Online car loans in Ireland are available with plenty of affordable deals offered by numerous traditional and alternative lenders. Get your vehicle financed through transparent, flexible, and fast financing for your next vehicle.

Compare all loan offers at Givemyloan, a responsible car loan broker in Ireland, as per APRs, and get loan quotes from multiple lenders through just one application. Get funding within 24 – 48 hours to buy new, used, hybrid, and electric cars. Experience hassle-free borrowing without paperwork or hidden fees with flexible and early repayment choices.

Enjoy green car loan incentives that make car finance affordable and stress-free.

What is a car loan?

A car loan is a type of secured loan used to buy a new or used car on affordable instalments, usually at a fixed interest rate. The typical tenure is 1 to 7 years, which is offered as per your creditworthiness. Car loans in Ireland are provided by banks, alternative lenders, credit unions, or online loan agencies.

Features of car loans –

  • Flexible loan amount
  • Fixed and variable interest rate
  • Competitive APR
  • Fast online process
  • Green car loan choices
  • Option to refinance

What are the types of car loans?

You can choose to borrow funds through various types of options available for cheap car loans. The choices here are available for car purchase all across Ireland.

  • Hire Purchase (HP) – In hire purchase, you need to pay a deposit, and the rest of the amount is taken as a loan that you pay in fixed instalments. After the final payment, as per the value of the car, you get the ownership of the vehicle.
  • Personal Contract Purchase (PCP) – Pay a smaller deposit equivalent to 10% to 30% of the total value of the car. For the rest of the price, you pay fixed instalments for a tenure of 3 to 5 years. At the end of which, you have three options. Pay a balloon payment for the rest of the amount, return it, or trade the vehicle in exchange for a new one.
  • Leasing – You can rent out the car for a tenure of 2 to 4 years. During the duration when the vehicle is used for rental, you don't have ownership of the car. Usually, a good option for business owners or individuals who want to avoid maintenance of depreciation costs.
  • Green car loans – This finance option includes eco-friendly incentives and lower APRs for electric or hybrid vehicles to offer the cheapest car loan in Ireland without going through a lengthy process.
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HP vs PCP: What’s best in Ireland?

Both PCP and HP are popular options to get a suitable car loan for used cars and new cars. But like many other car buyers, you may also struggle to choose the right and relevant finance option. A rational comparison will help you reach a conclusion.

Feature Hire Purchase (HP) Personal Contract Purchase (PCP)
Ownership You get ownership of the car after final payment. You may or may not accept the ownership.
Monthly payments Higher payments as the total value is financed. Lower payments due to a hefty balloon payment.
Deposit 10–20% 10–30%
Mileage Limits None Usually capped
Flexibility Less flexible but simpler Flexible with upgrade, buy, or return options.
Ideal For For buyers who want long-term ownership. Buyers who like upgrading cars regularly.

How to get a green car loan (Electric & Hybrid) in Ireland?

Green car loans are also known as hybrid or electric car loans. The loans work through a simple and decisive process. You need to follow several steps to borrow hassle-free.

Steps to get a green car loan -

  • Choose an eligible Vehicle – Only hybrid or electric models qualify for it.
  • Compare lenders through a broker – Use a broker to get access to many lenders at the same time and get affordable deals.
  • Provide required details – Employment and income stability proof, and car details.
  • Get pre-approval – Receive loan quotes from multiple lenders through one application to know the amount you qualify for.
  • Complete the purchase – Right after approval, either you or the dealer receives the funds.

Benefits –

  • Reduced running costs like maintenance and fuel
  • Lower rate of interest, which is usually 1–2% less than standard loans
  • Government grants and VRT exemptions

Can I get a car loan for bad credit?

Yes, you can get bad credit car loans while working on specific considerations. However, banks usually do not accept or approve applications with a poor credit rating. You need to reach out to specialist bad credit lenders. These are generally alternative or private online loan companies that approve funds as per your current repayment ability and not just your credit score.

Tips to get the best car loan rates with a bad credit score –

If you apply with a less-than-perfect credit report, the following tips can help you access funds.

  • Arrange a large deposit to reduce risk – Paying a big deposit will compensate for your weak repayment ability, and the lender can feel confident in approving you.
  • Use a guarantor if possible – A guarantor with a regular income and good credit score can help you smoothly apply for a car loan for bad credit with a bigger loan amount.
  • Prove income and employment stability – Both factors are vital to make a lender assess your creditworthiness. These are the two primary factors when applying with a low score.
  • Choose a used or cheaper vehicle – With a weaker current repayment ability, choose a cheaper or used car and get a lower car loan interest rate.
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What documents do I need to apply for a car loan?

Gather the following documents to get a car loan. Due to the online loan process, you can upload these documents digitally.

  • Address proof – Utility bill of the last three months
  • Identity proof – Driver’s license or passport
  • Income proof – Recent pay slips and tax returns for self-employed
  • Bank statement – Latest six-month statement required
  • Car details – Model, registration number. In case of a used car, dealer information

Can self-employed individuals get car finance in Ireland?

Yes, self-employed individuals can qualify for affordable car finance. Several lenders keep the understanding that people who are self-employed usually lack a stable income. Therefore, they prefer other documents to approve a loan request, not merely the payslips. These may include:

  • Bank statements
  • Tax returns
  • Loan affordability
  • Business annual income

Once you show steady earnings and repayment ability, lenders won’t hesitate to approve a loan for you.

Moreover, you have the freedom to use finance to purchase a new or used car. You can use it for either personal or business purposes. Apart from that, interest rates and repayment terms also vary according to the lender’s terms, individual income profile, type of vehicle, and credit history.

Our panel of lenders are flexible, as you can apply for self-employed car finance with bad credit. These loan providers in Ireland begin with a soft credit check to avoid any impact on your credit score. Of course, our loan experts are there to guide you on choosing the right lender, on documentation, and getting competitive rates.

New vs used car loans: What to know?

A comparative analysis will help you decide better whether you should buy a new or used car, as per your financial ability. However, used car auto loan rates are always low with easier repayments.

Feature New car loan Used car loan
Vehicle Value Higher upfront cost More affordable
Interest rate Lower (due to lower risk) Slightly higher
Depreciation Depreciation (Faster in 3 years) Slower
Flexibility Easier with PCP Easier with a personal loan or HP
Loan term Up to 7 years Typically, 3 – 5 years

What are the latest interest rates (APR) for car loans?

Before you choose and apply for car finance, know about the interest rate range to find the lowest car loan rates.

Lender type APR range
Banks 7% – 10%
Online Lenders 5% – 11%
Credit Unions 6% – 10%
Green car loans 4% - 6%

How is APR calculated on a car loan?

In APR calculation, a few factors play a decisive role. Annual Percentage Rate is the sum of the interest rate and all included fees. Let's understand it with an example.

  • Loan amount – €15,000
  • Tenure – 5 years
  • APR – 8% APR
  • Total repayment – €18,246
  • Interest to be paid – €3,246 in interest

Factors that influence car loan interest rates are -

  • Recent payment behaviour – Your recent six-month payment record of debts and bills matters a lot. Make sure you pay them on time.
  • Lender’s risk assessment – Lenders assess your creditworthiness through a soft check and give a pre-approved loan with a loan amount, tenure, and interest rate.
  • Deposit amount – You may wonder, “Do I need a deposit to get a car loan?” The Bigger the deposit, the lower the loan amount and the lower the interest rate. However, it large depends upon your financial ability and vehicle type, too.
  • Vehicle type (new or used) – Used car loans are comparatively more affordable than new car loans. Choose as per your creditworthiness.
  • Loan amount and term - The amount you choose affects the tenure and finally the APR. Qualifying for an amount depends on your repayment ability.
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Why choose Givemyloan instead of going directly?

For many reasons, you can choose to use a broker like millions of other car buyers. It is a smart move to use comparison platforms where unbiased advice is available. Givemyloan, too, is a car loan broker active in the industry for years, making car finance a stress-free process.

  • Access to Multiple Lenders: Don't restrict yourself to only one or two loan companies. The more options you have, the higher the chances of approval and getting budgetary deals.
  • Unbiased Advice: We have multiple lenders on our panel, and we know people choose us because we give them unbiased suggestions on lenders. This assures you choose the most affordable loan offers.
  • Faster Approvals: We always match you with the best deals that offer speedy approvals and also have features of timely fund disbursement. Time is an important factor when you are in a rush to buy your favourite or desired car.
  • Tailored Solutions: Our advanced loan matching options show you only tailored solutions designed as per your current income status. Hence, your repayments are never burdensome for your monthly budget.
  • Convenience: You sit and relax while we match you with multiple lenders and find the best and pocket-friendly deals in a few minutes. Get loan quotes from various lenders without a hard credit check. Once you choose a lender, we guide you through the loan process.
  • Better chance to bargain – If you are not satisfied with a lender’s offer, we can still bargain with it to get an even lower rate of interest. You are always in a position to control what you will get as a final deal.

Are you also looking to buy a car? Decide now with our wide range of loan offers picked specially for you from varied lenders. Make borrowing smooth with dependable loan solutions that always fit your budget. Apply now and pick a deal irrespective of your credit score and employment status. Only one condition: prove current repayment ability and get accepted by the established lenders.

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FAQs

How much can I borrow for a car loan in Ireland?

Is early repayment allowed on a car loan?

Are there any hidden costs in car finance agreements?

What is the difference between car loans and PCP?

Do you charge a fee as a car finance broker?

Is it possible to get a car loan with no credit history?

Is it safe for my credit score to apply for a car loan via a broker?

Can I refinance my car loan?

How can I compare car loan offers?