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 rate
- 10% deposit/equity required
- 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 the age of the asset and whether asset is used or new.
How to apply for Consumer Hire Purchase
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).
- You bear the risks and rewards associated with ownership.
- Hire Purchase agreements are subject to the requirements and protections of the Consumer Credit Act 1995 and sections of The Consumer Protection Code 2012.
- 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.
- 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.
- 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. Available to over 18s only. Republic of Ireland only. Fees and charges apply. Lending criteria, terms and conditions apply. Subject to credit approval.
- 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.
- PTSB Asset Finance will appoint some suppliers as introducers of new business and will pay these suppliers a commission/fee for introducing the new business. Where a commission/fee has been paid to a supplier, it will be disclosed under the ‘Goods Details’ section of your Asset Finance Agreement. PTSB Asset Finance also pay commission to Credit Intermediaries for finance proposals submitted through Car Dealerships.
- You may end your Agreement by giving notice to PTSB Asset Finance.
You can then either:
Purchase the car at the amount calculated within the Termination section of your finance Agreement; or
Paying any instalments that are in arrears at the time of your notice and a settlement figure. The amount of the settlement figure will depend on how much you have already paid in instalments. How this is calculated is detailed within the Termination section of the Agreement.
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.