For many of us the purchasing of a new or used car is one of the most significant financial transactions we will carry out during our lifetime. Deciding on how best to pay for this purchase can be a challenge. The questions can include: Should I use my own savings? Should I borrow some or all of the cost from my own bank or credit union? Is there a funding solution available at the dealership? There are many questions and depending on individual circumstances, car buyers will make a decision most suitable to them.
The ‘one stop shop’ phrase is sometimes overused but when it comes to purchasing a vehicle here in Ireland, the motor dealership is really well equipped to provide just that. Besides the obvious expertise expected in product knowledge, the majority of dealerships in this jurisdiction are registered as Credit Intermediaries with the Competition and Consumer Protection Commission (CCPC). This means they are authorised to introduce a financial solution to car buyers for their purchase.
It’s vital that qualified personnel in the showrooms keep up to date with the knowledge needed to offer proper advice on financial products. They are obliged to maintain appropriate status with relevant bodies such as the Institute of Banking, to ensure they meet the Central Bank of Ireland’s Minimum Competency Code for selling or advising on consumer credit agreements.
For the past number of years, First Citizen Finance has developed and delivered a bespoke and accredited training programme to Irish Motor Dealers to assist them in achieving the necessary minimum requirements in this area.
The training series runs nationwide across November and December each year and the high uptake by dealers demonstrates a very strong commitment from the Irish Motor Industry to ensure consumers here are receiving the best financial advice when it comes to asset/ motor finance.
Download a free copy of this year's Auto Ireland Magazine HERE, your guide to new cars in 2022.