Killarney Credit Union - Low cost loans and much more in Kerry

Buying a car from the UK

Buying a car from the UK? You need to talk to your local Credit Union

Second-hand, imported cars from the UK continue to rise in popularity with the Irish consumer. In fact, the latest Consumer Market Monitor (CMM)* reports that second-hand cars imported from the UK will overtake the number of new cars sold in Ireland for the first time ever this year.
In 2007, imported second-hand sales were at just over 59,000. In the same year, new car sales in Ireland were at 180,000. However there has been a steady decline in the sale of new cars since then. In the first three months of this year, new sales had dropped to just over 50,800. By contrast, imported second-hand car sales had risen to over 25,900 in the same quarter.
Helen Courtney Power of Killarney Credit Union says they have also witnessed this trend locally, with a rise in borrowers taking out loans for second-hand, imported cars.
Helen said “While we are firm believers in the credit union, that shopping locally for a car is the best way to go with some terrific value to be had, we are seeing a surge in car loan queries from people considering buying from the UK. We would urge anyone considering going to the UK to talk to us in your local credit union in the first instance. Our car loan is straightforward, affordable and fair with a great value APR rate”.
Helen continued; “When you arrange finance with us here at the credit union, you are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. There are also other advantages, including fast approval, flexible terms and there will never be any hidden charges or fees.”
Helen also says there are a number of factors to consider before making the decision to buy a UK imported second-hand car. He/she says the following points are the most important;
• Buy from a recognised car dealership in the UK and avoid buying privately if possible. Shop around online and ensure you are getting the best value possible. Choose your car before you go.
• Inform the UK authorities that you are exporting a car by obtaining and filling out the V5C document.
• You will need to make an appointment for a Vehicle Registration Tax (VRT) inspection once back in Ireland, and you will also need to make the VRT payment.
• You may also need to pay VAT if the car is less than six months old or has less than 6,000 kilometres clocked up.
• You will need to purchase new registration plates.
• Ensure you are fully up to date with all requirements and documents needed for importing a car by consulting the Citizens Information and the Revenue Commissioners websites.
• Ensure you have also checked out your local car dealership. There is often great value to be found right on your doorstep. Don’t forget you have to factor in the cost of VRT, possibly VAT, new registration plates and fuel to get you home from the UK when importing a car.

Helen concluded; “Credit unions are not-for-profit, so our main concern when we are lending is always the financial wellbeing of the borrower. You can be assured of an affordable and ethical car loan when you come to us.”
To make a quick car loan application here

* Published by the Marketing Institute of Ireland and the UCD Michael Smurfit Graduate Business School.

Central Credit Register

Notice to Members who have Outstanding Loans and Loan Applicants

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Members will shortly be recieving letters in relation to the Central Credit Register. Information on your loans over €500 will be uploaded to the Central Credit Register database.

The Central Credit Register is a national database that will, on request, provide:

a borrower with an individual credit report detailing their credit agreements;
a lender with comprehensive information to help with credit assessments; and
the Central Bank with better insights into national trends in the provision of credit.
The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:

your name;
address;
date of birth; and
personal public service number (PPSN) – a very important piece of information for matching.
The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month about your loans, if the loan is for €500 or more.

Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.

In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and are entitled to one free report each calendar year.

Lenders may only access your credit report:

when considering an application for a new loan;
if you ask to change the terms of a loan; or
if they are reviewing a loan in arrears.
Employers, landlords, or any other person or entity cannot access your credit report without your written consent.

You do not need to take any action. We will shortly begin to send information on your loans to the Central Credit Register.

Quick Information Factsheet

We invite you to read the Central Credit Register Consumer Guide

If you have any other question about any of your loans with us, you can contact us at (064-6631344)