Enquire with Bank of Ireland Finance today and let us help you get motoring.
Bank of Ireland Finance
Bank of Ireland Finance (BIF) is part of the Bank of Ireland Group, Ireland. BIF is the largest provider of car finance to the Irish motor industry. We have established ourselves as the market leader in the Republic of Ireland, providing funding to customers through 22 brands.
BIF provides a range of finance options to help you spread the cost of buying your new electric vehicle. With many years’ experience in the motor industry, we are committed to getting you on the road in your chosen electric car.
Our application process is straightforward and delivered through our motor dealership personnel across the country who are happy to provide you with a quote and help you to apply for finance if you wish.
For more information, explore our plans and decide which finance option suits you best.
Personal Contract Plan (PCP)
Personal Contract Plan (PCP) is a finance product which allows for a lower monthly payment when compared to a Hire Purchase agreement of the same length and deposit. With PCP you can have a flexible finance plan to suit your own circumstances. A portion of the car’s value is deferred until the end of the agreement, usually in month 37. This amount is the minimum value that your car is guaranteed to be worth at the end of the agreement, also known as ‘Guaranteed Minimum Future Value’ (GMFV) or your ‘optional final payment’.
With a Guaranteed Minimum Future Value (GMFV), there is no need to worry about the resale value of the vehicle, depreciation, or the NCT costs associated with owning a car for a longer period of time.
How PCP works
How Hire Purchase works:
Your chosen deposit (typically between 10% to 35% of the value of the car) is deducted from the price of the car.
Monthly Payments:
They are calculated by deducting the deposit and optional final payment from the price of the car. The balance, plus any interest and fees is then split into equal monthly payments depending on the length of your agreement.
Optional Final Payment:
Also deducted from the price of the car and is due at the end of your agreement. It is the anticipated future value of your car assuming its mileage and condition is as agreed when you signed your agreement.
What happens at the end of my PCP agreement?
You have three options at the end of your agreement:
Option 1: Get a new car.
Your chance to drive another new car. You’ll have the option to part exchange (trade in) your car at any dealership of your choice or sell it privately. Once you’ve fully settled your agreement (including the optional final payment) any money left can be used as deposit for your new car if you so choose.
Option 2: Hand Back your car.
You can return the car to your original motor dealer on or before the final payment is due. Assuming all monthly payments have been made, you’ll have nothing further to pay, providing the car is in good condition and the agreed kilometre band hasn’t been exceeded.
Option 3: Keep your car.
If you decide to keep the car, assuming all monthly payments have been made, you just need to pay the optional final payment on or before the due date and the car is yours to keep.
Finance is provided by way of a Consumer Hire Purchase agreement by Bank of Ireland Finance. Lending criteria and conditions apply (over 18s only). Ownership remains with Bank of Ireland until the final payment is made. Bank of Ireland trading as of Bank of Ireland Finance is regulated by the Central Bank of Ireland.
Hire Purchase
Hire Purchase is a traditional finance product where the interest rate is fixed throughout the agreement. Once you find your next car, simply decide how much deposit you would like to pay. We then spread the remaining cost of the car with fixed monthly payments over a term of your choice (2-5 years). Once the final payment is made, you then own the car.
How Hire Purchase works
How Hire Purchase works:
Your deposit is deducted from the price of the car.
Monthly Payments:
The balance plus any interest and fees is divided into equal monthly payments depending on the length of your agreement.
Finance is provided by way of a Consumer Hire Purchase agreement by Bank of Ireland Finance. Lending criteria and conditions apply (over 18s only). Ownership remains with Bank of Ireland until the final payment is made. Bank of Ireland trading as of Bank of Ireland Finance is regulated by the Central Bank of Ireland.
Terms and Conditions
Lending criteria and conditions apply (Over 18s only). This is a Consumer Hire Purchase agreement provided by Bank of Ireland Finance. Ownership remains with Bank of Ireland until the optional final payment is made. Bank of Ireland trading as Bank of Ireland Finance is regulated by the Central Bank of Ireland.
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.
