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Best Car Loans

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  • 21-07-2008 11:09pm
    #1
    rabbitinlights
    Registered Users Posts: 4,008 ✭✭✭


    Hello,

    Im looking to get a car loan of about E16,000 and im wondering where would be the best place to get it? I have a bank A/C with BOI which I am currently switching to Halifax, and I have also just opened a credit union account.

    What sort of rate should I be looking for and do you have any tips?

    Thanks

    S.


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    #2
    ninty9er
    Registered Users Posts: 9,366 ✭✭✭ninty9er


    While bank rates might be cheaper in some cases; The Credit Union is a flexible option. You can pay as much as you like when you have it where as banks aren't normally as accomodating. I'm 12 months ahead on my car loan right now, but would be paying just interest plus a tiny bit more had my mother not kindly offered to make my payments between September and June.

    If you can be 100% guaranteed that you will have the income to cover the payments and won't want to make higher repayments sporadically, then go with whichever has a lower rate, if you're unsure go with your local credit union, they normally see the human side of cashflow problems whereas banks are less likely to do so.


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    #3
    MarkN
    Registered Users Posts: 4,197 ✭✭✭MarkN


    if you go with a varied rate you can pay off chunks or in full early. In a lot of cases even fixed you can pay it off early. Just a heads up though, the banks have gotten very tight on how much they lend.


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    #4
    bazz26
    Registered Users Posts: 51,244 ✭✭✭✭bazz26


    Credit Unions have limits on what they will lend you afaik. I think it is up to 3 times the amount you have saved with them or similar depending on the credit union in question.

    As already mentioned banks are not throwing money at people anymore so make sure you have an approved loan before agreeing to buy a car.


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    #5
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    Have a look at this link if you want a survey of all the rates.

    http://www.itsyourmoney.ie/costcomparisons.jsp


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    #6
    rabbitinlights
    Registered Users Posts: 4,008 ✭✭✭rabbitinlights


    Brilliant! I think Ill end up going with the Credit union so I can pay off lump sums when I have a bit of spare cash.

    Thanks for all the info though.

    S.


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    #7
    Son
    Registered Users Posts: 289 ✭✭Son


    If your not in the credit union where would the best place be? for less than 10,000euro.I would want one that you can pay off early!!!


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    #8
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    Son wrote: »
    If your not in the credit union where would the best place be? for less than 10,000euro.I would want one that you can pay off early!!!

    Any variable rate loan should allow you to do this. Use the link AudiChris posted to find the best one for you.


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