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Car Finance -v- Motor Loan

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  • 28-03-2008 7:27pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    Are they the same thing or not?

    My understanding is that a motor loan is given for the purpose of buying a car but you still retain ownership of the car.

    With car finance the finance company own the car until payments are complete.


    Is my understanding correct?


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    #2
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    You're absolutely right. If you opt for financing the car through the garage that you buy it from then it will be a finance agreement whereby you don't own the car until you pay the last installment. Pain in the neck if you wanted to get rid of the car for whatever reason. We got caught that way 4 years ago with Halifax. Thought we were going for a straight car loan. It seemed like an easy option sorting it all out on the one day. Mind you I take no responsibility as the OH signed all the paperwork and was rushed a bit into it by the salesman. Oh and there was a 65 euro "arrangement" fee which was never mentioned.


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