IT’S heading to mid-July, so you are likely to have seen some 252 car registrations by now.
And you might be thinking of changing your own car.
Whether you are thinking new or second- hand, Bantry Credit Union has some good news for you.
For the month of July only, the credit union is offering a discounted rate on car loans, down from the normal rate of 9% to 7%.
This highly competitive rate applies to cars purchased from any main dealership or local garage.
Peadar Noonan is Lending and Business Development Manager at Bantry Credit Union.
Peadar says it’s very important that people know the difference between different types of car finance.
‘People see ads for Hire Purchase or PCP finance arrangements with what seem to be attractive rates of interest. But you must remember that with those arrangements, people don’t own the car,’
Peadar explains. ‘Ownership doesn’t usually transfer until the last payment is made. With a Credit Union loan, you own the car straight away and there aren’t any mileage or other restrictions.’
Another feature of credit union loans that Peadar emphasises is loan protection insurance.
‘Many people don’t know that credit unions pay an insurance premium to insure all their loans for life insurance purposes.’
Peadar says that, ‘subject to some T&Cs, this means that if a member dies, their loan will be cleared by the credit union’s insurance policy and will not be a burden on the family.’
Credit unions have been ranked First for Customer Experience in Ireland for 10 years in a row.
And they have been ranked Ireland’s Most Reputable Organisation for 3 years in a row.
Bantry Credit Union Loans Officer Katrina Lynch believes the main reason for these awards is the personal service that credit unions are renowned for.
‘We do try to go the extra mile. The relationship we have with our members really matters to us.’
Katrina says people appreciate how easy it is to deal with the credit union.
‘You can pop into the offices in Bantry or Castletownbere. You can phone or email us. Or you can apply online.’
Katrina explains that the entire process – from initial enquiry to completing the loan application to drawing down the loan – can now be done online, if that’s what the member wants.
