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Advice sought..

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  • 04-01-2011 2:42pm
    #1
    CorkFenian
    Registered Users Posts: 653 ✭✭✭


    Hi, fairly general issue. BofI customer, just wondering where best place to get a loan for around 5-7K (car loan, and to cover tax, insurance) would be?? I checked a few things online, wondering what ye thought, is payment protection a waste of time etc??Whats best generally payback over 3-5 years etc, thanks for any advice given...


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    #2
    drunkmonkey
    Registered Users Posts: 28,191 ✭✭✭✭drunkmonkey


    The best place to go is your local bank, it's no harm to get to know them as you may want a lot more than a car in the future.

    I wouldn't tell them about needing the money for tax etc as they could form the opinion you can't afford a car, Just say the car is going to cost around 8k, you don't need to spend 8k your just looking for approval for that amount but may only borrow 5k.


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    #3
    CorkFenian
    Registered Users Posts: 653 ✭✭✭CorkFenian


    drunkmonkey wrote: »
    The best place to go is your local bank, it's no harm to get to know them as you may want a lot more than a car in the future.

    I wouldn't tell them about needing the money for tax etc as they could form the opinion you can't afford a car, Just say the car is going to cost around 8k, you don't need to spend 8k your just looking for approval for that amount but may only borrow 5k.

    I can afford it, and more, but have no debts or mortgage with the bank so would like to really do it as smart as i can... thanks again


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    #4
    Mort5000
    Registered Users Posts: 419 ✭✭Mort5000


    CorkFenian wrote: »
    is payment protection a waste of time etc??

    This all depends on your aversion to risk.
    If you like taking risks, and consider yourself in an extremely safe position (income wise), then don't bother with payment protection.
    If there is some chance you'd lose your job/income and would like to be covered in such an event, take the payment protection.


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    #5
    CorkFenian
    Registered Users Posts: 653 ✭✭✭CorkFenian


    Mort5000 wrote: »
    This all depends on your aversion to risk.
    If you like taking risks, and consider yourself in an extremely safe position (income wise), then don't bother with payment protection.
    If there is some chance you'd lose your job/income and would like to be covered in such an event, take the payment protection.

    Thanks I remember about 7 years ago when I was made redundant the payment protection didnt help at all, will check it out more cheers again


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