Tuesday, November, 3rd, 2020 in Credit Union News
The credit union was named the most popular choice for Irish car loans, by car trading website Carzone.ie. The report, released this week, said 61% of car buyers in Ireland would choose the credit union when applying for a car loan – compared to just 33% who said they’d get a personal bank loan, 29% a dealership PCP and 27% a PCP.
As a community based, non-profit organisation, who care about the financial well-being of our members, we’re glad to see a growing caution around PCP lending, as well as the growth of the sustainably-conscious car buyer. Here at Enniscorthy Credit Union we have an amazing low rate Car Loan of 6.9% (APR 7.1%), we also have our Green Loan Car rate of just 5.25% (APR 5.4%).
The Carzone report also revealed that 30% of respondents were confused about the lump sum required at the end of a PCP agreement – a sign of the growing caution with Irish car buyers around this type of finance. You can read the difference between a PCP contract and a car loan here.
If you’re thinking of a car loan but don’t know what to start, why not contact our friendly team on 0539233835. We’d be more than happy to help.
