Waterford Credit Union Logo


Waterford Credit Union Car Loans Vs PCP Loans

Waterford Cu Blog

Benefits of a Waterford Credit Union Car Loan:

  • You own your car from the outset, which means you can sell it or change it anytime you wish.
  • You can pay off your Waterford Credit Union 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 or month.
  • Your Waterford Credit Union 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.
  • With a Waterford Credit Union loan you decide on what make of car to purchase next.


What is a PCP?

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 totalcost 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?


Waterford Credit Union Reduced Car Loan rate of 7.99% for January ONLY

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

NB: 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.

We Look After Our Own


Waterford Credit Union is regulated by the Central Bank of Ireland. T&C’s apply. APR 8.29%

Waterford Credit Union White Logo

Sign up to our Newsletter!

If you would like to hear from us with news and information on the services we offer please sign up for our newsletter. You can unsubscribe at any time by clicking the opt-out option in the footer of our newsletter email.
We use Mailchimp as our marketing platform. By clicking subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimpʼs privacy practices. Please view our Privacy Policy and Cookie Policy.


Click one of our contacts below to chat on WhatsApp

× How can I help you?