E
Easy
Guest
Currently:
-Credit Union loan €17000 repaying at €400 over 5 years
-Need €9000 euro to buy new car (new car is worth 27000 but getting 18000 for trade in).
Credit Union term is too long and works out at 10.5% interest or there abouts and it wrecks my head to think I'm tied in for 5 years.
Thinking about:
Borrowing €20000 over 3years, €9000 goes to car and paying 11000 to Credit Union and bring term down to 3 years.
My question really is:
Can I get a Car loan for €20000 and only give €9000 to the Car seller and give 11000 to credit union?
The car loan is only 6.9% apr fixed and it is a hire purchase agreement.
Would I need to get a personal loan instead to do this? I think Tesco have the best deals on personal loans at 7.5% at the moment.
-Credit Union loan €17000 repaying at €400 over 5 years
-Need €9000 euro to buy new car (new car is worth 27000 but getting 18000 for trade in).
Credit Union term is too long and works out at 10.5% interest or there abouts and it wrecks my head to think I'm tied in for 5 years.
Thinking about:
Borrowing €20000 over 3years, €9000 goes to car and paying 11000 to Credit Union and bring term down to 3 years.
My question really is:
Can I get a Car loan for €20000 and only give €9000 to the Car seller and give 11000 to credit union?
The car loan is only 6.9% apr fixed and it is a hire purchase agreement.
Would I need to get a personal loan instead to do this? I think Tesco have the best deals on personal loans at 7.5% at the moment.