PCP Buster
Our Lowest Car Loan Rate


Great value loans

Interest calculated on reducing loan balance


Over €38 million

Borrowed by members last year



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Simple loan process

Quick turnaround on standard loans

PCP Buster New Car Loan

Check out our new PCP buster car loan which allows you to tailor your loan to suit your repayment ability at one of Ireland’s lowest car loan rates – 5.5%*.

With PCP, you’re essentially hiring the car until you pay the hefty final payment. At the end of the contract, should you decide to get a new car, your deposit is the difference between the GMFV (Balloon payment) and the market value of the car.

There are also other considerations such as mileage restrictions, wear and tear conditions and crash damage that can result in you having to pay a penalty if you don’t stick to them.

So avoid Perpetual Car Prison and get a straightforward loan from Croí Laighean Credit Union.

  • 5.5% variable rate (5.64% APR)
  • Own your car straight away (unlike PCP finance)
  • Tailor your loan to suit your repayment ability
  • Borrow between 3 and 8 years
  • Minimum loan value of €25,000 up to €80,000

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APR means Annual Percentage Rate. The repayment amount quoted is for illustrative purposes only, to provide you with an overview of the potential cost of borrowing. Restrictions may apply.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.


Why Choose Our PCP Buster Car Loan

With the current shortage of used cars, and the advancements in hybrid and electric car technology, many people are considering purchasing a new car. Most of the major brands offer PCP (Personal Contract Plan) as an option to finance a new car, but many people find it confusing and quite frankly, as clear as mud!

Whilst the monthly payments look very affordable on paper, most people don’t understand what Guaranteed Minimum Future Value (GMFV) is. The GMFV is the very minimum your car will be worth if you abide by the contract terms, and there are plenty of those, but it’s also the final payment you will have to make to actually own the car.

So, after paying the deposit, and the monthly payments, you still have to pay the final balloon payment to actually own the car. At the end of the contract, you can (a) pay the balloon payment and own the car (b) give back the car or (c) take out a new PCP. The only way to avoid the balloon payment is to hand the car back.

It’s worth noting that if you elect to take out a new contract, you must pay the balloon payment and the deposit on the new car. Dealers may pay above the GMFV to secure a new PCP and you can use this excess as part payment of the deposit, but it’s entirely dependent on the condition of the car, and the market value of the car.

You also have to consider mileage restrictions and the cost of going over the mileage allowance – you are charged per km! Add to that the cost of scheduled maintenance from the dealer. Should you have an accident, or just scratch the car, you must get it repaired by an authorised repairer. Now, the hidden costs start to add up.

PCPs are among the least flexible forms of car finance. The repayments are fixed for the term of the agreement, so you can’t usually increase your repayments each month if you want to. If you want to extend the term, you may be charged a rescheduling fee. If you encounter financial difficulty, you can’t sell the car as you are not the owner.

With a Croí Laighean PCP Buster Car Loan, you get an incredibly transparent car loan with no hidden fees and you own the car from day 1. You can tailor the loan to suit your repayment ability and we even offer free loan protection* for extra peace of mind.

Repayment Example:

PCP Buster Loan @ 5.5%. A PCP Buster Loan of €25,000 over 5 years would cost €477.53 per month at a variable rate of 5.5% (5.64% APR). The cost of credit is €3,652 and the total amount repayable is €28,652. Variable rates may increase which would cause the cost of credit to increase.

While every care has been made in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Loan amounts and 99% approval rate is based on figures from 2020. Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.

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