Western Credit Union offer best rates for car loan customers
Westport Credit Union provided the cheapest rate of 6.7 per cent on a car loan, it has been revealed.
Approaching Westport Credit Union for a cheap loan for a vehicle may be the best bet for motorists looking for the most prudent financial deal, research has revealed.The Irish Independent looked into the car loan rates of 50 credit unions and five leading banks as part of a study and discovered that going with the former provided drivers with the best deal.
Motorists could expect to pay an average annual percentage rate of 11 per cent from a bank, while this fell to 7.1 per cent across credit unions.
Westport Credit Union provided the cheapest rate of 6.7 per cent on a car loan, which was marginally less than the 6.75 per cent offered by Larkhill and District in Dublin.
Meanwhile, those wanting to borrow €10,000 over five years from a bank would get the lowest quote from Ulster Bank, which was charging 10.5 per cent.
Among those surveyed was Naas Credit Union, with general manager Sean Murray telling the publication that a surge in car loans was currently being enjoyed in comparison to 12 months ago.
He said: "We have noted a marked increase in car loans for the first two months of 2010 compared to the same period last year."
Mr Murray added that individuals are doing much more research into loan information and becoming increasingly astute to ensure they are getting the best deal available at that time.
One of the reasons why car loan customers may not want to pay over the odds when it comes to interest rates is because the cost of motor insurance is on the rise.
Market research firm Consumer Intelligence recently highlighted that the average premium has risen by almost 20 per cent in the past year.
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