All the info on Bank of Ireland car loans

Despite the fact that the financial landscape has certainly seen better days, it seems that many of you out there see this as an ideal time to upgrade your car, or invest in your first.

There are quite a few options available for financial support when it comes to buying a car, but today we're going to take a look at Bank of Ireland car loans.

Just like with any other loan, the terms and conditions for your loan will depend on any number of factors. These can include the amount you wish to borrow, the amount you wish to repay on a weekly basis, an appraisal as to whether or not you can actually afford the loan you are looking for, whether or not you are in full time employment and your previous credit history.

With Bank of Ireland, the amount you wish to borrow will determine the type of loan you require for your car. If you are seeking a sum below €7,000 they recommend that you look for a Personal Loan rather than a dedicated car loan.

With a Personal Loan, you can pay back weekly, fortnightly or monthly over any time period from 1 to 5 years, and the first three months repayments deferred meaning you don't have to pay a penny back for the first 90 days!

If you are seeking a loan of more than €7,000, Bank of Ireland offer Hire Purchase packages at a fixed rate of 8.6% APR at the time of writing. Your car must be purchased from a recognised motor dealer however, meaning that you will be unable to avail of the savings to be had within the private market.

Just like the Personal Loan, the Motor Finance loan can be paid back between 1 and 5 years after taking it out, and flexible payment options may be available depending on your circumstances.

For more information log on to www.bankofireland.com today.

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