What is a Personal Consumer?
A Personal Consumer is someone who purchases goods and services for their own personal use. Car Finance for Personal Consumers is provided by way of a Personal Hire Purchase Agreement. Finance is available for both New and Used vehicles over any period between 12 and 61 months depending on the age of the particular vehicle. When all monthly payments have been paid, ownership of the vehicle will transfer to the customer upon payment of a Completion Fee. This Completion Fee will be collected by direct debit with the last monthly payment.
A) Personal Hire Purchase
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Some key features of our standard Personal Hire Purchase Agreement are as follows:
• Fixed Term - 12 to 61 months depending on vehicle age
• Payments are fixed for the duration of the period
• Deposit required can range from 10% to 25%. This can be in the form of cash and / or trade in
• Customer must be aged 18 or over and resident in the Republic of Ireland
• Be employed or retired with a suitable income capable of making the monthly repayments
• Have a bank account suitable for direct debit payments
• Finance amounts available for €4,000 and higher, subject to normal credit criteria
• To establish suitability, applicants will be subject to a credit search with the Central Credit Register
• Vehicle must be sourced from an approved SIMI / franchised motor dealer in the Republic of Ireland
B) Simplicity
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Simplicity is a Personal Consumer Hire Purchase Agreement consisting of 24 / 36 / 48 monthly payments followed by a Final Payment. A deposit is required - typically ranging from 10% to 30%. The Final Payment will be calculated to best ensure that there is sufficient equity in the vehicle when the customer goes to upgrade in 3 to 4 years times. There are no wear and tear or mileage clauses applicable thus giving the customer total flexibility. Simplicity is available on brand new cars and on used cars up to 18 months old. Customer has 3 options at the end of the Agreement -
(i) Keep vehicle and pay the Final Payment amount
(ii) Keep vehicle and refinance the Final Payment amount over a further 24 or 36 months at the prevailing interest rate
(iii) Trade in vehicle, use equity to buy again
Further details are available from First Citizen Finance staff or from any of our approved SIMI or authorised motor dealers in the Republic of Ireland.
Typical Example:
This is a Hire Purchase Agreement as defined by the Consumer Credit Act 1995. Lending terms and conditions apply. Applicants must be 18 years of age of over. A joint hirer may be required. Calls may be recorded. Example: New / Used Vehicle: Typical APR 9.9% Fixed (subject to change). Cash Price €22,250. Deposit / Trade In €2,250. Finance Amount €20,000. 48 Monthly Instalments of €499.51. Hire Purchase Price €26,351.48. Documentation Fee of €75 and Completion Fee of €50 applies. A minimum deposit of 10% may be required. (For any finance amount less than €10,000 or any term shorter than 36 months, the Typical APR may vary – please contact our office for exact quote)
