If you are buying an electric or hybrid car, Athlone Credit Union has the car loan for you!
The sale of electric and hybrid cars is on the rise as Irish consumers become increasingly concerned with the environmental impact of emissions.
Generally, electric cars and hybrids are more expensive to buy (although this can be off-set by the fuel savings ), so it’s important that these consumers are also not paying more than they should on their car finance.
Headline rates on PCPs (Personal Contract Plans ) can seem very low and appear like very attractive deals. In reality they are one of the most complex and least flexible forms of car finance. They also carry hefty balloon payments at the end of the deal so it is probably not the best option for someone paying for a more costly electric or hybrid car.
Liam Flannery, Head of lending at Athlone Credit Union, is urging these consumers to ensure they are fully informed about PCPs – and notes they should consider a credit union car loan before making the final decision to enter one of these finance arrangements.
“It’s very encouraging to see the consumer make a more ethical choice when it comes to car purchases. We would also urge them to make a more ethical choice when it comes to their car finance.
"Credit unions are the most ethical lenders in Ireland, offering straightforward loans with very flexible terms and transparent terms and conditions. For example, there will never be any hidden charges or admin fees with our loans, nor will there be any stressful balloon payment at the end of the loan term.
"We will work with borrowers to ensure the loan repayments are structured in a way that best suits their financial circumstances. With PCP agreements however, the contract terms are fixed. Other limitations include sticking to an agreed mileage limit and committing to certain car services.
"Not to mention the fact that the consumer never actually owns the car until they pay off the balloon payment. None of these limitations apply to a credit union car loan.
“When you opt for a credit union car loan, you own the car straight away. You can drive it as much as you want, and sell it on whenever you might need to. This is simply not an option with a PCP as you are effectively only renting the car.”
“We would really urge those opting for the electric or hybrid cars to seriously consider the benefits of a credit union car loan. They have already made the best choice for the environment, now they need to make the best choice for their personal finances.
Credit unions are not-for-profit, so our main concern when we are lending is the financial wellbeing of the borrower," Mr Flannery asserted.
To find out more about an Athlone Credit Union car loan, check out www.athlonecreditunion.ie, call 090 647 2497 or visit the offices at Monksland and Irishtown.
