Automotive Loans

Auto loans

 

Dreaming of that car you’ve always wanted? Or upgrading to a family car? We can help you spread the cost of whatever car you’ve got your eye on – new or used. If you’re already a customer with us, we’ll help get you on the road swiftly and smoothly.

Here’s what you need to know

To borrow between €1,000 and €30,000, online applications take a few minutes, and you can get a decision within three hours.

For joint applications or to borrow between €30,000 and €50,000, run the numbers through our calculator and ask for a call back.

To borrow between €50,000 and €75,000, call us on 1 211 8658.

Loan terms from one to five years.

Set your own repayment schedule: weekly, fortnightly or monthly. You can take one month off repayments a year – just let us know at the time of loan application. This repayment option may affect the amount and/or term of the loan.

There are no penalties if you ever decide to make an extra repayment or repay your loan earlier than planned.

Another option: hire purchase

With a car loan, you borrow a lump sum to buy the car and own it outright, but with hire purchase, you pay for your new or used car in instalments. The car becomes yours at the end of the agreement.

Available for amounts over €10,000.

Repayment terms are flexible – from two to six years, depending on whether the car is used or new.

Applications for hire purchase take place in person or over the phone. Give us a call on 1 211 8658 or use our calculator to see how much you could borrow and ask for a call back.

Documentation Fee of €63.49 will be charged with the first repayment and an additional Purchase Fee of €12.70 payable with the final repayment. Additional fees may apply for early repayment of a fixed rate agreement or if an account falls into arrears.

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How our loans work

We want you to have all the information you need to borrow confidently. Here are a few points to consider.

8 hour online loan approval

Yes – when you apply online for loans less than €30,000, we really can turn it around this quickly. If you’re a customer with us, we already know a little bit about you, which makes it very straightforward for us to decide how much you can borrow. So, providing you apply telling us everything we need to know between Monday to Friday and between 9:00 and 17:00 (excluding bank holidays), we can let you know our decision within three hours. Once we approve your loan and you request your money, we will put the money into your AIB Current Account immediately.

Understanding our rates

Our car loan and hire purchase interest rates – between 8.45% APR (Annual Percentage Rate) and 8.95% APR depending on the type of loan – are some of the most competitive and consistent on the market.

Our loan rates are variable (our hire purchase interest rates are fixed). If your rate changes, your repayment amounts stay the same. So, if the rate rises during the loan term, you will have to make extra payments at the end of the term, and if the rate falls, you might pay off your loan sooner. 

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A representative example for you on a car loan:

A typical €15,000 four-year loan with a variable interest rate of 8.65% and 8.95% APR (Annual Percentage Rate), where the interest rate and APR does not vary during the term, has 48 monthly instalments of €369.26 and the total cost of credit (the total amount repayable less the amount of the loan) is €2,724.48.

A representative example for you on hire purchase:

A typical €15,000 four-year hire purchase agreement with a fixed interest rate of 8.45% APR (Annual Percentage Rate), where the interest rate and APR does not vary during the term, has 48 monthly instalments of €365.40 and the total cost of credit (the total amount repayable less the amount of the loan) is €2,539.20.

A representative example for you on a green personal loan:

A typical €15,000 four-year green loan with a variable interest rate of 6.25% and 6.40% APR (Annual Percentage Rate), where the interest rate and APR does not vary during the term, has 48 monthly instalments of €353.89 and the total cost of credit (the total amount repayable less the amount of the loan) is €1,986.72

Warning
 
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.