Amara walker March 12, 2024

Take a look at the report from the previous year, and it may help you understand the car loans and their potential in buying you your vehicle:

There have been almost 16,000 loans withdrawn in Ireland for the purpose of buying a vehicle last year. This has been described as a ‘massive’ leap by the industry. 

Now, this might be an encouraging fact to get you searching for a loan to buy your first car. However, to make this deal more effective, you can work along with the loans and learn about the product. We want you to find out if a quick personal loan can be used as car finance in your case. This post is here to help.

Car Loans Simplified

Car loans can be your key to unlocking the potential to buy a car or the type of car you need. For instance, a simple car loan can bring home the car you want. All you need to do is to find out where the car loan may start to be an assisting factor for you. These sorts of loans are great for making purchases like buying a car simply because they can get you organised. And that might turn out to be a financial tool for your finances.

How you would use a car loan depends completely on you and your loan affordability. This is why we always advise our borrowers (particularly first-time borrowers) to understand the loan product and then act accordingly to understand where the loan might help them to get good benefits. 

You see, most loans are great when it comes to affording a short-term financial project or something similar to that.

When it’s a larger deal, such as buying a car, the loans are still as effective as they have been. However, borrowers might find it complicated, or they have a tendency to overthink the loan deal and repayment.

Find out Why You Need A Car Loan

To be very honest with you, a car loan might help you get meaningful financial applications. We can discuss these things in the points mentioned below:

  • Car loans are great when you want to plan your car purchase and stay organised regarding the entire deal.
  • By choosing direct lenders such as us, you can afford bad credit car finance and multiple repayment packages for the same loan to save money.
  • Car loans can help you buy the vehicle you have been dreaming of because you don’t have to compromise with the price quote.
  • Car loans are great to educate you about money and how loan products work. You might need one in the future.

Speaking of which, you might be wondering how bad credit car loans might work. In that regard, we have a solution for you.

Car Loans in Bad Credit? You Can Get One Easily

It’s no surprise in Ireland that someone who is looking for a car loan might be suffering a financial problem.  A bad credit score is one of them.

If you’re someone who needs help with a bad credit score to get a loan for you to own your car, then you might not have to overthink the process. Getting bad credit car finance is easy with a direct lender organisation if you are:

  • Sure  of what you earn
  • Know how much loan you can borrow in that amount
  • Have a clear idea of the vehicle you want
  • Ready to work with flexible repayment schemes to take a loan and still be relaxed with it

Yes, your credit score might be low. And you might be asked to share it with us. However, this will be done for a soft credit check. We do this check to ensure your financial behaviour is analysed and recorded. This factor helps us decide to get you the loan you are looking for and how it can be made as affordable as you want it to be.

How Does Car Finance Work?

It works easily as any loan or credit would be used. Car finance is just an extension of the regular lending process that you can consider learning about when finalising a loan.

In Ireland, car finance options are usually considered usual secured loan options. You can get this loan using your new or used car as collateral. You might also need to make a down payment for it. The larger the down payment, the more comfortable the loan can be. However, since the loan includes collateral, the loan gets to be easy for you to afford. And that’s because:

  • They come at cheaper interest rates.
  • You can get a longer term with a car loan.
  • You might be flexible in choosing the car to choose your loan amount as the asset’s (the car’s) value determines the loan amount.

To take your car loan out, you need to arrange your income details, pick a loan amount and use a loan calculator to find out if you can manage the loan in your income. Try checking different repayment packages for the same loan to find out the one that suits your financial status the most. Try with a different amount if you find it either too expensive or in a loan you can extend.

Can I Take a Car Loan without Collateral Though?

Yes, you can. As a matter of fact, we have designed both secured and unsecured loan solutions for you in regard to buying your car. You can take out a quick loan from us to get your car without having to use it as collateral.

A quick loan from our end works like a personal, unsecured loan. You don’t have to worry about collateral. You don’t have to worry about a guarantor. All you need is to sign up for the money, and we give it to you without asking for anything else but your income statement and credit score.

Pro tip: We do offer lower rates for electric car purchases. You might take out an unsecured quick loan to save money. Quick loans may not need you to pay a down payment, which is another perk you might be interested in.

Please note that quick loans are short-term unsecured, loan products that might have higher interest rates. That does not make the loan an expensive product. You can choose your repayment package wisely to get yourself a little room for your finances.

To Conclude:  Have a Word with Us

Interested in buying a car anytime soon? We are always here to guide you and tell you more about how easy our loan products can be. This factor might help you buy your car more easily. Let us know how much you need. We’ll help you for sure.