If you need to buy a car or van in Ireland, but don’t have the funds readily available, you may wish to look into car financing. This is where you can borrow money to get the car and pay back a lender with some interest.
Car loans in the Ireland are a lot simpler than a mortgage. You borrow a representative amount (enough to buy your new car or top up on your current deposit) and you repay over the period of time of your choice.
The longer the term of the loan, the more interest you will pay. However, the advantage of a long term loan is the monthly repayments are a lot less. Most car loans in Eire do not come with upfront fees, additional charges or any form of payment protection insurance.

Although it is very fair to say we have seen the last of PPI in Eire, as well as in the UK, some banks might decide to lure you in with a low interest rate before stinging you with an upfront fee. Avoid these lenders in car finance, as there are more than enough decent lenders out there with good rates and no hidden costs.
There are sneaky ways in which you can get a better deal from a lender, should you be looking to buy a car with a loan. Post Insurance, for example, like borrowers wanting to get more than 4,000 euros, find a car that is being sold by an approved SIMI or Franchised Motor Dealer, making sure the vehicle is five years or younger and looking to repay the loan over a period of five years or less.

If you think you tick those boxes, you might appear appealing to the lender, and repayment interest rates are likely to be favourable to the borrower.

How Long Does It Take for Lenders to Make The Decision on Me?

In most cases, you should have your answer back within half an hour. But you should be prepared to wait until four hours before you can begin chasing up. Applications can be made online, by phone or even in person.

Where Do I Start in My Application

As with all application for car finance, the procedure is quick and easy: apply online, phone the lender up or pop in to see them at its nearest branch. You will need to gather together some important documents, namely: 3 x bank statements and your last wage slip. These can be printed off from your computer.