Financing a Used Car in Ireland
Used cars are available across a huge range of makes, models, ages and price points, giving you plenty of choice when looking for something that suits both your needs and your budget.
When deciding what you can afford, it is worth looking beyond the price on the windscreen. Insurance, fuel, motor tax, servicing and general maintenance will all contribute to the cost of owning the car. With an older vehicle, you may also want to leave some room in your budget for tyres, repairs and upcoming NCT costs.
A Heritage Credit Union Car Loan can be used to finance a new or used car. Because it is a loan rather than a dealer finance agreement, you own the car from the outset, with no mileage restrictions, and can buy from either a dealership or private seller.
How Much Should I Spend on a Used Car?
There's no single budget that's right for everyone. How much you should spend will depend on your income, existing expenses, the type of car you need and how much you can comfortably afford to repay.
The purchase price is only part of the picture. An older car may cost less upfront but potentially require more maintenance, while factors such as engine size, fuel type and model can affect your insurance, tax and fuel costs.
When setting your budget, consider:
| Cost | Things to consider |
|---|---|
| Purchase price | How much of the price will you need to borrow? |
| Insurance | Costs can vary considerably depending on the car and driver |
| Motor tax | Check the annual tax for the specific vehicle |
| Fuel | Petrol, diesel, hybrid and electric cars have different running costs |
| Servicing | Consider the manufacturer's recommended service schedule |
| NCT | Check when the car's next test is due |
| Repairs & tyres | Older cars in particular may require additional maintenance |
Use our car loan calculator to estimate your repayments and consider these alongside your other monthly household and motoring costs.
Used Car Loan or Dealer Finance?
There are several ways to finance a second-hand car, and it's worth comparing the APR, repayments, total cost of credit and conditions attached to each option.
Dealer finance options can include Hire Purchase (HP) and, for some newer used vehicles, PCP.
With a Car Loan, you own the vehicle from the outset. There are no mileage restrictions, and you have the flexibility to sell or trade the car whenever you choose. There's also no final balloon payment.
Dealer finance can still be suitable depending on the offer available, so compare the complete cost rather than simply choosing the option with the lowest advertised monthly repayment.
How Much Can I Borrow for a Used Car?
Maximum Loan Term :
7.9%
7.9%
7.9%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
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