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Frequently asked Questions

  1. I am not sure what car to go for! Can you help?
  2. I've chosen a car and agreed a price.  What steps are involved before I can drive away?
  3. How long does it take?
  4. How much can I afford?
  5. Do I need to buy from a main dealer?
  6. What about private sales?
  7. How old can the car be?
  8. What is the maximum age to qualify for car finance?
  9. Do I need to call to your office?
  10. Are electronic signatures available on-line?
  11. Are interest rates the same for new and second-hand cars?
  12. What documents will I need?
  13. What do you mean negotiate as a cash buyer?
  14. Can I borrow more than the price of the car?
  15. What is included in payment protection?
  16. Do I have a cooling off period?
  17. Will I receive a copy of the agreement I sign?
  18. Do I need a bank account?
  19. If I was refused a loan, would I be given a reason?
  20. Where can I get a credit history?

 

Frequently asked questions:

I'm not sure what car to go for!  Can you help?

Visitors to our Car Finance section have generally either chosen a car and now wish to arrange finance or they are seeking finance approval before buying a car.  If you have not yet chosen, the following points should be considered.   

  • Price range - use our calculator to help you here

  • New or secondhand

  • Whether buying a car through dealer or privately

  • Engine CC - this effects fuel consumption, tax and insurance costs

  • 3 door - 5 door

  • Manual or automatic

  • European or Japanese

  • Warranty period required

  • Petrol or diesel

  • Essential extras

  • Saloon or hatchback

  • How many previous owners - what did they use it for.

  • Maximum existing mileage if buying a second hand car

  • Are parts readily available

This process will narrow down your search.  When you have decided on your requirements, take a little time to research the current market price of the car you wish to purchase whether through the newspaper, magazine, web etc.  If you have already chosen a car, we will satisfy ourselves as part of our underwriting process as to its market value. 

I've chosen a car and agreed a price.  What steps are involved before I can drive away?

  • Obtain finance approval.  Complete our on-line finance form or call us.

  • We will give you a decision within 24 hrs and details of monthly costs etc.

  • Assuming you are approved, we will contact the dealer on your behalf and arrange the necessary paperwork.

  • We will arrange to meet you at your convenience and have the finance agreement signed.

  • We will advance the cheque to the dealer and you will be ready to drive away.

How long does it take?

Completing an on-line application takes less than five minutes.  We will advise you of our finance decision within 24hrs - often within 4 hrs.  After that it is a question of the dealer ensuring the car is ready and you gathering any documents required.  In normal circumstances, this usually takes a couple of days.  One rule - avoid Friday afternoons for collecting your car!

How much can I afford?

Buying a car is usually an exciting event.  One of the keys to its enjoyment is the ability to comfortably afford the repayments on any finance taken out to buy it.  As a general rule, repayments due on other loans should not exceed 40% of your net income.

Do I need to buy from a main dealer?

In general cars should be purchased from a reputable dealer.  The dealer in question need not be a main distributor for one of the major brands.

What about private sales?

In certain circumstances a private sale may be accommodated but in general a car should be purchased from a reputable dealer.  For a private sale, we would need details of Seller:  Name, address and also car details (model, make, year, chassis no, registration no etc).

How old can the car be?

Terms are available from 2 - 5 yrs
Our rule is that the car must not be older than 7 yrs at the end of the finance term.

Five year old car
Four year old car
Three year old car
Two year old car

Maximum finance period = 2 yrs
Maximum finance period = 3 yrs
Maximum finance period = 4 yrs
Maximum finance period = 5 yrs

What is the maximum age to qualify for car finance?

Minimum age is 21yrs and maximum age is 65 yrs (at the end of the finance term)


Do I need to call into your office

No - If it suits you, you may call but as part of our service, our representatives will meet you at your convenience.


Are electronic signatures available on - line?

No - We hope to progress electronic signatures later this year.


Are interest rates the same for new and second - hand cars?

In general a small increase in rate can be expected when buying a second-hand car as compared to a new car.


What documents will I need?

Before closing a finance deal, the following is required:

  • Signed finance agreement
  • Two forms of ID (Utility bill and passport/Drivers Licenses)
  • Insurance details (policy no)
  • Cheque for first installment
  • Recent payslip
  • If no previous finance - copy of current bank statement

What do you mean "Negotiate as a Cash Buyer"?

By obtaining finance approval before negotiating for the purchase of your car, you effectively become a cash buyer and can therefore negotiate from a position of strength
with the dealer.  When negotiating find out the true cash price you are buying for and the true trade in value you are receiving on your trade in (i.e. true cash price = list price - discounts).

Can I borrow more than the price of the car?

No - Our car finance facility is limited to the lower of either the purchase price or our valuation of the car.

What is included in payment protection?

There are various forms of payment protection, which you may take out when financing a car.  These include pure life cover, life cover and critical illness, accident or redundancy.

Do I have a cooling off period?

Yes - Under the Consumer Credit Act, you have the right to a 'cooling off period' although this is often waived by the customer.

Will I receive a copy of the agreement I sign?

Yes - A copy will normally be sent to you within seven days of completion.

Do I need a bank account?

Yes - a bank account is required to accept direct debits.

If I was refused a loan, would I be given a reason?

No - In general underwriters will not give their reason for refusing a loan.  The most common reasons for refusal are: Poor credit history, Asset over valued, payment capacity considered insufficient.

Where can I get a credit report?

You may obtain a credit report which is a report of your status on the credit bureau by contacting the Irish Credit Bureau, Newstead, Dublin 14.  Ph:01-2600388


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