Who's best to try for car loan?

Andy From Sligo

Whose the best to get a 100% or near it car loan for a new car in Ireland these days. Bank, the car dealers finance, credit union? I see aib do non deposit 100% car loans for new cars to 6year payback but how easy would it be to get, I wonder if both people have to be in full time employment? Or is credit union the way to go? The loan would be 10 or 11grand by the way if it has any bearing on the answer , if we were going for a loan.

EverythingGood

Credit union in my experience - easy to deal with, no problem paying off early, car is yours from the get go, no finance/PCP arrangements or balloon payments, easy to rearrange payment schedule if required,

zilog_jones

Maybe it's obvious, but a credit union is not an option unless you have already been saving there.

With a lot of banks you need to be a current account customer to get favourable rates - that's what they claim anyway. They may be flexible with paying off early although usually the only option is a lump sum.

TitianGerm

Andy From Sligo wrote: »

Whose the best to get a 100% or near it car loan for a new car in Ireland these days. Bank, the car dealers finance, credit union? I see aib do non deposit 100% car loans for new cars to 6year payback but how easy would it be to get, I wonder if both people have to be in full time employment? Or is credit union the way to go? The loan would be 10 or 11grand by the way if it has any bearing on the answer , if we were going for a loan.

Depends on how much you earn at the end of the day. I found the Credit Union very easy to deal with when I got loan approval a few weeks ago.

Soarer

My local credit union have reduced their car loan rate from 10 point something to 6.75%.

I know that probably doesn't help.

MarkN

BOI 7.5% dear enough but 100% loan. Interest isn't front loaded either.

nhunter100

Andy From Sligo wrote:

Whose the best to get a 100% or near it car loan for a new car in Ireland these days. Bank, the car dealers finance, credit union? I see aib do non deposit 100% car loans for new cars to 6year payback but how easy would it be to get, I wonder if both people have to be in full time employment? Or is credit union the way to go? The loan would be 10 or 11grand by the way if it has any bearing on the answer , if we were going for a loan.

If it's an option the Credit Union every time.

TitianGerm

Soarer wrote: »

My local credit union have reduced their car loan rate from 10 point something to 6.75%.

I know that probably doesn't help.

I think that's what mine is 6.9% if the cheque is issued to a dealer.

If you buy from the UK or privately they charge the 12% and then once you have the log book you bring it in and they'll reduce you rate back down to the 6.9%.

.G.

My credit union charge and 9.9% on loans. Most banks are better value than that. Credit unions used to be the ones more afforaable!

Andy From Sligo

its looking like the CU is the way to go by sounds of it then - not bad APR I suppose.

These car dealers that offer 0% PCP (whatever that is , i am presuming its a fancy name for credit/loan) - they seem to want a deposit of 3grand and a final baloon payment of 3grand

Cows Go µ

When I was getting mine, I was going down the credit union route however even though I could prove that I had consistently putting money into savings (not with them but I did have an account with them) for a number of years and clearly was earning enough to pay back the loan, they were asking for guarantors and I didn't have anyone to do that. Also took nearly a week to tell me that.

Went to Aib instead and they approved it within 5 minutes. They were the ones I was saving with so apparently had a bit more confidence in me

Elemonator

Credit Union also.

ShadowHearth

Cows Go µ wrote: »

When I was getting mine, I was going down the credit union route however even though I could prove that I had consistently putting money into savings (not with them but I did have an account with them) for a number of years and clearly was earning enough to pay back the loan, they were asking for guarantors and I didn't have anyone to do that. Also took nearly a week to tell me that.

Went to Aib instead and they approved it within 5 minutes. They were the ones I was saving with so apparently had a bit more confidence in me

Last two loans I took from aib I did not even needed to go to bank. All done online and money transfered in less then 30 seconds. Very easy to deal with them, then again I am with them 11 years.
Aib is giving 8,5% apr on personal loans if I remember right and it's not that bad, consodering local CU offered 12%!!! Even then, they wont give it to me as I dont have account there.
Another good thing about aib personal loan, that you can pay extra when ever you want or pay out fully. Intrest is calculated daily, not just added the second you take loan. So if you pay off earlier, you pay less apr.

Lia_lia

zilog_jones wrote: »

Maybe it's obvious, but a credit union is not an option unless you have already been saving there.

I hadn't put any money in my account for about 8 years and they gave me a 3.5K loan once I put in €300. So not a 100% loan but they can be flexible enough.

zilog_jones

I guess just having the account there helped at least...