So you would have 5k plus deposit to spend on a car which isn't a huge amount for a newish car but it is quite difficult to have repayments of €100 per month on HP. My advice would be go to at least 5 garages see what they are offering and see what car suits you as if you are taking it out over 5 years you want to be sure you are picking the right car.


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,360 ✭✭✭✭bazz26


    It might be better to go talk to your local credit union, their interest rates might not be as attractive as HP but they might offer a more flexible repayment method and less restrictions than the likes of banks or financial institutions.

    Your really not going to get much in the way of a HP deal if any at €100 per month or over 5 years on a car that is already 5 years old. The HP finance company will want to make money from you in interest and also want some sort of value in the car in the event the loan goes south and they need to sell it on to recover some of the debt.


Advertisement