Motor Loan Rates

I was thinking of getting a loan from PTSB for a car and was checking out the loan repayment calculator on their website.

I first keyed in the car cost €30,000 with a deposit of €10,000 leaving €20,000 loan and got repayments of €593 per month over 60 months.

I then keyed in €22,000 cost of car, with €2,000 deposit still leaving a loan of €20,000 but this time repayments worked out about €432 per month, even though €20,000 still borrowed. Any ideas why this would happen. It was a similar case with the AIB website.

Is it a case that the in the first scenario the interest is worked out on €30K even though you are only borrowing €20K. Permanent TSB had no body available to discuss when I called.???

Don't think so curious - it looks like their calculator is crap! If you enter 30000 with a deposit of 29999 it calculates the repayments over 60 months at 602 - but if you only put a deposit of 1 down it works out cheaper at 589!!! Figure that one out! :\

Is the best buys list of any use?

www.askaboutmoney.com/clu...ONAL_LOANS

Hi Curious,
I have tried this calculator as well.
It seems to be faulty as the deposit value is ignored when calculating the loan repayments.
If you put in the net amount to borrow (not the purcahse price) it works ok.
ie car value 10000, deposit 4000. Put 6000 loan into the calculator, not 10000. Leave deposit blank.

Rip-Off

GREAT! - Another job for IFSRA!

And we all thought AIB were unique!

Just proves nobody uses the loan calculators on their website.

- or -

People are just stupid and don't shop around.

CORRECT!