Best bank for car loan?
- Thread starter daveg
- Start date
Sorry Daveg, the only advice i would have is to shop around.
For example, when we went for a personal loan last year, we looked into the best buys but spoke to our own bank first - in the end our bank honoured the best interest rate on the market when we applied for our loan.
HTH
For example, when we went for a personal loan last year, we looked into the best buys but spoke to our own bank first - in the end our bank honoured the best interest rate on the market when we applied for our loan.
HTH
For car finance, I think that ptsb will offer 6.9%.
There is also a crowd called Finance Direct that are offering what appears to be fairly competitive rates through the Internet Car Company. See [broken link removed] for details. I can't actually find any reference to IFSRA anywhere on the site, so I'm not sure in what guise they are able to offer finance. Looking again, I see that the options available are hire purchase, lease purchase and leasing, so maybe they are regulated by the DCA rather than IFSRA?
There is also a crowd called Finance Direct that are offering what appears to be fairly competitive rates through the Internet Car Company. See [broken link removed] for details. I can't actually find any reference to IFSRA anywhere on the site, so I'm not sure in what guise they are able to offer finance. Looking again, I see that the options available are hire purchase, lease purchase and leasing, so maybe they are regulated by the DCA rather than IFSRA?
5
56141
Guest
Why are companies allowed to advertise interest rates of 7 - 8% when they omit to state that the rate given is dependent to credit rating?
I have a clean creidt record, good income and no loans outstanding but have not been able to get the low rates advertised. The rates that were quoted were the same as the mainstream banks.
I seem to remember the Sunday Times taking a case to court last year around this issue where a number of their journalists tried to get loans at the rates advertised but because of the credit rating criteria the rates were not available
I have a clean creidt record, good income and no loans outstanding but have not been able to get the low rates advertised. The rates that were quoted were the same as the mainstream banks.
I seem to remember the Sunday Times taking a case to court last year around this issue where a number of their journalists tried to get loans at the rates advertised but because of the credit rating criteria the rates were not available
The rates advertised also depend on:
Btw, Tesco.ie offer their fixed rate of 7.9% on finance as low as €9,000 (may be lower, this is what I tried). That's even better than the rate I was quoted by Ulster Bank (who underwrite the loan), even though I had a U-First discount
.
- the age of the car
- the amount of finance required
Btw, Tesco.ie offer their fixed rate of 7.9% on finance as low as €9,000 (may be lower, this is what I tried). That's even better than the rate I was quoted by Ulster Bank (who underwrite the loan), even though I had a U-First discount
.podgerodge
Registered User
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I could not believe it last year when I went to a big 2nd hand car dealer and found that they could offer me a cheaper loan rate with PTSB than PTSB could themselves offer me - 6.2% instead of about 7.2% at the time.
Normal loan, not HP, PTSB documents in the post fixed rate over 4 years.
Normal loan, not HP, PTSB documents in the post fixed rate over 4 years.
See the best buys list. If you're an EBS member then as far as I know the [broken link removed] (non-mortgage unsecured) are quite competitive but I can't find the rates right now.
Has anyone tried to use some equity on their mortgage for a car purchase?
I remember a previous thread on this, can't find it, on releasing equity for a fixed number of years. This was mentioned before in the Indo.
Example:
Release €10k on your mortgage at the mortgage rate of 2.95% and repay it within 5 years.
Monthly repayment = €179.46
Best deal I could find on the above using a personal loan is from NIB at a rate of 6.2%.
Monthly repayment = €193.53
That's a total saving of €844.20 over 5 years.
However, there will be legal fees I'm sure.
1. Has anyone done this?
2. What would the legal fees cost?
I remember a previous thread on this, can't find it, on releasing equity for a fixed number of years. This was mentioned before in the Indo.
Example:
Release €10k on your mortgage at the mortgage rate of 2.95% and repay it within 5 years.
Monthly repayment = €179.46
Best deal I could find on the above using a personal loan is from NIB at a rate of 6.2%.
Monthly repayment = €193.53
That's a total saving of €844.20 over 5 years.
However, there will be legal fees I'm sure.
1. Has anyone done this?
2. What would the legal fees cost?
S
Steve74
Guest
Check out www.carfinance.ie . Excellent rates and service.
I have no connection with www.carfinance.ie, but having plugged some numbers into the calculator their website, they seem fairly competitive (same repayments as I am paying on my new car, and I got a discounted rate)
Techman,
I took €20k equity release at a low rate in Jan to finance a new car and a solicitor or valuer were not required. We had bought the house over 2 years previously and the mortgage was about 50% of the house value so the risk to the bank on the valuation was minimal. They did not insist that we engage a solicitor but recommended we obtain independent legal advice, etc. They arranged for the stamping and registration of the mortgage and there was a security perfection charge of €222 payable by me for that. However I did have to take out an additional mortgage protection policy which cost €60 for the year. (p.s. am in the process of selling house now and clearing this anyway)
There are a couple of recent threads on this subject within the last week or two including one where there was no security or mort prot charge.
I took €20k equity release at a low rate in Jan to finance a new car and a solicitor or valuer were not required. We had bought the house over 2 years previously and the mortgage was about 50% of the house value so the risk to the bank on the valuation was minimal. They did not insist that we engage a solicitor but recommended we obtain independent legal advice, etc. They arranged for the stamping and registration of the mortgage and there was a security perfection charge of €222 payable by me for that. However I did have to take out an additional mortgage protection policy which cost €60 for the year. (p.s. am in the process of selling house now and clearing this anyway)
There are a couple of recent threads on this subject within the last week or two including one where there was no security or mort prot charge.