Loan to purchase car

K

karltimber

Registered User
Messages
94
Hi,
will need to get a 17K euro loan to puchase a new-ish family mpv over the next two weeks.

What are my best bets - for a 5 year period.
Have mortgage and some savings with EBS -would they entertain me if I tried to get a lower rate than normal ??
AIB - credit card for 3 years but nothing else with them.
Credit union - rates are too high.

any ideas ?
thx

k
 
Be warned if you need a loan in a hurry it takes much longer than 2 weeks to go through Tesco for a loan, probably double that!!
 
busymum said:
Be warned if you need a loan in a hurry it takes much longer than 2 weeks to go through Tesco for a loan, probably double that!!
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Maybe not for everyone? Maybe your credit history caused delays?
 
I have savings of about 4k - which I access now - but would like to keep this as emergency money.

I know some here say to use all savings - as it is not financially wise to keep money when borrowing.
I may use some of it but not all.
May now get a 2005 model instead of a 2006 and possibly save/not spend another 3-4k.

will ask in my ebs and see what they can do.
is there any chance that they could give me a 13k loan at the same rate as my variable mortgage ??
 
karltimber said:
is there any chance that they could give me a 13k loan at the same rate as my variable mortgage ??
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Most likely only if it is secured against the property as a mortgage topup. Unsecured (personal/car) loans will normally cost a lot more. If you can/do go for a mortgage topup then you should look at paying the topup off over a similar term to the alternative unsecured loan - e.g. a number of years rather than a number of decades. Paying for a car or other purchase via the mortgage over the full term of the mortgage will cost you a lot even if the monthly repayments seem small.
 
irish links - the tesco website advertises decision within 48 hours, in my experience it was 4 working days.Tesco staff put delays down to volume of applications not my credit history.Plus by the time they sent the paperwork, which was returned by swift post to a Dublin address it had then to be forwarded to Belfast etc, etc, etc
All I'm saying is be prepared if you need the funds in a hurry!! If the OP needs money in 2 weeks then he should apply now, rate of 6.9% is very competitive.
 
On the subject of car loans, if I was to get a loan with AIB or Tesco's and wanted to pay a lump sum off every so often, is that allowed?
 
wheels said:
On the subject of car loans, if I was to get a loan with AIB or Tesco's and wanted to pay a lump sum off every so often, is that allowed?
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They may allow it - but it is not usual on fixed rate loans . You will have set monthly repayments. If you want to pay it off early there will be penalty charges.
 
irishlinks said:
If you want to pay it off early there will be penalty charges.
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No exit penalty with Tesco loan, event though the rate is fixed. I think they are the only one allowing this.

Note: i have mentionned Tesco loans in few threads recently. I have neither connection nor vested interest in Tesco.
 
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