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Personal Loan for car - can I include insurance cost?

  • 25-11-2015 06:21PM
    #1
    Compudaro
    Registered Users, Registered Users 2 Posts: 306 ✭✭


    Quick one for someone who might know please. Loan approved for 11k personal loan for car. Car is 10k and want to have the extra grand for insurance and tax. Is that possible? In other words can i split how i spend the 11k? 10k to car seller and 1k for insurance/tax or does the entire 11k HAVE to go towards the car purchase price?

    Thanks


Comments

  • #2
    Toyotafanboi
    Registered Users, Registered Users 2 Posts: 12,903 ✭✭✭✭Toyotafanboi


    Last time I got a personal car loan, the cash was just deposited into my account. I could have spent it on coke and hookers for all the bank knew, so i'd say you can do as you wish with it.


  • #3
    Compudaro
    Registered Users, Registered Users 2 Posts: 306 ✭✭Compudaro


    Hahaha! Amazing. Thanks!


  • #4
    HPT
    Registered Users, Registered Users 2 Posts: 141 ✭✭HPT


    Toyotafanboi wrote: »
    Last time I got a personal car loan, the cash was just deposited into my account. I could have spent it on coke and hookers for all the bank knew, so i'd say you can do as you wish with it.

    Perfect, unless the bank only offers you a draft made out to the seller.


  • #5
    Toyotafanboi
    Registered Users, Registered Users 2 Posts: 12,903 ✭✭✭✭Toyotafanboi


    It was 2008 I got mine, so maybe things have changed.


  • #6
    chocksaway
    Registered Users, Registered Users 2 Posts: 608 ✭✭✭chocksaway


    My loan this year was deposited as cash into my account too


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  • #7
    ComfortKid
    Banned (with Prison Access) Posts: 2,169 ✭✭✭ComfortKid


    Personal loans are different to car loans I believe, at least in the credit union they are.

    Your loan will be cash to do whatever you want with it.


  • #8
    LawlessBoy
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭LawlessBoy


    Yeah generally personal loans are deposited into your account or given cash in the credit union.
    A specified car loan usually has certain terms to do with the age of the car and buying from a SIMI affiliated dealer (PTSB anyway)


  • #9
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 18,197 Mod ✭✭✭✭Henry Ford III


    If the term of the loan is 12 months or over it makes no sense economically to borrow for insurance and tax, as these are costs that will recur annually.


  • #10
    Toyotafanboi
    Registered Users, Registered Users 2 Posts: 12,903 ✭✭✭✭Toyotafanboi


    Henry Ford III wrote: »
    If the term of the loan is 12 months or over it makes no sense economically to borrow for insurance and tax, as these are costs that will recur annually.

    It can help with cashflow though to consolidate everything in year one when you are first getting set up as a driver.


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