Test Drive a Credit Union Car Loan today
3 January, 2020Whether you’re looking for a top-of-the-range model or something to get you from A to B, your local credit union can help you get on the road with the car you need.
As well as these options, second-hand, imported cars from the UK continue to rise in popularity with the Irish consumer. In fact, the latest Consumer Market Monitor (CMM)* reports that second-hand cars imported from the UK will overtake the number of new cars sold in Ireland for the first time ever this year.
When you arrange finance with your local Credit Union, you are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. There are also other advantages, including fast approval, flexible terms and there will never be any hidden charges or fees.
At Mallow Credit Union, we are firm believers that shopping locally for a car is the best way to go with some terrific value to be had, yet we are seeing a surge in car loan queries from people considering buying from the UK and also in people looking to pay off the balloon payment of a PCP agreement they previously signed up for. We would urge anyone considering PCP or going to the UK to talk to us in the first instance. Our car loan is straightforward, affordable and fair at 9.92% APR rate.
If you are considering a PCP agreement, please read our Car loan versus PCP section first.
If you are planning on travelling to the UK to buy, there are a number of factors to consider:
- Buy from a recognised car dealership in the UK and avoid buying privately if possible. Shop around online and ensure you are getting the best value possible. Choose your car before you go.
- Inform the UK authorities that you are exporting a car by obtaining and filling out the V5C document.
- You will need to make an appointment for a Vehicle Registration Tax (VRT) inspection once back in Ireland, and you will also need to make the VRT payment.
- You may also need to pay VAT if the car is less than six months old or has less than 6,000 kilometres clocked up.
- You will need to purchase new registration plates.
- Ensure you are fully up to date with all requirements and documents needed for importing a car by consulting the Citizens Information and the Revenue Commissioners websites.
- Ensure you have also checked out your local car dealership. There is often great value to be found right on your doorstep. Don’t forget you have to factor in the cost of VRT, possibly VAT, new registration plates and fuel to get you home from the UK when importing a car.
Credit unions are not-for-profit, so our main concern when we are lending is always the financial wellbeing of the borrower. You can be assured of an affordable and ethical car loan when you come to us. To find out more call us on 022 21121 or visit your nearest Mallow CU branch to speak with a member of our dedicated loans team.
*For a €12,500, 4 year variable interest rate loan with 48 monthly repayments of €316.55, an interest Rate of 9.5%, a representative APR of 9.92%, the total amount payable by the member is €15,194.51. Information correct as at 09/11/2021. For the most up-to-date figures please contact us directly.
