# Who would be best to get a Car Loan from?



## faolteam (3 Jul 2015)

*Who would be best to get a Car Loan from?*
Car Loan Query
Looking for a loan to get a car was looking at some of these offers these Car Companies have looking for 10% Deposit then you pay so much a month for 3 years with a final price to be paid then with 0%. thats a New car, is this a good offer?



Or would i be better going to the Banks or credit union not sure who has the best rates 

Any help appreciated Credit history fine 

Thanks in advance.
Car Loan Query
Looking for a loan to get a car was looking at some of these offers these Car Companies have looking for 10% Deposit then you pay so much a month for 3 years with a final price to be paid then with 0%. thats a New car, is this a good offer?



Or would i be better going to the Banks or credit union not sure who has the best rates 

Any help appreciated Credit history fine 

Thanks in advance.


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## 2theoffice (3 Jul 2015)

Toyota do a good deal, a deposit of say 1,000, then over 3 yrs you pay a certain amount (the more you pay on deposit the less the payment)..after 3 yrs you have the choice of handing back the keys or continuing on with payments for further 2 yrs at same rate you were paying..another option for you to think about, once you have clear credit history you should get it, you can order your credit history with the I.C.B..for around 8 euro?..handy to have


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## Gerry Canning (3 Jul 2015)

If you don,t require a new car , one 2 to 3 years old makes better sense ie depreciation .

If you borrow e10,000 @ 6 % for 48 mths = 235 per month. The extra interest is 1280.

Not a fan of these (offers ) that you pay so much for 3 years and are then caught with a big payment ...
Not even a fan of 0% because it sucks you into a commitment that may not make sense.

Best bet is to borrow as little as you can , on a straight loan at a reasonable rate , in that way you remain in control.


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## faolteam (3 Jul 2015)

well to be honest i can only keep it for 9 years so if i buy a brand new one i get 9 years if i buy a 12 d i will only get 6 

which institutions do best loan deal a lot you sign up and then there is administration charges to open close it etc penalised for early payment


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## Gillie (22 Jul 2015)

faolteam said:


> *Who would be best to get a Car Loan from?*
> Car Loan Query
> Looking for a loan to get a car was looking at some of these offers these Car Companies have looking for 10% Deposit then you pay so much a month for 3 years with a final price to be paid then with 0%. thats a New car, is this a good offer?
> 
> ...



I bought a new car in 08 through the credit union. You need to have a certain amount of savings first. if you do you should ring you local credit union and compare their car loan with other quotes that you have.
After the 2nd yr into the loan my wages were cut and I was finding it difficult to keep up repayments.
The Credit union were great and we reorganized the loan without penalties.
If you pay off your loan weekly you will end up paying the Interest  off quicker.
In the last year of the loan repayments I came into some money and decided to pay off my loan in full, there was no problem. The more questions you ask all the providers the better the decision you can make. You should also ask (sorry a bit morbid) if the event of your death does the debt die with you or who owns the car? your family or the loan provider 
good luck


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## faolteam (22 Jul 2015)

some people think i should use my shares for the loan , I was just thinking would it not be better to borrow as i am self employed and i would be better with depreciation and vat on my tax for the year etc


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## Gordon Gekko (23 Jul 2015)

For new cars, the companies' own deals are probably best. The likes of BMW, Audi, Volkswagen, etc all offer very low rates (sometimes 0%).

I would never buy a new car and I will never borrow directly for anything other than my home again.


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## Bronte (23 Jul 2015)

Gerry Canning said:


> Not even a fan of 0% because it sucks you into a commitment that may not make sense.
> 
> .


 
I don't understand your logic here.  If you get a car loan that costs zero interest why would it not be a good idea.  I did this with my current car which is now fairly old and my OH did it with a new car purchase.


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## Gerry Canning (23 Jul 2015)

Bronte ,


From my view 0% looks tempting and people may overstretch without realising the big monthly cost is the principal cost in day one ie people get blinded by 0% and shut out the initial cost.(just my notion).

I would be debt adverse anyway, so am half biased.


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