Where to go for car finance?
I know finance is hard to come by these days but I'd really like to buy a new car. Where should I go first to get finance because I don't want to be turned down by loads of banks?
Joseph Murphy (Kerry)May 2010 Filed under: finance
Expert answer
It is very true that obtaining finance is a major problem at the moment. A survey by the Peugeot dealer network in late 2009 showed that 71 percent of car finance proposals were being rejected compared to 30 percent in September 2008. In the last 12 months GE Money, Friends First and Lombard Ireland all left the market, which is now dominated by the likes of Permanent TSB, Bank of Scotland Ireland and the two main banks, AIB and Bank of Ireland. Evidence also suggests that the credit union has become a prominent lender for private individuals in the car market. It isn't a free for-all from the credit unions, but if you do have a decent savings record with a credit union they are a very good option.
In most dealerships, if you go through the likes of Permanent TSB, then you will usually need a pretty hefty deposit. Volkswagen Group now have their own bank and are said to be getting very high pass rates. As with most cases, it does depend on the state of your own finances and your ability to pay back the loan.
What seems to be clear is that motor finance is available, but like so many of the radio advertisements will say, ‘terms and conditions apply’. Large deposits and tough credit checks have replaced the sort of one-click, one-signature availability of the recent past
What car would you recommend to replace my Passat?
I'm in the market for a new car. I drive a Passat at the moment and can't imagine I will have any problem selling it on as it's a diesel with a service record. Some one told me that SEAT has a new car coming out similar to the Passat or Skoda Superb. Can you tell me if they are any good?
Derek O'Mahony (Galway)May 2010 Filed under: choosing new car
Expert answer
Firstly, trading in your car won't be a problem at all if you are bringing the car in against a new model, but you might not get as much for your car as you would have first expected. Selling it privately can be a little trickier these days too as buyers are harder to find because of the lack of available finance, quite simply.
Now, in terms of the car, the SEAT that you are talking about is probably the Exeo, which hasn't been on the market too long. It is a nice car, basically a rebadged previous-generation Audi A4. You have a choice of 1.6- and 2.0-litre petrol or a 2.0-litre diesel. Prices start at €26,690. Go to www.seat.ie for the latest line-up and pricing.