Car Loan

Hi there can anyone tell me who is best to go with for a car loan of under 7000 euros, I've had a look on the net and Tesco seems to be good but haven't searched extensivly so just wanted to check on here and see what people thought, thanks in advance

Moved from Other Financial Issues.

Have you looked at the Financial Best Buys forums for details of unsecured/personal/car loans on offer?

I tried to but wadn't able to post a new thread, I tried to search but all the info seems old and outdated

Take a look at www.itsyourmoney.ie - I believe all the rates are up-to-date on the cost surveys now.

You are correct as far as I know - Tesco are the cheapest around at the moment. I recently did a loose survey on €10,000 over 5 years for a car and Tesco were best with Halifax and local credit union not far behind. I suggest you ask at your credit union first - they may have a special car loan rate.

oldtimer said:

Tesco were best with Halifax and local credit union not far behind. I suggest you ask at your credit union first - they may have a special car loan rate.

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How did you factor the normal requirement to keep money on deposit/in shares while borrowing from the CU into any APR that they quoted on their loan offerings when comparing the CU with the others?

Yes, Clubman, a very interesting question. All I did was use the calculator box on 10 websites borrowing €10,000 over 5 years. My nearest credit union has a 'calculation box' just like all the other 9 institutions. I fed in the amount and 5 year term and got a figure on repayments per month. It came out third behind Tesco and Halifax and just ahead of First Active. Of course one has to take into account the credit union will expect a certain amount to be put into shares thus slowing down possible repayments.