Calculate your monthly/ yearly repayments with our car loan calculator. See what it will cost to get finance on your next car.
Every driver has, at one time or another, been there. Your car fails you, or something goes wrong, and you need an instant replacement. Money does not grow on trees, nor does credit. If you want to get a new car at that point, you might find it hard to come up with the money that you need to make the investment. Sounds like a nightmare, right? Wong. With the help of a car loan calculator, you can make sure that you have access to the money that you need to save yourself from being carless.
Making the right investment with a car loan calculator
When you want to buy a used car in Ireland, it makes sense to work out what you would be paying. Often, it’s easy to go into a finance arrangement without really having thought through the numbers. You will know what you can afford, roughly, but you might not have a good idea of what the company might ask for.
This can lead to sitting through hours of negotiations, only to find out that the car loan on offer is much more expensive than you expected/can afford. When that happens, it’s time to make sure that you are armed with information the next time around. You should pick up a car loan calculator, and make sure that you know exactly what you would be paying for the 36-60-month duration that most car loans would be for.
If you do this, you are much more likely to have a clear idea of how much money you could be paying back in the long run. That kind of clarity can go a long way, though, and it should be the solution that you need to make sure you can get a car.
What about other payments?
Of course, just about any car loan is going to come with payment requirements that you will be expected to meet every month. You will also need to pay some other fees, such as things like documentation costs. This will help you to make sure that you can get the kind of loan that you want, but you also need to remember to add in any potential administrative excess that might come with the car loan.
You will often need to pay some form of fee at the end of the loan, too, if you wish to transfer the car into your name. if you decide to do that, then you will need to pay up some kind of added cost as the car will need to be professionally transferred and registered in your name. So long as you pay off the whole car loan, though, this should not really be a huge issue.
If you are looking to get a car loan in Ireland, though you should look to use a car loan calculator to understand the rough cost you will need to pay. Doing that, you should immediately appreciate the benefits of doing so.
Another fee that you will likely need to pay is an upfront 20% deposit on the car, or a trade-in vehicle if you are trading in an old car which is accepted as a swap. Keep this in mind, as you will most very rarely have your 20% deposit waived.
What do I need to apply for a car loan?
Since you will be asking to take on some form of finance, you do need to deal with a few particular issues along the way. One thing that you will need to confirm, for example, is your age: it’s very unlikely that you will get a car loan in Ireland if you are under the age of 18, for example. Though it might be taken on a case-by-case basis, under-18s often fail to meet the criteria.
You will also need to be able to agree to the lending terms which are given to you, and agree to any settlement, penalties or fees which might be accrued by late or non-payment. This is something that you have to agree to: since a car loan is often unsecured, you need to remember to be on time or you could see your car taken from you, despite having paid off a large chunk of the fee.
Also, keep in mind that you will be subject to a credit check. If you are unable to pass the credit check, then unfortunately you are not likely to get the car. Again, due to the unsecured nature of this kind of loan, you might find it hard to get more credit in the future as failure to pay could become quite an expensive issue.
Keep this in mind, as you want to make sure that you fully understand every potential problem that could come up after you take out the loan.
What are the benefits of getting a car loan?
- For one, you often find that the scale of paperwork is reduced by a fair margin.
- This often means that you can move through the process a bit faster, allowing you to more readily start driving that car in the near future. If you need a car quickly, a car loan works well.
- So long as you meet the criteria set out above, car loans are excellent for those who are looking to pick up their very first vehicle.
- For those who are newly passed drivers and who have a need for a car to get a full-time job, a car loan can make a lot of sense.
- You don’t always need to know exactly what car you want, either: car finance and car loans in Ireland can be provided to a set figure, so that you know roughly how much you can afford to spend on a car.
- This is a great way to help ensure you can get the car first before deciding.
With that in mind, then, you should be much more likely to see the benefits in using a car loan calculator in Ireland. Now, you know exactly what you have to spend, and what you need to pay towards getting that car you have your eyes on!