Electric Vehicle sales in Ireland are on the up. In January 2022, 21.0% of all new cars licensed for the first time were electric or plug-in hybrid electric, according to the latest CSO figures.
Electric-only cars now make up 11.5% of all new cars, up from 4.4% in January 2021. Generally, electric cars and hybrids are more expensive to buy (although this can be offset by fuel savings ). Consumers should shop around so they are 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 finance. They can also carry hefty balloon payments at the end of the deal. Due to continued demand for Electric Vehicles, Athenry Credit Union has just introduced a new Electric Vehicle Loan.
With a credit union Electric Vehicle Loan, you own the car straight away, you can drive it as much as you want and sell it whenever you want. Alan Clarke Lending Officer from Athenry Credit Union is urging consumers to ensure they are fully informed about PCP finance arrangements. The consumer should consider a credit union Electric Vehicle Loan before making the final decision.
“Being Green and being concerned about our planet and environment is as important today as any time in our history. Given this importance, we have decided to introduce a new Electric Vehicle Loan at a very low interest rate. While the initial outlay on an electric vehicle may be higher than regular diesel/petrol engines, the savings on fuel costs can be substantial.
“As always, credit unions offer 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.
“Also, our members can clear their loans quicker than agreed and there are no penalties for doing this.”With many PCP agreements, the contract terms are fixed, so consumers can neither extend the term of the loan, nor increase their monthly repayments. Other limitations include sticking to an agreed mileage limit and committing to certain car services. Not to mention the fact that the consumer may never actually own the car until they pay off the balloon payment.None of these limitations apply to a credit union Electric Vehicle Loan.
Alan said “When you opt for a credit union Electric Vehicle Loan, you own the car straight away. You can drive it as much as you want and sell it whenever you like.”
To find out more about Athenry Credit Unions Electric Vehicle Loan, check out www.AthenryCU.ie/Electric-Vehicle-Loan or visit any of their Branches in Athenry, Ballygar, Birr, Kilkerrin, Kinvara, Menlough or Portumna. You can also visit the Competition and Consumer Protection Commission website at www.ccpc.ie to become fully informed about PCP agreements.
