Second-hand, imported cars from across the border and in 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 across the border and the UK will overtake the number of new cars sold in Ireland for the first time ever this year.
While we are firm believers at Carrickmacross 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 across the border or from the UK. We would urge anyone considering going this route to talk to us first. Our special car loan is straightforward, affordable and fair with a great value 7.25% rate.”*
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.
Before making the decision to import from across the border or the UK the following points are the most important;
- Buy from a recognised car dealership 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.
** For a €10,000, 5 year variable interest rate loan with 60 monthly repayments of €199.19, an interest Rate of 7.25%, a representative APR of 7.51%, the total amount payable by the member is €11,951.62. Information correct as at 24/09/2019.
Carrickmacross Credit Union Limited is regulated by the Central Bank of Ireland. All Loans are subject to approval.
WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.