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Which automobile finance route to go, please?


I would like to buy a automobile I'm used to second hand automobiles as I have a very limited budget. I'm still confused about the PCP option, scrappage trade ins and hire purchase. My normal route is to get a loan from my credit union, but the older my automobile is the more I end up paying for repairs. Could you help me in finding my best option because I'm a bit lost with it all?

Thank you


Filed under finance - Asked by Anita O' Brien (Cork) - Wed, 08 Aug 2018 12:13

Neil Briscoe Answered by: - -


Hi Anita,

A Credit Union loan is still, to be honest, a very good idea. As long as you’re getting a decent interest rate and the repayments are comfortable, it allows you to go into the dealership, cash in hand, and argue a better deal for yourself. You will need to do your research ahead of time to make sure that you’ll be able to get the specification you want. PCP is a good option for keeping monthly repayments lower, as it defers part of the repayment to a ‘bubble’ payment, theoretically covered by the value left in the automobile, at the end of the deal. PCP is really only good for you, though, if you want to go back in every 2-3 years to change your automobile for a new one. If you’re intending on keeping the automobile for longer, then Hire Purchase or the good old Credit Union makes more sense.

Read the changagoidem.ie guide to automobile finance here

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