Our car loan provides a fantastic rate for anyone looking to get on the road or to upgrade their current car. The main difference between using a car loan from Douglas Credit Union and a hire purchase agreement to buy a car is that with Douglas Credit Union you borrow money, pay for your car, and own it immediately.
When you use a hire purchase agreement, the motor dealer sells the car to the finance company. The finance company rents the car to you for an agreed period of time in return for a monthly repayment over a number of years. During the Hire Purchase Agreement, you use the car but the finance company actually owns it. At the end of the agreement, the finance company passes ownership of the car to you, provided you have made all the repayments. You dont own the car until you make the last repayment. This means you cannot sell the car if you run into problems making your repayments.
Apply for a Car Loan now!
|Type of Loan:||Amount of Loan:||Rate:||Repayment Terms:||Monthly Repayment:||Total Cost of Loan:|
|Car Loan||15,000||7.9%||5 Years||303.43||18,205.7|
*Figures correct as of 27/03/2017 Check out our Loan Calculator