car finance or credit union car loan?

crxsi09

hi all,
which works out as the best option, finance or loan when buying a €20k car over 5 yrs. i would have a car to trade in worth €3k.
or
get credit union loan, drive up to the north and buy car for cash deal(i know vrt would have to be figured in, but i see most places include the vrt in sale price).
thanks

Cyclepath

That's a big question. Are you comparing apples and oranges? Do you intend to buy a second hand car in each case?

If so, the only factors are interest rate and price 'in Ireland'. So with the NI option you have the VRT and exchange rate to factor in. The final price can't be determined until you do the currency exchange, and then have the VRT office give you your final price.

So it's impossible to give you an answer that applies in every case. For example, a garage might offer you a loan with a very low APR (much lower than the Credit union option) but grab back the difference in the price of the car. Also, you'd b better hittin gup the car supermarkets or garages in the manchester area for better value. Generally the prices are higher in NI. I'm basing this on chats I've had with a car dealer here in Dublin. He says they all go over to the north of England as there's much more choice and better value.

crxsi09

Cyclepath wrote: »

That's a big question. Are you comparing apples and oranges? Do you intend to buy a second hand car in each case?

If so, the only factors are interest rate and price 'in Ireland'. So with the NI option you have the VRT and exchange rate to factor in. The final price can't be determined until you do the currency exchange, and then have the VRT office give you your final price.

So it's impossible to give you an answer that applies in every case. For example, a garage might offer you a loan with a very low APR (much lower than the Credit union option) but grab back the difference in the price of the car. Also, you'd b better hittin gup the car supermarkets or garages in the manchester area for better value. Generally the prices are higher in NI. I'm basing this on chats I've had with a car dealer here in Dublin. He says they all go over to the north of England as there's much more choice and better value.

will be a 2nd hand car yes. was just wondering regards the different APR's from garages would they ever be lower than a credit union or would they be generally matching the cresit union rate.
i heard the cars in NI are higher spec that what you would get down here,for more money, and can work out bit cheaper too

bazz26

What figures have you got so far? If you haven't then that's the first thing I'd be doing, do up a spread sheet of the different rates and how much it will cost you per month along with how much the credit costs you on the amount your borrowing over the entire term of the loan.

pippip

Also be aware dealers make a bit off the finance they provide so may get slightly more off the price when haggling.