Bank of Ireland Car Loan: Competitive Rates and Flexibility Reviewed

Introducing the Bank of Ireland Car Loan Offer

Bank of Ireland presents a flexible car loan designed for both new and used vehicles, covering petrol, diesel, hybrid, and electric cars. Borrowers can access amounts between €2,000 and €75,000, making it suitable whether you’re purchasing a modest hatchback or a premium electric vehicle. Interest rates start at 6.5% APR for electric and plug-in hybrid cars (green car loan), and from 7.1% APR for petrol and diesel models. Repayment terms range from 1 to 5 years for petrol and diesel, and up to 7 years for electric or hybrid vehicles. Eligibility is reserved for current Bank of Ireland account holders over 18 and resident in the Republic of Ireland. Flexible payment schedules and an option to defer the first three monthly payments enhance consumer control over their budget.

How to Apply Step by Step

Applying for a Bank of Ireland car loan is straightforward. First, log in to your 365 online account and access the loans section. Decide your desired loan amount and repayment period, then submit your loan application online. You will need proof of your Personal Public Service Number (PPSN) and your 365 online user ID. For loans over €500, expect a credit history check via the Central Credit Register. Upon approval, you can manage your application and documentation digitally for a seamless borrowing experience.

Main Advantages

One of the main strengths of this car loan is its competitive APR — especially the green car loan at 6.5% APR, making it attractive for buyers of electric or plug-in hybrids. Flexibility is another strong point: borrowers can make extra repayments at any time without penalty, potentially saving on overall interest. The application is also fast, with online approvals possible in as little as 15 minutes for existing account holders.

Main Drawbacks

However, the Bank of Ireland car loan is only available to current account holders, which limits eligibility. Applicants must reside in the Republic of Ireland. The lowest rates are reserved for those purchasing electric or plug-in hybrids; petrol or diesel buyers will encounter slightly higher APRs, starting from 7.1%.

Our Verdict

Bank of Ireland’s car loan stands out for its low rates—particularly for environmentally conscious buyers—and user-friendly application process. While its eligibility requirements and slightly higher APRs for non-green vehicles may deter some, its flexibility and speed remain highly competitive. For current Bank of Ireland customers, especially those considering electric or plug-in hybrid vehicles, this is a solid choice for financing your next car.