Car finance

how.gareth

Hi can you tell me if I get a car on finance can I pay it off early with no penalty or would I be liable for all interest that would have been payable over the full term? Thanks

colm_mcm

Depends on what type of finance you’re doing.

sonyvision

how.gareth wrote: »

Hi can you tell me if I get a car on finance can I pay it off early with no penalty or would I be liable for all interest that would have been payable over the full term? Thanks

It will vary, best check terms and conditions. Most finance companies will give settlement figures which is principle and small admin fee.

But check the paper work and if you have finance already just ring to ask.

how.gareth

Cheers no I haven’t got any yet, was thinking of it and was just wondering the difference between it and the likes of a credit union loan. The credit union are charging 9.3%. I presume most car finance deals are a few per cent worse?

colm_mcm

how.gareth wrote: »

Cheers no I haven’t got any yet, was thinking of it and was just wondering the difference between it and the likes of a credit union loan. The credit union are charging 9.3%. I presume most car finance deals are a few per cent worse?

I think you’d do a good bit better than 9.3% but are you specifically looking at paying off early?

how.gareth

colm_mcm wrote: »

I think you’d do a good bit better than 9.3% but are you specifically looking at paying off early?

Not particularly but would like to have the option if finances improved over the next year or two, I just saw that 9.3% on the credit union website on their loan calculator and presumed it was their rate for a personal loan, maybe a car loan has a better rate off them

colm_mcm

Just for example, a local credit union is 7.78%

_Brian

If you have deposits with the CU their rate is better, it also varies from CU to CU.

how.gareth

Ok thanks, I’ll see what rates they are both offering and what terms I can pay off the finance early

Mooooo

BOI are at 7.5, dunno are the lower at higher amounts