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Personal Loan Terms

Mel1980 · 2018-09-20 12:37:26

I'm thinking of buying a small horsebox (3.5 tonne) and would be looking at a loan of 25-30k for it. My bank said they won't give a car loan, I'd need to take a personal loan. However, the personal loan interest rates in Ireland are around 10%! In addition, the maximum term seems to be 5 years for anything else except home…

20-09-2018 1:37pm

#1

Mel1980

Registered Users Posts: 5 ✭

Join Date: September 2018

Posts: 3

I'm thinking of buying a small horsebox (3.5 tonne) and would be looking at a loan of 25-30k for it. My bank said they won't give a car loan, I'd need to take a personal loan. However, the personal loan interest rates in Ireland are around 10%! In addition, the maximum term seems to be 5 years for anything else except home improvements. This would bring the monthly payment for around 630 which would be fine but would also mean that I should cut back my competition and coaching costs, and then it wouldn't make sense to buy the horsebox at all.

Are there any other institutions that would provide loans in Ireland with better terms? For example in the UK there are even companies that specialise in horsebox finance and offer 10 year terms. Some of them also offer residual loans, i.e. you have a certain monthly payment and at the end of the term the rest, which would make sense as you'd probably would sell the box then and buy something newer. I obviously can't get a loan from the UK because they can also loan to residents.

Any advise?

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