What is Consumer Hire Purchase?
Consumer Hire Purchase, also known as Car Finance, is a credit agreement allowing you to purchase your vehicle through payment of regular fixed instalments.
Our Consumer Hire Purchase Loan offers you:
- Minimum loan amount €5,000
- Repayment terms from two to six years1
- Fixed interest rate2
- 10% deposit/equity required3
- The vehicle is owned by PTSB Asset Finance until you have paid all regular fixed instalments and the purchase instalment of €63.33. You will then automatically own the vehicle.
1 Term dependent on age of the vehicle. The vehicle cannot be older than 10 years old at the end of your agreement. For example: We can fund an 8-year-old vehicle over 2 years.
2 The interest rate on your finance agreement is based on how long you want to borrow the money over (the ‘term’), how much you want to borrow, and how much of a deposit and/or trade-in you are putting in (‘LTV’). Please note, PTSB Asset Finance will pay commission to Motor Dealers (acting as Credit Intermediaries) for new business finance originated through them. Commission will be calculated as a percentage of the amount borrowed.
3 VAT element of the vehicle is required as a deposit. Additional 10% deposit may also be required.
Representative Example
Finance Amount: €20,0000 at a fixed rate of 9.08% APR over a 5 year term will require 60 monthly repayments of €410.33. Total Cost of Credit is €4,746.46. A documentation fee of €63.33 and a purchase fee of €63.33 applies. The total amount repayable is €24,873.12.
How to apply for Consumer Hire Purchase
Consumer Hire Purchase is available through our network of authorised Motor Dealers ( Credit Intermediaries) or through our Direct team.
To find out more about applying for Consumer Car Finance, the dealerships we work with, or if you would like a quote, please call our team on 0818 210 263. Lines open Monday to Friday 9am to 5pm (excluding public holidays).
Important information
- Available to over 18s only. Republic of Ireland only. Fees and charges apply. Lending criteria, terms and conditions apply. Subject to credit approval.
- Documentation Fee of €63.33 will be charged with the first repayment and an additional Purchase Fee of €63.33 payable with the final repayment. Additional fees may apply for early repayment of a fixed rate agreement or if an account falls into arrears.
- PTSB Asset Finance will also pay commission to Motor Dealers (acting as Credit Intermediaries) for new business finance originated through them.
- Commission will be calculated as a percentage of the amount borrowed.
- The Cost of Credit associated with this product will be higher for longer terms and lower for shorter terms. Alternative terms may be available to you.
- The vehicle is owned by PTSB Asset Finance until all of the instalments and the purchase instalment has been paid. You will need to insure and maintain the vehicle as you will be responsible for all normal 'wear and tear'.
- Hire Purchase agreements are subject to the requirements and protections of the Consumer Credit Act 1995 as updated by the Consumer Rights Act, 2022 and relevant sections of the Consumer Protection Code, 2012.
- Click here to view PTSB's fees and charges brochure
- This product is not applicable to business consumers. If you are a business customer looking for Hire Purchase, click here to view our business product.
- Should you wish to end the agreement early, PTSB Asset Finance can provide you with an early termination figure.
- You should seek independent advice to determine if this product is suitable for you.
- Your Motor Dealer, when acting as a Credit Intermediary, is obliged under section 148(e) of the Consumer Credit Act, 1995 to disclose in writing to you when they receive commission from us so you are entitled to request full details of the commission from them should you wish.
Warning: You may have to pay charges if you pay off a hire-purchase agreement early.
Warning: If you do not meet the repayments on your hire purchase agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire purchase agreement, a consumer hire agreement or a BNPL agreement in the future.
