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Personal loan for used car

  • 18-02-2012 09:22PM
    #1
    Sabrielle
    Registered Users, Registered Users 2 Posts: 109 ✭✭


    Is it true that the banks aren't giving out personal loans for used cars anymore? I applied for a personal loan yesterday, have no other debts and a regular income but someone told me I hadn't a hope of AIB approving the loan.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,813 ✭✭✭unclebill98


    Yes they are. Urban myth.


  • #3
    OldmanMondeo
    Registered Users, Registered Users 2 Posts: 3,008 ✭✭✭OldmanMondeo


    They are just giving out little or no money...


  • #4
    Feardorca
    Registered Users, Registered Users 2 Posts: 79 ✭✭Feardorca


    Sabrielle wrote: »
    Is it true that the banks aren't giving out personal loans for used cars anymore? I applied for a personal loan yesterday, have no other debts and a regular income but someone told me I hadn't a hope of AIB approving the loan.
    Try a Credit Union no hassle, nice people to deal with, good rates for vehicles.


  • #5
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Feardorca wrote: »
    Try a Credit Union no hassle, nice people to deal with, good rates for vehicles.

    I would not say no hassle as such. Certainly less hassle than the banks most times but they are under increasing pressure at the moment. This is highly dependent on the individual CU itself.

    OP, they are giving out personal loans. The fact you are buying a car with it doesnt make a difference. The lending criteria is quite strict and much tighter than it was in the boom times!


  • #6
    Sabrielle
    Registered Users, Registered Users 2 Posts: 109 ✭✭Sabrielle


    Thanks for the replies, I guess I'll find out what the story is from them tomorrow. Everyone's situation is different I suppose so its hard to call it. I've had people with no debts and a good income and savings etc. tell me they couldn't get a loan and other people with overdrafts and mortgages saying they got personal loans approved.


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  • #7
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    I got a small loan for a used car just over a year ago from Ulster Bank, so yes they are.


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