This is a car loan for you! With a variable rate loan from Bank of Ireland you have the option of making extra repayments and clear your loan early!
Representative example: Loan Amount 20,000 €, Loan Term: 5 years, Monthly repayment: 391.92 €, Total cost of credit: 3,515.20 €, APR: 6.8 %
Representative example: Loan Amount 15,000 €, Loan Term: 4 years, Monthly repayment: 369.26 €, Total cost of credit: 2,724.48 €, APR: 8.95 %
Representative example: Loan Amount 10,000 €, Loan Term: over 5 years at 8.17% fixed, Monthly repayment: 203.64 €, Total amount repayable: 12,218.40 €, APR: 8.5 %
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
The main difference between using a personal loan and a hire purchase agreement to buy a car is that with a credit union personal car loan you borrow money, pay for your car, and own it immediately.
When you use a hire purchase agreement to buy a car, the motor dealer sells the car to the finance company. The finance company then rents the car to you for an agreed period of time in return for a set monthly repayment over a number of years. During the Hire Purchase Agreement, you can use the car but the finance company actually owns it. They are the owner, and you are the hirer. At the end of the agreement, the finance company passes ownership of the car to you, provided you have made all the repayments. You don’t own the car until you make the last repayment. This means you cannot sell the car if you run into problems making your repayments.
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