Getting car loan on social welfare

J

James Tate

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My sister has a child with special needs. She receives payments of 2300 euros a month over all. She needs around 5000 euros what are her options. Ulster bank has already refused her.
 
try a credit union I doubt a bank will give a loan its not income . does that include rent allowance its allot of money from the tax payer but understand she obviously cant work due to circumstances. she could get a pcp and hand back the car in three years.
 
Depending on where you are in the country I have heard of smaller dealers doing a rent to own scheme, that would get her mobile without big expense but she would have a regular payment each month and a down payment, in the cases I am aware of the dealer has also been happy to upgrade the car when that day came along.
 
Is the rent to own scheme a good deal. What is PCP, some kind of car lease?
 
(PCP) Personal Contract Plan.
In effect, a glorified Hire Purchase Plan.
1. Smallish Deposit.
2. Agree mileage per year for term of PCP, any excess is penalized.
3. @ end of three years , you have an agreed resale value.
You then have option
A. Of paying off the balloon payment
B. Handing back the vehicle , subject to fair wear and tare.
C. Use its market resale value to trade up into a new car.

The selling pitch are the (low) monthly payments , most forget the large balloon payment @ end.
It has its uses but it ends up as a never, never ,never free of finance?
 
Ulster Bank are one of the few banks who do consider Carers Allowance for loan purposes. If they have said no would them lend her a lower amount? Could she get a car for what they would lend her? Are there any grants she could get if it needs to be an adapted car?
 
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