Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules

Best personal/carloan rates?

Options
  • 06-12-2007 2:07am
    #1
    ArphaRima
    Registered Users Posts: 1,676 ✭✭✭


    Ok now that the 2008 budget has gone through and I can breathe a sigh of relief, I need some car finance advice.

    I currently bank with Bank of Ireland, and receive a 1% APR discount through work. I was told that the banks usually offer discounted APR's in December for the January car rush.
    I have a car on order for Jan 1st 08 which I will be paying a large cash sum towards, and then borrowing approximately another 35k.

    Anybody know which company has the best deal going for a Variable Rate loan? (I want to pay it off very early, cant do that with fixed rates)
    I have no loyalty to any particular bank, best deal will do fine!


Comments

  • Options
    #2
    Anan1
    Registered Users Posts: 22,815 ✭✭✭✭Anan1


    I know very little about car finance these days, but I would have thought it's a shop around/play them off against each other type thing, especially for a loan of that size?


  • Options
    #3
    ArphaRima
    Registered Users Posts: 1,676 ✭✭✭ArphaRima


    Yeah I am quite adept at that. However, I am hoping to gain some insight into the market in general. Usually several companies sell the same banks product at different rates. Other peoples experience could be invaluable.


  • Options
    #4
    Mr.Boots
    Registered Users Posts: 1,313 ✭✭✭Mr.Boots


    Play them off each other always works, then just make up numbers when they stop playing...i found BOS and BOI willing to play ball....with 35k borrowed....why do you wanna pay it off early??? that dont make sense.


  • Options
    #5
    Santa Claus
    Registered Users Posts: 2,699 ✭✭✭Santa Claus


    Generally the best bet is credit unions as they try to make as little profit from their members as possible. I know the credit union i deal with have a car loan rate of 5.95 as opposed to BOI's variable rate of 7.6% or fixed rate of 8.7%.
    Also Credit unions do not penalise you for repaying a loan early so you get the benefit of a fixed rate without the drawback of early repayment fees!

    If thats not an option then the sunday business post have a run down in the money section of the best credit cards/loans/savings rates (worth noting that if a personal loan rate is better than a motor loan rate then simply make up a reason why you need the loan and apply for a personal rather than a motor loan).

    Also January tends to be a very popular month for motor loan drawdowns so you won't get as much competition between the banks as you would in say november when they 'd have a tough time making their motor loan targets for that month !


  • Options
    #6
    Elessar
    Registered Users Posts: 5,250 ✭✭✭Elessar


    Tesco loans are probably the best value on the market at the moment. They offer a 6.9% fixed rate and no late fees if you repay early. Have my own car loan with them and am very happy.


  • Advertisement
  • Options
    #7
    High&Low
    Closed Accounts Posts: 323 ✭✭High&Low


    fluffer wrote: »
    Ok now that the 2008 budget has gone through and I can breathe a sigh of relief, I need some car finance advice.

    I currently bank with Bank of Ireland, and receive a 1% APR discount through work. I was told that the banks usually offer discounted APR's in December for the January car rush.
    I have a car on order for Jan 1st 08 which I will be paying a large cash sum towards, and then borrowing approximately another 35k.

    Anybody know which company has the best deal going for a Variable Rate loan? (I want to pay it off very early, cant do that with fixed rates)
    I have no loyalty to any particular bank, best deal will do fine!

    I don't think there is a problem paying off a fixed rate car loan early. I had a fixed rate car loan with AIB finance earlier in the year and decided not to bother with the loan and pay it off after 4 months with cash I had. There were no penalties.

    I think the only problem you might have is if you try and switch from a fixed rate to a variable rate when the interest rates are falling.


  • Options
    #8
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    Santa Claus wrote: »
    Generally the best bet is credit unions as they try to make as little profit from their members as possible. I know the credit union i deal with have a car loan rate of 5.95 as opposed to BOI's variable rate of 7.6% or fixed rate of 8.7%.
    Also Credit unions do not penalise you for repaying a loan early so you get the benefit of a fixed rate without the drawback of early repayment fees!

    If thats not an option then the sunday business post have a run down in the money section of the best credit cards/loans/savings rates (worth noting that if a personal loan rate is better than a motor loan rate then simply make up a reason why you need the loan and apply for a personal rather than a motor loan).

    Also January tends to be a very popular month for motor loan drawdowns so you won't get as much competition between the banks as you would in say november when they 'd have a tough time making their motor loan targets for that month !

    What credit union is that? Thats a good rate.


  • Options
    #9
    galwaytt
    Registered Users Posts: 12,776 ✭✭✭✭galwaytt


    my local CU has 6.5% car loans, and you get an interest rebate/dividend at the end of each year - effectively some of your interest money back, and, a net reduction on the actual interest rate.

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • Options
    #10
    dogmatix
    Registered Users Posts: 1,404 ✭✭✭dogmatix


    I got a good rate from the Halifax for loan - some for car, some for other things. I just don't have the rate on me at the 'mo. Would be about 6.9/7.0% i think.

    I went for a personal loan rather then a specific motor loan. I'm not sure that motoring specific loans are that much more better then a standard personal loan.


  • Options
    #11
    bazz26
    Registered Users Posts: 51,239 ✭✭✭✭bazz26


    I generally find my local credit union the best.


  • Advertisement
  • Options
    #12
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    bazz26 wrote: »
    I generally find my local credit union the best.

    I got a loan from my credit union in foxrock for 11%, I needed quickly but now im looking for a cheaper bank to get a loan to pay off the credit union.I find the credit union quick at giving loans but they rip people off as they have a different way of calculating the interest rates.


  • Options
    #13
    ArphaRima
    Registered Users Posts: 1,676 ✭✭✭ArphaRima


    Tesco are underwritten by AIB. And .26% higher. So AIB are winning at the moment for me. GE Money arent bad either, but I've called BOI and my branches financial adviser says she'll beat anything I can find. So I'd better find a tasty deal!

    AIB have a 65-75 Euro admin fee though, which is pricey. They should be waived IMO. I'll work on it.


  • Options
    #14
    Elessar
    Registered Users Posts: 5,250 ✭✭✭Elessar


    fluffer wrote: »
    Tesco are underwritten by AIB. And .26% higher. So AIB are winning at the moment for me. GE Money arent bad either, but I've called BOI and my branches financial adviser says she'll beat anything I can find. So I'd better find a tasty deal!

    AIB have a 65-75 Euro admin fee though, which is pricey. They should be waived IMO. I'll work on it.

    Tesco Loans are provided by Ulster Bank.


  • Options
    #15
    ArphaRima
    Registered Users Posts: 1,676 ✭✭✭ArphaRima


    yep you're right.


Advertisement