What does your car say about you?

Cars have long been a status symbol and, rightly or wrongly, they create a much bigger first impression than the type of shoes you wear or your brand of suit. Perhaps you doubt this and have more faith in the fickle and material nature of the average human being? Try rocking up to a business meeting on a two speed bicycle, a ten year old Ford Fiesta or a 7 series BMW. Take a quick minute to assess the difference in treatment based on your mode of transport. Even if you open the meeting with anecdotes about Mark Gorton, famous New York Hedge fund millionaire, who cycles everywhere, I guarantee that the bike will not be rated at all. Your perceived status will still be highest when driving that Fiesta! Yeah, I meant to say the BMW. But, I just proved the point.

So what does your car say about you?

Obviously, if you are driving a people carrier with the ubiquitous ‘Baby on Board’ sign, you are the family type. A sturdy, economical and not ostentatious car. Caution is needed for other motorists as this driver is usually late for school or for collecting someone. They are also prone to being distracted by flying Lego and projectile vomit inside the car. It’s a little known fact that a ‘Baby on Board’ sign is not a note for other drivers to take care for the children , but a warning sign that there is mayhem sitting in child seats, ready to cause havoc.

Drivers of small cars such as Polo’s and Corsa’s clearly display that the need to park easily and to economically get from one place to another with minimum of fuss is paramount when driving. The make of the car is reliable. Mid price. Not too fancy. The driver is reliable, middle aged and not too fancy. Of course, if the motorist has added a racy pink stripe, fluffy dice or a windscreen shelf loaded with soft toys and cuddly cushions, then we are looking at a completely different message.

Status seekers drive high range Audi’s, Beemers, Volvos and Lotus. (Yes, Lotus! Even if they have to put up with the classic Lots of Trouble Usually Serious maxim). High achievers need to spend a lot of time on their cars. Valeting, waxing, admiring, polishing and generally showing off. The car is much more than a way to get from A to B, it is the A to Z of the driver’s personality, career path and lifestyle. Some say it is an extension of or a replacement for the owner ego, but we would not be so crass. Heated leather seats, state of the art music systems and ambient lighting are the reward of the profit drive work alcoholics who enjoy their independence and luxury.

Adventure seekers drive sports cars or souped up versions of saloon cars. Even if they never touch a tyre on the Nas Car track, the sporty driver makes more noise, more lights and snappier nippy driving than any other road user. It is fair to say that the sporty boy/girl racer is generally young, although there are a number of sporty drivers who are going through a particularly embarrassing mid-life crisis.

The colour of your car also tells a lot about you. Yes, it is not enough to generalise about engine size and cost of the auto, the colour is now revealing more about you.

Black: aggressive personality, rebel
Silver: cool, calm, may be a loner
Green: warm hearted.
Yellow: idealistic
Blue: introspective, reflective, and cautious
Red: Energized
White: status seekers, popular and friendly
Cream: controlled, contained and calm

All generalisation aside, whatever colour or make of car you choose to purchase, we at Vendor Finance can assist you to get the right finance and ensure that you continue to drive, safely, comfortably and in the car you love.

Scaffolding Equipment Finance

Scaffolding and Construction equipment finance is crucial for the support of a growing building economy. In the construction industry, cash flow is a crucial part for any builder or construction company. That is where Vendor Finance can arrange construction and scaffolding equipment finance which helps, as it will spread the capital cost over affordable monthly payments to match your current projects. It enables you to keep funds available for other strategic investments or business opportunities.

Vendor Finance have been using the services of Irelands largest Peer to Peer lender and a recent entrant to Ireland’s finance market, a specialist global asset finance company, to arrange scaffolding finance over the last year.

By spreading the capital cost of your scaffolding or construction equipment, this improves your cash flow to pay both your suppliers and staff. It also frees up your valuable working capital enabling you to take on future contracts with confidence.

Vendor Finance is fully aware building and construction companies need to have their equipment updated on a regular basis to grasp the growing number of opportunities within the Irish construction market. By using construction leasing or finance, you can replace older and obsolete equipment, for more reliable equipment. With business loans, leasing and HP options and a wide range of funders available, the choice of finance hasn’t been as accessible in many years.

On the other side of the site, we have financed mini diggers, compressors, dumpers and cranes, the list of equipment is almost endless.

We are told we are different, because we are real people in the real word and understand your financing requirements. Whatever your size of your project, be it local builds, or larger commercial projects, and whatever your budget, we have the expertise and knowledge to help you grow and support your business, both now, and into the future.

To discuss your construction finance requirements, call our commercial team today at Vendor Finance on 071 931 0137 , e mail info@vendorfinance.ie or apply directly online through our commercial application form at www.vendorfinance.ie .

Where to get finance for your new business?

At Vendor Finance we appreciate the challenges facing your fledgling business. Unfortunately, new businesses may have difficulty sourcing working capital for their new venture. The excitement and enthusiasm of your dream project coming to fruition is a very special time. Do not let your optimism be marred by the daunting task of raising finance. At Vendor Finance we use the services of Ireland’s largest Peer to Peer (P2P) lender to access credit for new businesses. Peer-to-peer (P2P) lending has been increasing in popularity in Ireland and around the globe for the past number of years and is an attractive alternative to mainstream lending. Loans can be structured from one to three years with full Capital and Interest payments.

What can be financed?

The loan should be to help you grow your business in some way; for example, to improve your working capital, for asset finance or some form of expansion capital:

Assets which are outside finance companies credit policy because of age
Loans for business growth such as financing new contract wins, staff expansion or new products
Dealer stocking facilities to enable dealers to purchase more stock, take advantage of bulk purchases through auctions or UK based purchases

At Vendor Finance we appreciate how difficult it is to raise funds, particularly when SMEs typically may not many assets yet and may be viewed as high risk traditional channels. If you need to arrange finance facilities that are not secured by assets, simply pick up the phone and contact us at (hyperlink).

Our dedicated financial team are waiting to assist in growing your SME.

What we need to know?

Tell us about your business and your plans for the future?
Why are you safe to lend to?
How will this loan make a difference to your business?

What do you need to provide?

Six months bank statements
Management accounts
Business Plan
Credit report from ICB

A poor ICB history may be taken into consideration, once the reason can be genuinely explained and the customer’s current financial position will support the application. Customers can get a copy of their own Irish Credit Bureau report.

Unlike the main banks, Vendor Finance offer a bespoke service to our clients. We will endeavour to obtain the necessary financial information to turn the finance application around in a number of hours. We will keep you informed on every aspect of the credit process and place the application to the relevant funder for your financial situation. Once approved, one of our professional representatives will personally take you through the finance documents and enable you collect the asset in a prompt manner.

Call Vendor Finance today on 071 931 0137 to discuss your business funding requirements.

Preparing for your NCT

The NCT or National Car Test, is an intimidating time for all drivers. It doesn’t matter whether your car is relatively new or a trusty older vehicle, the mere idea of the test is worrying and it can be costly. On the plus side, the NCT gives us a sense of security and the knowledge that our car, and others, are safe and reliable as we go about our daily business. On the negative side, there are dozens of urban myths providing bizarre reasons why cars fail and many anecdotes about costly modifications needed in order to pass the NCT. The NCT is a thorough test and we must always prepare for it. Some drivers do not. In the first six months of 2017, only 48% of cars passed the NCT first time (NCT Statistics). Drivers without a valid NCT certificate face fines and penalty point.

At Vendor Finance we are pleased to offer some sound sensible advice for preparing for the NCT.

Clean the car:

A clean car gives a good impression. It is also an actual requirement of the NCT. Most car wash outlets offer a pre-test wash which includes washing the underside of the car. Clean and de-clutter inside the car too. Remove the baby seats, unless you want the tester to check that they are correctly fitted. The seat belts should be easily accessed for examination. Take care not to leave anything in the boot.

Top-up Fluids:

Check the water, oil, coolant and brake fluid levels prior to the test. Changing oil and air filters is very do-able for the average car owner. Don’t forget the windscreen wash too! If you are unsure about how to top up oil etc., here is a helpful tutorial

Check your Lights:

Make sure that all your bulbs are working and that the headlights are aligned properly. The cost of new bulbs is much cheaper than the inconvenience of having to go back for a visual re-test. If you are unsure about the alignment, pop into your local garage. If you can fit them yourself you may avoid being charged for the cost and the labour in a garage. Your number plate light and front light should be white in colour, indicator light should be amber and stop light should be red. The stop lights should also be brighter than the tail lights.

Tyres:

Substandard tyres are a major reason for NCT failures. The tyres should not be worn or damaged, there should be no bulges and the thread depth should not be less than 1.6mm at the middle of the tyre. Consult the manual for your car and ensure that the tyres are at the correct pressure.

Obvious problems and warning signs:

So many people drop their cars into the test centre knowing that there are faults and defects and yet somehow hoping that the car will pass. There is blind hope that issues will not flag up. They will! This does not make good, economic sense. If there are warning lights on the dashboard, or the suspension is not feeling right, it makes more sense to have a mechanic look at the car prior to the test. Warning lights for airbags etc. are an instant failure while the tester may not even proceed with the test if the engine light is showing. Many garages are offering pre-NCT tests at good value, which will fix issues and eliminate the cost of retesting.

On the Day:

Remove the hubcaps or alloy wheel centre caps. Check the wipers. Drive the car before the test so that it is at good operating temperature. Bring the vehicle registration, the correct fee and some proof of Identification. Be early and be calm.

No one likes to take a test. The very name, ‘test’ automatically makes us nervous, but the NCT ensures a certain standard among all cars on the road. This can only be good for motorists in general. Regular servicing and good car maintenance reduces fuel costs and keeps us all safer on the road.

Prepare for your NCT and drive legally and safely.

Saving Money on Back to School Expenses

The cost of sending a child back to school can be daunting for parents.

In fact, a recent survey revealed that 72% of parents are stressed by the burden of financial pressure which the new school term brings. At Vendor Finance, we appreciate that this costly time can place extra strain on the family finances and so, we offer some cost saving tips for the back to school expenses.

Believe it or not, parents have identified the three most costly back to school items as extra-curricular activities, school lunches and school books. So, this would be a good place to begin making savings.

School Books:

With some school books costing up to €40.00 each, a text book rental scheme is a life-saver for cash strapped parents. Check whether your school operates a rental scheme service. If this is not available, consider buying second hand books in good condition as this can save a lot of money. Track down the pop-up second hand school book shop in your area. Take the lead from their example and sell any used books which your own child is finished with. If no shop is open in your area, use social media and your school parent’s networks to source pre-loved books at the right price. Classic novels on the Leaving Certificate and Junior Certificate curriculum may be languishing on bookshelves at home, with family or from your local library.

Lunches:

Buy a good lunch box and drink bottle and plan ahead for home-made lunches. This is much more sensible than handing out a few euro each day. If you feel lazy and unmotivated to the task, just remember that three euro a day spent on shop and canteen lunches, amounts to over five hundred euro a year. This is money which could be well spent elsewhere. (Perhaps on family treats like the cinema/zoo or even on parental treats like wine and spa treatments?) With a little inventiveness and advance planning, homemade lunches can suit your child’s personal tastes while suiting your pocket.

Extra-curricular activities:

Everyone wants an all-embracing education for their children. Extra-curricular activities should be encouraged. Team sports, drama and music are as important to learning as reading, writing and arithmetic. But every extra activity brings an added expense. Research online for the best prices in sporting equipment and musical instruments. Buy second hand if you can. Borrow equipment till you are sure that your child will continue with the new rugby team/orchestra/ archery. Organise car-pooling with other parents when activities take place outside school hours.

General Savings:

Buy generic items where possible. Bulk buy stationery. Do your homework and source as much of the school uniform as you can from the cheaper outlets. Let’s face it, grey trousers are just grey trousers. Check the hems to ensure that there is room for adjustments. Make sure you mark each student’s belongings clearly. The lost and found cupboard in every school is full of unmarked, unclaimed and expensive items. Do purchase a good quality school bag as the cheaper options are a false economy and you may end up replacing half way through the term. Pay particular attention to the size of the bag, relative to the size of the child. Ensure that the straps fit well and consider bags on wheels for younger children who have heavy loads.

Car pool with neighbours for the twice daily school run.

The average cost of kitting a child out for the new term of school is estimated to be €1,209.00 per child. This is a frightening prospect, but with a little common sense, budgeting and forward planning, you can reduce these costs and ease the stress of the back to school expenses.

A back to school clothing and footwear allowance is available for those on social welfare payments. Closing date is the 30^th September. See details here

Details of 2017 subsidies on child care and crèche/playschool places are available here

How to Get Car Finance Quickly and Easily

Car Finance Tips

We want to help you get that car of your dreams. We would also like to make the process go as quickly and as smoothly as possible! So, we have created a few tips and pointers you can get ready before applying for car finance to give you a much higher chance of getting finance approved.

Being Prepared

The finance companies generally like to see your salary being paid directly into your current account. It always helps to have your bank statements or payslips available to be submitted to the finance company to support the application. For stronger applicants who have a previous credit history and who have kept their previous agreements or mortgage up to date, have between 10% and 30% equity (trade in or deposit) and a good full-time job, we can submit finance applications directly to them. Finance companies operate Credit Scoring systems which use a mixture of the above factors to decide whether to grant the approval or not.

Having said this, it generally makes the process quicker if you have statements and payslips available to send them in. With the statements, it’s very important that we have a full 3 months statement and that they are as recent as possible, for example when this blog post is up it’s the first week in August so we would need the bank statements going up to at least the end of June to be valid, preferably for July. If you get signed up to eStatements the process of getting your latest statements online is usually a lot easier and quicker to do. You can order eStatements and they will be available a lot quicker than paper statements.

If you cannot, however, get statements up to within a few weeks of the application date then what you can do is download your recent transaction history, as long as this transaction history overlaps with your statements. The overlapping is important so that the lenders can clearly see that it is from the same account as the transaction history will not have your name or account number on it.

Do your sums before applying for finance, make sure you have surplus funds in your bank account

Strong Bank Statements

The banks want to see the customers’ ability to repay the loan or in bank lingo “Repayment Capacity”. This means that if your car repayment is say €250 per month, you should have at least this amount in surplus in your bank account or an overdraft facility in place to cover this. In addition, the lenders don’t like to see any referral fees, returned cheques or unpaid fees. the max you can have over the 3 months is 2 on your statements. If you have any at all, perhaps you could wait a few weeks until they will not appear on your 3 months statements.

What we mean by referral fees are when your bank account either hits a nil balance or hits the overdraft limit or a cheque is presented with insufficient funds, the bank charges you a referral fee, unpaid the cheque or direct debit. This shows that you have insufficient funds in your account to meet your financial commitments.

If you are thinking about applying for finance and you have insufficient funds in your bank account or have experienced several referral charges or unpaid fees, it may be worth strengthening your bank account prior to applying. This would mean leaving as much surplus in the bank as possible for a few months in order to increase your chances of success and presenting your financial situation as strong as possible.

Poor Credit History

If you have a poor credit history on the Irish Credit Bureau or have defaulted on a mortgage or loan in the past 5 years, this will show up when the finance company runs a credit check. For most mainstream lenders, a poor ICB will generally be automatically declined.

There are some lenders in the Irish market who take poor ICB’s into consideration when underwriting a finance proposal. They charge a higher interest rate but will generally deal with those who have poor credit and who have been in a structuring agreement for at least 6 months. They will also need to see the customers’ ability to repay based on their current income and monthly expenditure.

You can obtain a copy of your own ICB credit report from http://www.icb.ie/ for a small €6 fee.

Car finance tips and tricks to help you get your dream car — We could have finance for you in just 4 hours

If You Are Self Employed

Self-employed customers generally need to provide proof of income from their business bank statements. This can also be supported through your self-assessment tax returns or from your last set of financial accounts. Both can usually be provided by your accountant. A tax clearance confirmation from your accountant or the Revenue may also be required.

Business customers who are Vat registered who purchase commercial Vat qualifying vehicles can also claim back the Vat. This is can be done either by way of a Hire Purchase agreement or Lease agreement. With HP, the customer pays the Vat upfront and claims it back at their next Vat return. With Leasing, the Vat is charged on each repayment and the customer can claim it back as they make each payment. Any queries in relation to the customers tax status or whether to go lease of HP should be dealt with by the customers accountant or tax adviser.

If you would like to discuss any of these tips, you can contact the Vendor Finance car finance team on 071 931 0137 or see further information on www.vendorfinance.ie

The Pros and Cons of Car Financing

We know how daunting it can be to research and choose the right financing option for you and your circumstances. We thought it would be beneficial to clearly outline all the pros and cons of car financing, we chose to focus on the 3 main types that are most commonly used. Here at Vendor Finance, we hope that this clear list of pros and cons of PCP financing, Hire Purchase and an Unsecured Personal Loan will help you to identify which is the best option for you.

PCP

Pros:

The monthly payments are often smaller than getting a direct loan for the asset
A newer vehicle can decrease maintenance and running costs
You have the option of upgrading to another car and enter a new contract

Cons:

You must keep the car in good condition and only service it at the stipulated service station
There is a mileage stipulation that you must adhere to which can be quite low, usually the lower the mileage limit you agree to, the cheaper the monthly payments will be
You can’t modify the vehicle as you like
The final Guaranteed Minimum Value can be a significant amount
The penalties incurred for damage to the vehicle and going over the mileage limit can be very high
Once you get into a PCP contract, often people have found that it is difficult to move to a new car brand
You may have to have a new deposit each time you want to upgrade to a new car

Deal Done with Vendor Finance — Getting Car Finance is simple thanks to Vendor Finance, fill out our application form on our website to find out for yourself.

Hire Purchase

Pros:

It can depend on the financial institution as to whether you will need a deposit or not and it can depend on the amount you are expecting to finance. A higher deposit percentage of the cost of the vehicle can sometimes increase your chances of getting the financing you are looking for
You are paying for your car in instalments so there are no lump sum payments
You own the vehicle as it stands once the final payment is made
The interest rate is fixed throughout the period of the finance agreement so you will know exactly what you’ll be paying every month
You can tailor the length of the finance agreement to suit your needs to a certain degree
You can often pay off the loan early, sometimes paying a penalty as little as just one month’s interest to do so
It enables you to have a newer, higher specification car than you could or would want to buy outright
You don’t have restrictions such as service or mileage clauses
Simple application process

Cons:

As the loan is secured against the vehicle then if you cannot make the repayments on the car, the car can be taken off you, this can also negatively impact your credit rating and affect getting loans or financing in the future
You do not own the vehicle until the final payment is made, essentially you are doing a rent to buy type of agreement with the lender
You will end up paying more for the car by the end of the financial period as you will be paying interest rather than if you paid outright for the car
Your credit rating can affect the interest rate that you are offered, if you have bad credit then you are more of a risk by financial institutions so you will have to pay more for the loan

Unsecured Personal Loan from a Bank/ Credit Union

Pros:

Simple application process
No risk of repossession if you default on the loan
More flexibility on the length of the loan which gives you more control over the monthly repayments
You can pay the loan off early before the end of the loan term

Cons:

Slower to get through the loan application process
Higher need for good credit rating as it is a riskier loan for the lender
Not as convenient as you generally must go to your own financial institution who you bank with
The amount they agree to loan you may be smaller than going through Hire Purchase that works as a secured loan
The interest is usually significantly higher on an unsecured loan so you will have to pay more in the long run, whereas with PCP and HP, they can repossess your vehicle and not be at a total loss and this is lower risk for finance companies
Having more flexibility to adjust the length of the loan agreement can also be a negative as the longer it takes you to repay the loan, the more interest you will have to pay, so although the monthly repayments may be cheaper, the long run it will be much more expensive
Very often the loan may be on a variable rate which could increase the cost during the life of the loan

Here at Vendor Finance, we work with several lenders that offer Hire Purchase facilities, which offer many advantages for financing your car. You must, however clearly determine which is the best option that suits you and your personal circumstances. It only takes a few minutes to fill out an application form on our website and you could be approved for car finance within a few hours.

Pros and Cons of Car Finance — This is a summary of the pros and cons of the 3 main methods of financing a car.

If you are still unsure about car finance, then don’t hesitate to give us a call and we’ll be happy to help out!

Answers To Our Most Frequently Asked Questions

1. How Does It Work?

Vendor Finance works with several finance companies. This allows us to try to get your finance application approved with the most suitable lender for your personal circumstances. There are many factors determining which lender we use for your application. Some being the age of the vehicle, credit history, financial position and which car dealer you wish to purchase through. We usually submit the finance application on your behalf and support it with relevant financial documentation. These documents can be bank statements, payslips and possibly a guarantor where required.

2. How Long does it take?

We can get instant credit decisions for financially stronger applicants. Normally, the credit process takes 3-4 hours once the relevant information is supplied. Vendor Finance will always send in all required financial information with your application. This allows us to speed up the process and enable the credit underwriter make a fully informed decision.

3. Can I buy from any car dealer?

Each finance company has its own panel of car dealers which it will accept invoices from. Vendor Finance will only submit your finance application to the respective finance company who will accept an invoice from the dealer you wish to purchase the car from.

4. Can I buy the vehicle privately?

Finance Companies will not underwrite finance applications for private car sales. This is because you are protected by the Sale of Goods and Supply of Services Act 1980 when buying a car for your personal use from registered car dealers. This legislation does not apply to private sales so Finance Companies are not willing to fund private car sale transactions.

5. Can I buy in Northern Ireland/UK?

Finance Companies will not underwrite car finance applications which are for cars invoiced from Northern Ireland or UK. This is because of a number of additional factors involved such as the exchange rate, the VRT element (which must be paid after the car is purchased outside the jurisdiction) and the lack of warranty from NI/UK dealers selling into the South of Ireland. You can read our blog post all about buying imported cars to get more information on purchasing UK/NI cars.

Frequently Asked Questions — If you have any more questions, please give us a call, we’d be happy to help!

6. How much can I borrow?

€5,000 is generally the minimum borrowing with no upper limit. Credit underwriting criteria usually depends on many factors such as repayment capacity, previous borrowing history, equity/deposit in the transaction, year/age of the car and evidence of poor credit history through an Irish Credit Bureau search.

7. Do I need a deposit?

We operate with a wide range of finance companies that cater for all types of transactions. These transactions can range from 100% finance to generally a minimum 10% deposit.

8. Poor Credit/ICB Issues:

Finance Companies will generally run a customer Irish Credit Bureau report as part of all finance applications with any poor ICB history being automatically declined. We work with one lender that will take poor ICB histories into consideration once the reason can be genuinely explained and the customer’s current financial position will support the application. Customers can get a copy of their own Irish Credit Bureau report.

9. Age Limit on Cars:

Each Finance Company has its own credit policy in relation to the age of vehicle it wishes to finance. Vendor Finance will go through all available options with you.

10. Can I make a lump sum payment or settle off the finance agreement early?

Each Finance Company has its own policy in relation to these options and Vendor Finance will go through your options where applicable. Early settlements are generally calculated through using the internationally accepted “Rule of 78” and the actual cost can vary from one to three months’ interest.

11. Do I need Bank Statements?

Very often bank statement are required to support the finance application to illustrate your ability to repay the loan. These can usually be sent to Vendor Finance by post, fax or through E mail. Finance Companies generally require a copy of the original bank statement or E Statement that shows the customer’s name and address. They generally will not accept transactions histories, screen shots, mobile phone transactions or excel files as they do not have the name and address on them.

12. Are there any other fees or charges?

Finance Companies generally have documentation fees on commencement of the finance agreement and purchase fees with the last instalment. These charges vary from company to company but Vendor Finance will explain all fees and charges prior to finance drawdown.

13. Do Vendor Finance charge a fee?

Vendor Finance do not charge any additional fees or charges for our service.

14. Anti-Money Laundering Documentation:

Finance Companies are required to verify the customer’s identity prior to finance drawdown. They require the following documents – Copy of either the customers driving licence or passport (which must be within expiry date) and a copy of a proof of address dated within 3 months (A copy of a recent utility bill, bank statement or other official document showing your name and address)

15. Married Surnames:

Customers who may have a double surname such as Mary Kelly Smith, may have to provide a marriage certificate if their Identification and Proof of Address does not match. For example, a Drivers Licence in the name of Mary Kelly and a Proof of Address as Mary Smith would require a marriage certificate.

16. How do I get started?

You can get started by simply filling in your details on the Vendor Finance website and one of our representatives will be in contact with you to process your car or commercial finance application.

Your Need to Know Guide to Buying Imported Cars

So, you are thinking of importing a car, it’s an idea that a lot of Irish customers have had over the years because of Euro/sterling fluctuations due to Brexit concerns. This exchange rate has benefited Irish customers as the Euro has increased its value against the pound and this gives Irish customers better purchasing power.

Euro GBP Exchange rate graph — How can you best take advantage of the Eur/GBP exchange rate?

Although there is an advantage in value for money, Irish customers need to have their homework done before purchasing directly from the UK. Importing a car is a long and complicated process of getting the vehicle from the UK supplier to your front door. There are almost 20 steps involved in the process of ending up with your fully registered car back here in Ireland.

There are a lot of risks involved and extra costs and considerations that need to be taken into account. You have to consider transport costs to/from UK, calculating the local VRT payable to get the Irish registration number. A car history check is vital to establish if a car has finance owing, is stolen, written off or clocked. These history checks also show if a car has been previously written off, cars with unverifiable mileage and stolen cars.

The Answer

To bypass a lot of stress for yourself, you could do what a lot of people opt for which is to go through a good local dealer here in Ireland. They can source the vehicle you wish to purchase through their network of trade sellers, UK auction houses or main dealers. They purchase the vehicle for you while keeping an eye on the ever-changing exchange rate to benefit you. The dealers here would have already established contacts and relationships with the UK dealers and can do all the negotiating on your behalf so you can just sit back and relax while they do all the work for you.

Going through the process this way, buying through a local dealer also gives you more legal protection and warranty on the vehicle and the security you wouldn’t get going to the UK dealer. Now, having said that your dealer will do all the work for you, you should double check that everything that needs to be in place, is in place. This includes:

Car history check to verify mileage and check if it has been crashed
Service history needs to be checked

For example, a popular Irish website you can use is Cartell for both UK & Irish car history searches.

How We Can Help

Vendor Finance operates with a wide range of independent dealers throughout the country who can source UK vehicles for you which will provide you with peace of mind. Irish Finance Companies are generally unable to finance UK imports for consumers purchased directly from UK supplier as:

The vehicles generally have no warranty and it is a cross border sale
The VRT payable cannot be financed and needs to be paid by the consumer directly through their local NCT centre
The vehicle would have to be paid for prior to delivery from UK to Ireland which can bring its own risks

Vendor Finance can arrange finance for your locally source vehicle through several different finance companies.

You can apply directly through our website

PCP Financing – Are you in the know?

PCP stands for Personal Contract Plan and is an agreement between you and a financial institution. You agree to pay monthly instalments to essentially lease a car for an agreed financial period, which is usually 3 years, then after the finance term is up, you have 3 options which are outlined below. You must have either a deposit or a trade in to be eligible for PCP financing.

Calculating the costs of PCP — Have you considered all of your financing options?

Your 3 options after the finance agreement is up;

Keep the car and pay the final amount or finance the payment over another number of years, either way you will own the car once the final payment is made. This is known as a ‘balloon payment’ and can often be quite high.
You can hand back the car and make no more payments. This can depend on the condition of the car and the service history, you will be restricted to having the car only serviced in the dealership that you purchased the car from, the exact stipulations will be explained to you. You will hand back the car and keys to the dealership and you will not owe any money but also not own a car.
You can trade in the car for another one, the age of the car and the condition will affect the trade in value of the car. If you do decide to trade in your car for another one then the process will start again and you will have to enter into a new contract which will not be the exact same as the last one. You will also have to put down a new deposit for the next car that you finance through PCP.

The Advantages & Disadvantages of PCP

Advantages;

The monthly payments are often smaller than getting a direct loan for the asset
A newer vehicle can decrease maintenance and running costs
You have the option of upgrading to another car and enter a new contract

Disadvantages;

You must keep the car in good condition and only service it at the stipulated service station
There is a mileage stipulation that you must adhere to which can be quite low, usually the lower the mileage limit you agree to, the cheaper the monthly payments will be
You can’t modify the vehicle as you like
The final payment can often be quite expensive
The penalties incurred for damage to the vehicle and going over the mileage limit can be very high
Once you get into a PCP contract, often people have found that it is difficult to get out of them
You must put down a new deposit each time you want to upgrade to a new car

Being Sensible

Entering a Personal Contract Plan is something that you need to consider carefully before finalising and know and understand all of your options, you must ensure that this option you choose is suitable for you and your situation.

Realistically, nobody knows what situation they will be in in 3 years’ time, will you be able to make the balloon payment at the end of the term to own the car or will you be able to make up the deposit for the next car, is it worth the cheaper monthly payments or would you be better off paying a higher monthly amount but own the car and be done with payments at the end of the term? Will you be leasing a car for the rest of your life, if so, is that practical? It is very important to look at the fine print and know what you are getting yourself into.

Talk to Vendor Finance Today about PCP Finance Plans