Finance
MSL Motor Group


Who

Our friendly and fully trained Sales Team will be happy to explore different options with you, which will enable you to meet your monthly budget.

MSL Motor Group act as both credit and insurance intermediaries for several finance companies listed below. In others words we act as a finance and insurance brokers. Please read on under the topics below to see the products we have and how they can benefit you.

Finance partners are Volkswagen Bank GMBH, AIB Financing and Leasing, Bank of Ireland Finance Ltd, Permanent TSB Finance, Alphera financial Services, First Auto Finance Ireland Ltd


What

Consumer Hire Purchase agreements (designed for Consumers and gives you your full consumer rights)

Hire purchase is exactly what it says it is, you are hiring the vehicle to purchase it. The title of the vehicle passes from the finance company to you upon the last payment or if you settle your loan early.

Interest is applied in exactly the same way as a personal loan (unsecured loan) from your own bank or credit union.

These agreements are at a fixed rate of interest, so you are protected against rising interest rates. What you agree to pay today will remain the same for the life of your agreement.


Why

Why Hire purchase with MSL Motor Group, and not a personal loan from my own bank/credit union?

Convenience, deal with one person in the one place throughout the whole buying process.

You gain protection on a Hire Purchase from the Consumer Credit Act in relation to the value of the goods versus the loan for it, please ask your sales consultant to explain further.

In these times your available credit lines may become crucial over your vehicle change cycle. By using one of our finance partners you can leave your first line of credit with your high street bank/credit union untouched for unforeseen future expenses.

The vehicle acts as security against a Hire Purchase loan. This is a very positive aspect, as it reduces your exposure to other future lenders.

Picture the scenario. I keep my car for four years. I need €15,000 to fund the balance on my car today. In two years time something happens where I need another €15,000 (it could be for my daughter’s wedding, it could be a new kitchen etc).


Option 1

Today I borrow €15,000 for my motor car from my high street bank/credit union on a personal loan (unsecured) over five years. This would bring the bank’s exposure to me to €15,000 unsecured.

Two years later I need a further €15,000 for that new kitchen. The bank/credit union will look at my application and then look at my outstanding balance of circa €9,900 on my original loan and add the new loan to it. In total I would now owe them €24,900 unsecured.

How quickly will my bank want to give me a further €15,000 in two years time when I really need it?


Option 2

Today I borrow €15,000 on a Hire Purchase agreement from a finance company other than my own bank/credit union. I would have two definite advantages over option 1.

Although I would still owe circa €9,900 to a finance company, the loan is secured by the vehicle (advantage 1 comfort to the lender) and just as crucially my outstanding debt is to another institution (advantage 2 Less exposure to lender) bringing my bank/credit unions exposure to me (two years on) to €15,000 unsecured rather than option 1 where they are exposed to €24,900.