Car Loan

cossy09

Hi Guys

I am looking to buy a car for the missus. She isnt working so the loan/purchase will be in my name. The car is a Mini Cooper 2004 and the garage is looking for 7,300. My plan is to put down 2500 cash and borrow the rest over say 3 years . I have a good credit history good job etc but a large personal loan with BOI that is being financed no problem. I want to stay away from the main banks to get the loan and will look at VW bank or similar to get loan. A mate tells me Finance on an 8 year old car is not possible. Car can be no more than 8 years old at end of loan agreement.

Can anyone shed any light on this. i am keen to push the button on the purchase on Monday if possible

many thanks

peteb2

Not trying to be smart but why dont you ask the garage where you are buying it? You are effectively looking for them to finance it. So they should be able to tell you quick enough.

Toots

If you go to the likes of VW bank, you're getting the car on hire purchase. Most of the finance companies have the 8 year rule AFAIK. Also, a lot of finance companies will only do finance for a minimum amount ie: €7k or over. If it's under that amount you'll have to go and get a loan. As peteb2 said, it might be worth checking with the garage do they use a particular finance provider and see would they be able to give you finance.

drunkmonkey

Should you not be going to your local BOI for the loan? You already have a line of credit and they can see you can afford it.