While it’s still, just about, possible to live your life without access to a car, it is probably more difficult than it’s ever been. Whether you need it for travelling to and from work, ferrying the kids around or simply bringing the shopping home from the supermarket, the chances are you’d find it pretty difficult to get by using only public transport.
Above and beyond the practicalities, owning and running a car offers a huge degree of freedom, allowing people to travel when and where they like. If you’ve got family in other parts of the country or perhaps employment opportunities which are scattered far and wide, a car can make all the difference to your life.
The issue facing many people, of course, is exactly how you set about affording a car. In between paying bills and keeping a family fed it can be extremely difficult to put aside the funds needed to purchase a vehicle. That’s where being a member of a Credit Union can come to the rescue. In the long financial hangover that follows Christmas, the idea of spending several thousand pounds on a car might seem somewhat far-fetched, but the loans we offer have terms which could compare favourably with anything you’re likely to find elsewhere.
Of course, dealers will often offer finance deals on their vehicles and while we can’t guarantee that our terms will be better 100% of the time, what we can say is that it’s worth taking the time to find out. That’s the challenge we throw down; if you want to spend more than £3000 on a car, compare the terms offered elsewhere to the terms at our credit union, and we’re pretty confident that what we provide will prove highly competitive.
As well as the headline interest rate we offer, you can relax in the knowledge that you’re borrowing money from a not for profit organisation. Our ethos is all about helping people to save and borrow and a part of that means keeping interest rates as low as possible and being completely upfront about what borrowers will have to pay back. As a responsible lender we assess each loan application individually, tailoring repayments which ensure a borrower can afford to repay a loan.
Many garages and dealers, for example, offer finance which starts at 12.9% Representative APR, which is more than we’ll charge for a loan of over £3000. The word ‘representative’, what’s more, means that the rate in question only has to be offered to 51% of applicants. With us, on the other hand, the rate we quote is the rate you pay, every time.
Other benefits of taking your car loan out with PCCU include the fact that you’ll be saving as you make your repayments, that the monthly interest will decrease as the balance does and that there is no penalty for early payments. Above all, we keep things simple; when you take out a car loan with us, you pay for the car and you own it outright from day one.
If you do apply for a loan we’ll turn the application round as quickly as we can. That means a maximum wait of just two days, although we try to reach a decision in just 1 day, providing all the information we need has been provided. If your application is successful, we can make a same day BACS payment directly to the lender, or to the person or business selling the car.