MFCU
Car loan

No! Unlike other car finance options, we don’t require any deposit on your car purchase. You can own the car from the start and spread the cost over a loan period that suits you.

Choose between weekly, fortnightly or monthly repayments and there’s no extra charges for early repayments!

PCP Car Finance is a hire-purchase agreement which means that the car buyer does not own the car until they have paid all the monthly instalments on this agreement, along with one final large payment at the end (known as the ‘balloon payment’).

A car loan is a much better idea if you’re intention is to own the car at the end of the contract. Although PCP finance seems enticing with smaller monthly repayments while in the “hire” stage of the contract, however, after this you the decide whether to make a lump sum final payment to own the car or give it back.

At MFCU, we have helped a lot of our members that chose PCP finance to pay off this large balloon payment by issuing car loans. 

Yes, you can increase the loan amount to include your insurance and tax costs.

At MFCU, we have helped a lot of our members that chose PCP finance to pay off this large balloon payment by issuing car loans. 

Our members who are faced with balloon payments are eligible for our Promotional Car Loan interest rate. This means that you can apply for a Car Loan and spread this repayment over a longer period, just like you would do with a used car loan.

The higher the interest rate, the more you’ll pay.

The higher the amount, the bigger the cost overall.

We offer a reduced interest rate on our Covered Loan, but also promotional rates on our Home Improvement, Education and Car Loans.

Interest rates vary across lending providers. With MFCU, we provide great-value loan rates with flexible repayment options to suit the needs of our members.