With the 15-2 car market about to kick off, Skibbereen Credit Union would like to remind all our members that we currently offer a discounted Car Loan rate of 5.99% (6.16%APR), one of the cheapest rates in the marketplace to own your own car.
There are two main benefits to financing your purchase with a credit union loan. Firstly, having a pre-arranged loan gives you all the power of a cash-buyer and puts you in the driver's seat, so to speak, when negotiating a price, so you are more likely to wrangle a better deal. Secondly, you immediately become the owner of the car. Owning your car from day one means that you have more control over the type of insurance you take out, since other financial packages will require you take out a comprehensive policy. You can also choose to sell your car at any time without affecting your loan, while huge costs may be incurred while selling under a hire purchase agreement. With a hire purchase agreement, you pay to hire the car, without actually owning it until you make the last payment.
In comparison with other financial institutions, this rate is extremely competitive. Many dealers will offer hire purchase as a way of paying for your car but there are many reasons why these can be expensive and end up costing a lot more than what your credit union offers.
We encourage you to compare our rates to what other financial institutions offer. You’ll find our rates and terms very competitive. It’s easy to apply: call into our office, talk to us over the phone, or complete an application online. Happy driving!
