Bank of Ireland Car Loan
Borrow €2,000 to €75,000, with APRs from 6.5% (green car loan) or 7.1% (standard), terms up to 7 years, and extra flexible repayment options.
Bank of Ireland’s car loan offers flexible borrowing for petrol, diesel, hybrid, and electric vehicles. Standard loans range from €2,000 to €75,000 with interest rates starting at 7.1% APR for up to 5 years. For applicants purchasing a green vehicle (battery electric or plug-in hybrid), the green car loan rate drops to 6.5% APR with terms up to 7 years.
Existing Bank of Ireland current account customers aged 18 or over and living in Ireland are eligible to apply online. Flexible repayment options, such as monthly or weekly schedules and no early repayment penalties, make this loan suitable for many needs. Borrowers can defer the first three monthly repayments if repaying monthly.
Exact interest rates depend on your loan amount and financial details. For instance, a €20,000 loan at 7.1% APR over three years results in monthly repayments of €616.28 and a total repayment of €22,186.08.
How to Apply: Step-by-Step
1. Make sure you’re an existing Bank of Ireland current account customer and aged 18 or over.
2. Gather your 365 online user ID and proof of PPSN.
3. Use the online loan calculator to estimate your repayments and select your preferred loan details.
4. Complete the application online (individual applicants only) or call the loans team if you are a new or joint applicant.
5. If applying for a green car loan, provide a quote or invoice from the car seller confirming the vehicle type.
Pros of Bank of Ireland Car Loan
Flexible repayment options allow for both weekly and monthly payments. Borrowers may make extra repayments without penalty fees, helping reduce interest costs.
The green car loan offers a competitive 6.5% APR for battery-electric and plug-in hybrid vehicles, encouraging environmentally friendly choices while keeping costs down.
Cons of Bank of Ireland Car Loan
This loan is only available to existing Bank of Ireland current account customers, which could limit new applicants who want to switch providers for a loan.
The most competitive rates are reserved for green cars; traditional petrol or diesel vehicles attract slightly higher APRs, which may impact overall affordability.
Verdict: Should You Choose This Car Loan?
Bank of Ireland’s car loan provides excellent flexibility, strong green options, and no-penalty prepayment. Rates are competitive, especially for eco-friendly vehicles. Its main limitation is eligibility, as only current account holders can apply online. Overall, this loan is a solid choice for those already banking with Bank of Ireland and seeking transparency and fair terms.