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We search for the cheapest car loans in Ireland

With everyone searching for the best value for money when it comes to loans and other financial services these days, it's no surprise to hear that we're always being asked where the best place is to find the cheapest car loans in Ireland.

Many people will see their bank as the first port of call for these kinds of loans, with the main banks in the country offering motor loans at an average loan rate of 11%. However the fact is that it's getting harder and harder to successfully take out loans from Ireland's banks, which is perhaps unsurprising given the ever increasing level of debt held by them.

This means that many people have had to look for alternatives when it comes to their borrowing. It may surprise some of you to learn that the very best rates for motor loans in Ireland come from the Credit Union.

In a 2010 survey by the Irish League of Credit Unions, it turned out that the average rate attached to motor loans from Credit Unions around the country was a mere 7%. This is significantly less than the rates we outlined above found at the major Irish banks.

This has led to a big increase in the number of new Credit Union members in the past few years, as well as a massive upsurge in the number of people taking loans from them.

While car loans offer great value at just 7%, the Credit Union offers even cheaper deals, with the average education based loan coming in at just 6.3%. Home improvement loans are available at around 7.1%, while the overall average loan charge found in Irish Credit Unions is 9.8%, still beating the best offer from banks for car loans.

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