{"id":2198,"date":"2017-04-26T11:15:01","date_gmt":"2017-04-26T11:15:01","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=2198"},"modified":"2023-10-23T10:23:49","modified_gmt":"2023-10-23T09:23:49","slug":"personal-loans","status":"publish","type":"page","link":"https:\/\/ccpc.inventise.ie\/consumers\/money\/loans\/paying-for-your-car\/personal-loans\/","title":{"rendered":"Personal loans"},"content":{"rendered":"<p>There are a number of things to think about before you take out a personal loan; such as, how much can you afford to borrow and how long you should borrow for. With a personal loan you borrow a set amount of money over a set number of years. The advantage of taking out a personal loan to pay for a car is that you own the car from day one.<\/p>\n<p>When getting a personal loan to pay for a car, it\u2019s important to not borrow for longer than you intend to keep the car. For example, if you plan to change your car in three years\u2019 time, you should not take out a loan for longer than three years.<\/p>\n<h2>How personal loans work<\/h2>\n<p>Banks, finance companies and credit unions offer personal loans. If your lender approves your loan, they will work out your monthly repayment, and you must pay at least that amount to clear your loan in the agreed time. Some lenders may offer lower repayments on greener vehicles such as electric cars so it\u2019s important to shop around before taking out a loan. You can use our <a href=\"\/consumers\/money-tools\/loan-comparison\/\">personal loan Money Tool<\/a> to help you compare your options and calculate your repayments.<\/p>\n<p>Lenders usually require you to pay back your loan by <a href=\"\/consumers\/money\/banking\/paying-bills\">direct debit<\/a> or by <a href=\"\/consumers\/money\/banking\/paying-bills\">standing order<\/a>, so you will need to have a <a href=\"\/consumers\/money\/banking\/current-accounts\">current account<\/a> in order to set that up. Credit unions are more flexible and may allow you to pay by cash, cheque,\u00a0standing order as well as \u00a0direct debit.<\/p>\n<h2>How flexible are personal loans?<\/h2>\n<p>Personal loans are\u00a0more\u00a0flexible if your interest rate is variable. This is important because your circumstances can change during the loan term and you might want to:<\/p>\n<ul>\n<li>Pay your loan off earlier than planned, or<\/li>\n<li>Reduce repayments for a time if you need to and extend the term<\/li>\n<\/ul>\n<p>When you\u00a0choose a loan, you should ask your lender whether you can pay more than your set monthly repayment or pay occasional lump sums off your loan. This will help you save on interest and pay off your loan earlier than planned if you can. Check if:<\/p>\n<ul>\n<li>The\u00a0provider\u00a0credits your extra payments to your account straight away<\/li>\n<li>There are any additional costs if you pay off your loan early<\/li>\n<\/ul>\n<p>Fixed-rate loans offer less\u00a0flexibility if you want to extend the loan term or make more repayments\u00a0to\u00a0save\u00a0on interest. They do, however, mean you know exactly what your repayments will be over the term of the loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a number of things to think about before you take out a personal loan for a car. How much can you afford to borrow and how long should you borrow for?<\/p>\n","protected":false},"author":113,"featured_media":0,"parent":838,"menu_order":119,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[10,9,8],"class_list":["post-2198","page","type-page","status-publish","hentry","tag-cars","tag-loans","tag-money"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Personal loans - CCPC Consumers<\/title>\n<meta name=\"description\" content=\"There are a number of things to think about before you take out a personal loan. 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