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Car Loan

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  • 07-03-2006 9:52am
    #1
    hawker
    Closed Accounts Posts: 500 ✭✭✭


    I'm considering getting a car loan to buy a new car. It seems that Permanent TSB are offering the best deal at the moment.

    If I happen to pay some extra spare cash I have off this loan every now and then will it mean much difference with interest. Or am I just stuck to paying back what the 'contract' (loan + interest) states?


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    #2
    croiadh
    Closed Accounts Posts: 17 ✭croiadh


    Ptsb have one of the better rates - but most banks are around the same but PSSB are offering still I think free RAC and a statoil fuel voucher.

    It might be best tp ask the bank or any lender if you can repay the laon early without penalitys. You should be able to do and the rate on most loans is a vairable one

    have a look at http://www.financeirl.ie/carloans.cfm

    I have not used them myself -


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    #3
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    There are no penalties for paying loans off early, apart from fixed rate mortgages.

    Interest is based on a APR which is calculated daily on the balance of the loan.

    Therefore if you pay off the loan early you pay less interest and no penalties.


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