# Where can I get a loan over 10 years (120 month loan) for a car



## Airwolf (2 Jan 2020)

Hi, my 14 year old car needs to go but I can't secure the loan neccessary to replace it. I'm looking for €10/11k. I can afford approx €135 a month over 10 years but my credit union will only go to 5 years max with car loans, doubling the amount I need to repay monthly. I have another loan of €340 a month coming to an end in two years time. It will free me up then but until then I can afford to tip away with the €135 a month loan. Once the two years are up I can plow into the 10 year loan repayments with the freed up finances.

Does anyone know where I could possibly get a loan for 10 years for a car? Or could I put it under a home improvement loan etc??


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## RedOnion (2 Jan 2020)

Why not buy a car you can afford? There's no point getting a 10 year loan for a 2nd hand car - the car will be long gone when you're still repaying the loan.


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## galway_blow_in (2 Jan 2020)

Plenty of perfectly fine cars for 5k out there, you could buy a 2013 Renault megane for that 

Renault are good these days


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## Airwolf (2 Jan 2020)

It wasnt in my plan to get a car now but it looks like I need to move on it now. I travel 60km a day and need a car to commute. I will have more capacity to spend on a car in two years when my other loan is complete and it was my plan to move on a car then. I'd expect to have this 10/11k loan complete in 4 years max. Its simply the disposable available to me at this moment of time is limited which is why I'm looking for somewhere offering 10 year loans. Between selling my own car, bonus and other incomes coming in I'd expect to have the loan down to €6500/€7000 within six months, then I can tip away at the agreed approx €135 a month for the next year. When my other loan is complete, my repayments for this loan go up to €450 a month. Its just I dont know of anywhere offering 10 year loans..


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## Brendan Burgess (2 Jan 2020)

If you are finding your current level of debt difficult, then you should not be borrowing for a car over 10 years.

As the others point out, you could buy a good car for €5k.   Then when your finances improve, trade up.

Brendan


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## Thirsty (3 Jan 2020)

You could look at a PCP.

Two important caveats though:

1. You need to run the car for around 7/8 years (or more) to mitigate the depreciation.

2. You must have a concrete plan to pay the lump sum after three years.

As regards buying a 2nd hand car; I understand the desire to have a reliable and economic car when doing a long commute.

The best advice I ever got when looking at a loan, was to first save the repayment amount for 3 months. Then you'll know if you can afford the repayments and you'll also have a larger deposit and can reduce the amount you are borrowing.


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## Airwolf (3 Jan 2020)

Thanks for the grounding advice. Ok I'll aim to hold out as things are until my main loan is complete in 2 years. Besides all this, I have another separate car loan which I'm paying for my wife on top of supporting her financially (Stay at home wife), the house bills, the mortgage and 2 kids. In hindsight I think getting another 3rd loan is not the way to go and possibly stretching things a little too much on one wage. At least I have the capacity right now to put away a bit every month until the main loan and the wife's car loan is complete. Hopefully my car will last the 2 years until both loans are done!

God dammit, you people are too sensible!!


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## Nutso (6 Jan 2020)

Not sure what your wife's car is like, but if it's younger and you do more driving, would it make sense to swap them for a couple of years?


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## Buddyboy (6 Jan 2020)

Well done Airwolf, you would be surprised at the number of people who can't see reason, and don't make financial decisions from the head.


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