Car Finance Options (Ireland VS UK)

paul7g

Hi,

Does anyone know if there are any finance companies in Ireland that provide 'Lease Purchase With Balloon' finance options?

It is the most popular financial product / package in the UK for higher end cars, but it doesn't seem to exist at all in Ireland.

It is similar to PCP but a few differences... one being the car doesn't have to be a minimum of 2 years old, and you can't give the car back... you must pay the balloon.

I've many friends and colleagues in the UK that use this type of product.

• Small Deposit (i.e - 5% to 10%)
• Small Monthly (usually half the amount of a typical hire purchase monthly for the same car)
• Large Balloon At End (most people in the UK tend to buy cars that don't depreciate (or appreciate) and then sell the car at the end of the term, and go again)

You are essentially financing the 'depreciation amount' (or intended depreciation risk amount), instead of financing the full sum of the car... because at the end of the term, the car will be worth more than the large balloon at the end.

I'm not looking for opinions on the above (sorry to be direct, but would like to stick to the topic)... so just trying to figure out if anyone knows and finance companies in Ireland that provide this product.

Thanks for your help.

Buddy Bubs

Do you have a link to the product in the UK? What cars don't depreciate or appreciate?

Nobody is selling a car privately without permission from the finance company that has a large balloon payment on them BTW.

Are you thinking of the likes of the youtubers driving around in Lamborghinis etc like your man Yanni and changing every few months?

paul7g

Here is one company - https://www.magnitudefinance.com/finance-products/hire-purchase-balloon/

One friend bought a 458 and had it for 2 years and came out of essentially without any costs, as the car appreciated.

It is usually for specialist cars