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Credit Union Most Popular Choice for Irish Car Loans

By February 10, 2020February 16th, 2022Latest News

The credit union was named the most popular place to get a car loan, according to a new report by trading site, Done Deal.

Almost one third of those surveyed said they would use a credit union loan to finance their next car compared to 18% who would use a bank and just 7% who would opt for PCP.

(Of course, we knew already that the credit union really was the best place to get a car loan – but it’s great to see so many of you agree.)

The  survey also revealed a huge surge in electric cars sales with just under 19,000 cars sold last year – a 68% increase from 2018. The most popular electric cars purchased were Nissan Leaf and then the Hyundai Kona. This year looks promising for the electric market also, with 26% of people saying they would opt for an electric or hybrid as their next car purchase.

As community based, non-profit organisations who care about the finanicial well-being of our members, we’re glad to see a growing caution around PCP lending, as well as the growth of the sustainably-conscious car buyer.

If you’re thinking of buying a car and need financial advice, or just want to have a chat, you can always send us an enquiry here.

St. Paul's Garda Credit Union