IFSRA report on Car Finance

Re: A guide to car finance and HP

Looks like the Financial Regulator issued a new report on Car Finance on Monday 14th August 2006. See here from RTE.

The report is availiable on [FONT=Verdana, Arial, Helvetica, sans-serif]www.itsyourmoney.ie[/FONT] and the report is availiable for download in pdf format on at [broken link removed] page [broken link removed]

I read a synopsis of the report and I think a FI called Friends First was the cheapest at 7.9% APR and GE Money were the dearest at 9.59 APR%. Followed by Lombard at 9.0 APR%.

aj

Re: A guide to car finance and HP

Thanks AJ

I had read the IFSRA report and it was worse than useless. Badly laid out which made it difficult to read. No mention of the disadvantages of Hire Purchase.
No mention of trying to negotiate a better deal from the car dealer or your bank. And bizarre prominence for "the half rule" which has almost no relevance in Ireland

Brendan

Re: A guide to car finance and HP

Brendan,

Sorry i'm a bit of a novice at posting links. The above was something i read in the paper and kept a copy of the article. I'll try and see if i can find some further info to verify it.
Regarding 'the half way rule' i'm curious as to why you think it has almost no relevance in Ireland.

Hi Thrifty

A guide like this should have been about how to buy a car and the sources of finance generally. It should not have been limited to one option - HP.

Even if it did limit itself to HP, it should have focussed on the pros and cons of HP on the front page.

If it wanted to mention the Half Rule, it should have been given appropriate weight which would be a footnote to a small note at the back, not page 1 prominence.

Brendan