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Car Finance?

  • 15-09-2009 5:34pm
    #1
    brenner17
    Banned (with Prison Access) Posts: 24 ✭


    I started work recently but I need a car because its too far out and I get a lift there so i'm 40 minutes early. Since I had no money going into my bank account and im only 18 is there anywhere else I can go to get a car loan? Thanks Everyone
    Tagged:


Comments

  • #2
    furtzy
    Closed Accounts Posts: 1,464 ✭✭✭furtzy


    From what I hear from friends in the motor trade the car finance companies have shut up shop. I heard of 10% to 30% deposits being asked for and people with average incomes being flately refused. I reckon your local credit union might be the best option if you are a member


  • #3
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    furtzy wrote: »
    From what I hear from friends in the motor trade the car finance companies have shut up shop. I heard of 10% to 30% deposits being asked for and people with average incomes being flately refused. I reckon your local credit union might be the best option if you are a member


    I'm not a member but how much money can you get out on a first loan? Thanks


  • #4
    .Longshanks.
    Registered Users, Registered Users 2 Posts: 5,718 ✭✭✭.Longshanks.


    brenner17 wrote: »
    I'm not a member but how much money can you get out on a first loan? Thanks

    Credit union usually used to work on the basis of that you needed a €500 savings for €5000 loan...


  • #5
    ChristyCent
    Closed Accounts Posts: 162 ✭✭ChristyCent


    Longshanks100 wrote: »
    Credit union usually used to work on the basis of that you needed a €500 savings for €5000 loan...

    I think now they roughly give out double your shares on a first loan and 3 times after that. Although I can see them giving out more if you have proof of a steady income


  • #6
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    alright thanks a lot for the help


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  • #7
    bazz26
    Registered Users, Registered Users 2 Posts: 51,297 ✭✭✭✭bazz26


    The best option might be to buy a cheap car for around €1500 to €2k, borrow the money from your parents and pay them back on a weekly/monthly basis.

    Even banks/credit unions at the best of times required you to be working for a certain length of time in your current job before they would lend to you.


  • #8
    bladespin
    Registered Users, Registered Users 2 Posts: 7,372 ✭✭✭bladespin


    AIB are open for hire purchase, got my car through them in April, tbh I thought they weren't open for business from what I heard in the media but the dealer set it up, no problem.

    Good luck.
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  • #9
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    bazz26 wrote: »
    The best option might be to buy a cheap car for around €1500 to €2k, borrow the money from your parents and pay them back on a weekly/monthly basis.

    Even banks/credit unions at the best of times required you to be working for a certain length of time in your current job before they would lend to you.


    Yeah I applied with AIB and they said u gotta be workin for at least 3 months before u can apply


  • #10
    brenner17
    Banned (with Prison Access) Posts: 24 ✭brenner17


    bladespin wrote: »
    AIB are open for hire purchase, got my car through them in April, tbh I thought they weren't open for business from what I heard in the media but the dealer set it up, no problem.

    Good luck.


    Thnks Bladespin I might try em in 2 - 3 months


  • #11
    Gregsor
    Registered Users Posts: 837 ✭✭✭Gregsor


    Anyone get approved or shot for even asking :D recently?

    AiB seem to be open for business,Carfinance.ie is dormant.

    I don`t have a Credit Union account.

    I hope to be in the market for a loan soon.


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