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The Benefits of a Car Loan with WCU

Picture of two people driving on a country road with text talking about Waterford Credit Union's July Car Loan Sale.

Say yes to a new or used car this summer with a car loan from Waterford Credit Union. If you’re replacing your existing car or, perhaps buying your first ever vehicle, we have a flexible car loan to suit you. A loan from your local credit union gives YOU the power to get the best deal on your new car.

We have reduced our Car Loan rate to just 7.99% (8.29% APR*). So, if you’re thinking of buying a car – talk to us first.

A car loan from Waterford CU is much better value than PCP finance from a car dealer. Read on to find out why..

Benefits of a Waterford Credit Union (WCU) Car Loan

  • You own your car from the outset, which means you can sell it or change it anytime you wish.
  • You are not faced with a ‘bubble payment’ 3 years into your contract. With us there are no hidden fee’s.
  • You can pay off your WCU car loan early, make additional lump sum payments or increase your repayments without facing a penalty. Other lenders may charge you extra for paying back your loan ahead of time.
  • You can see exactly where your repayments are going – how much to principal/interest every week/month.
  • Your WCU loan is insured, with no extra cost to you (T&C’s apply) – other lenders will charge extra for this.
  • You can drive your new/used car at ease, not worrying about mileage restrictions or problems you may face with the lender after the loan term is up.
  • It is up to you where you get your car serviced not tied down to one garage.


What is PCP finance?

This is a Personal Contract Plan you hold with a car dealership or garage that leaves you facing 3 options at the end of the loan term:

  1. Pay the balloon payment owing on the car and keep it.
  2. Give the car back and walk away (but what about all the hard earned cash you invested into this?) – you may be charged penalties if it does not reach their “acceptable return conditions”.
  3. Give the car back and sign into a new PCP for 3 years with a new car, but same make.


Hidden costs associated with PCP Finance

When you buy a car on PCP you are essentially paying to use it for a fixed number of years (under certain circumstances). As a customer you should be looking at the total cost of what’s on offer. You cannot compare by APR alone because with PCP finance you are deferring paying part of the total cost of the car for a number of years, along with fees and other charges. Therefore, you will not know the real cost of PCP finance until the end of the term when you could lose thousands of euros on the value of the car.

THINK, before you decide to take out PCP over a Waterford Credit Union Car Loan

If you previously signed up to PCP finance and are now facing the balloon payment, get in touch with Waterford Credit Union to clear this payment, and keep the car.

Read the small print:

  • Who is actually providing the finance?
  • What penalties will you face for exceeding allocated kilometres?
  • What are the servicing & maintenance requirements?
  • Penalties for not meeting the ‘acceptable return conditions’.
  • Can the car be repossessed for missing payments?
  • How will you pay the balloon payment at the end?


Get in touch with our lending team and avoid the hassle of PCP Finance.

CALL: 051-861616 | EMAIL: loans@waterfordcu.ie | VISIT: waterfordcu.ie/loans | DROP in to Parnell Street, Upper Grange or Tramore to speak with our qualified lending team.


Waterford Credit Union is regulated by the Central Bank of Ireland. If you do not meet the repayments on your loan, your account will go into arrears.This may affect your credit rating. Loans are subject to individual approval/assessment. Terms and conditions apply. *APR = Annual Percentage Rate.
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