Bank of Ireland Car Loan Review: From 6.5% APR, Flexible Terms & No Early Repayment Fees

The Bank of Ireland car loan is ideal for those seeking competitive rates and flexibility. Green vehicle buyers benefit from an attractive 6.5% APR, while petrol and diesel options start at 7.1% APR. Loan amounts between €2,000 and €75,000 are available, with terms of 1 to 7 years for electric and hybrid, and up to 5 years for petrol or diesel cars. No early repayment penalties give extra flexibility.

How to Apply

Begin by checking your eligibility online. Applicants must be aged 18 or over, resident in Ireland, and a current Bank of Ireland current account holder. Gather your 365 online user ID and PPSN for identity verification. Complete the loan application form online, which can take as little as 15 minutes if you’re registered for online banking. Be ready to provide additional documents if required. For new customers, applications can be made via phone.

Pros

The standout benefit is the competitive interest rate for green vehicles, making it more affordable to go electric or hybrid. Flexible loan amounts and repayment terms allow consumers to choose a plan fitting their budget. The option to make extra repayments without penalty offers peace of mind and potential savings on interest paid. Additionally, the fast online process saves considerable time.

Cons

To apply online, you must already be a Bank of Ireland current account customer. The rates, while good for electric and hybrid vehicles, may not be as low for petrol or diesel buyers compared with niche lenders. Not all applicants will qualify for the lowest advertised rates, as these depend on individual financial assessment.

Verdict

Overall, Bank of Ireland’s car loan is a strong choice, particularly for those considering greener cars. Competitive rates, flexible repayments, and a simple application process place it above many competitors. Still, ensure you meet the eligibility and review all terms to get the best deal for your needs.