But what are people borrowing for? And if you’re in the market for a loan, what are the options available?The figures show that the move to electric cars has driven a surge in car loans, not only in the number of loans being taken out, but also in their value.
Lenders are cashing in on this demand, with many offering their most favourable rates to those looking to carry out such improvements.With a return to the sun for a break on the minds of many, and weddings increasingly becoming two- and three-day events – often in those aforementioned sunny spots – there has also been an increase in people borrowing for these events.
Remember, if you keep the term as tight as possible, you will save money. For example, €20,000 borrowed over five years will cost you €3,143.60 in interest over that period – but just €1,871.19 over three years, based on an APR of 6.06 per cent. For amounts of €20,000-€65,000, Bank of Ireland’s 6.8 per cent APR may be an alternative, as you don’t have to offer cash security.
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