Then Finance For You (FFY) may be able to help!
We assess each application on its individual merits. We are willing to approve credit applications for people with no or a damaged credit history. Rather than looking back, at ones credit history, we like to look forward. Naturally, the interest rates charged will be higher than traditional credit as the associated risks are higher. Finance For you is a member of the Irish Credit Register, so as you repay your Hire Purchase Agreement with FFY this will start to repair your credit profile also. This will help enable you access credit in the future at lower rates.
Hire Purchase
Car Finance is arranged under a Hire Purchase contract with FFY. Hire Purchase is a contract where you rent the vehicle from FFY for an agreed period of time e.g. 36 months in return for a set monthly payment. During the agreement, you can use the car but the finance company (i.e. Finance For You) actually owns it. Finance For You is the owner, and you are the hirer. At the end of the agreement, the finance company (i.e. FFY) automatically passes ownership of the car over to you, provided you have made all the payments.
- Borrow between €3,750 to €45,000.
- Receive a decision within 24 hours after submitting application.
- Flexible loan terms ranging from 18 months to six years.
Rate: Our interest rate is subject to variability, ranging from 10.99% to 23% APR (Annual Percentage Rate). This means that the specific rate applicable to your loan may fall within this range based on various factors.Example Payments: Let’s illustrate how our rate translates into practical payment scenarios. For instance, if you borrow €10,000 over a period of 5 years, at 19% APR then your monthly payment would be approximately €251, resulting in a total repayment of €15,080.Please note that the above example is for illustrative purposes only, and actual payment amounts may vary based on individual loan terms and conditions.
| Amount | APR* | Term | Number of Repayments | Monthly Repayment | Cost of Loan | Total Loan Repayable |
|---|---|---|---|---|---|---|
| €10,000 | 10.99% | 5 years | 60 | €214 | €2,840 | €12,840 |
| €15,000 | 10.99% | 5 years | 60 | €322 | €4,332 | €19,332 |
| €25,000 | 10.99% | 5 years | 60 | €537 | €7,220 | €32,220 |
| €30,000 | 10.99% | 5 years | 60 | €644 | €8,664 | €38,664 |
| €40,000 | 10.99% | 5 years | 60 | €859 | €11,552 | €51,552 |
| Amount | APR* | Term | Number of Repayments | Monthly Repayment | Cost of Loan | Total Loan Repayable |
|---|---|---|---|---|---|---|
| €10,000 | 14.99% | 5 years | 60 | €233 | €3,976 | €13,976 |
| €15,000 | 14.99% | 5 years | 60 | €349 | €5,964 | €20,964 |
| €25,000 | 14.99% | 5 years | 60 | €582 | €9,940 | €34,940 |
| €30,000 | 14.99% | 5 years | 60 | €699 | €11,928 | €41,928 |
| €40,000 | 14.99% | 5 years | 60 | €932 | €15,905 | €55,905 |
| Amount | APR* | Term | Number of Repayments | Monthly Repayment | Cost of Loan | Total Loan Repayable |
|---|---|---|---|---|---|---|
| €10,000 | 19.00% | 5 years | 60 | €251 | €5,080 | €15,080 |
| €15,000 | 19.00% | 5 years | 60 | €377 | €7,620 | €22,620 |
| €20,000 | 19.00% | 5 years | 60 | €502 | €10,160 | €30,160 |
| €25,000 | 19.00% | 5 years | 60 | €628 | €12,700 | €37,700 |
| €30,000 | 19.00% | 5 years | 60 | €754 | €15,240 | €45,240 |
| Amount | APR* | Term | Number of Repayments | Monthly Repayment | Cost of Loan | Total Loan Repayable |
|---|---|---|---|---|---|---|
| €10,000 | 22.99% | 5 years | 60 | €269 | €6,189 | €16,189 |
| €15,000 | 22.99% | 5 years | 60 | €404 | €9,283 | €24,283 |
| €20,000 | 22.99% | 5 years | 60 | €539 | €12,378 | €32,378 |
| €25,000 | 22.99% | 5 years | 60 | €674 | €15,472 | €40,472 |
| €30,000 | 22.99% | 5 years | 60 | €809 | €18,566 | €48,566 |
Other Fees:
| Transaction | Fee Amount |
|---|---|
| Bounced DD Fee | €15 |
| Issue Loan Statement Fee | €15 |
| Changed Payment Date Fee | €15 |
| Change the Direct Debit Bank Details – Bank Change Fee | €15 |
| Settlement Letter Fee | €15 |
| Change the payment frequency (Weekly to Monthly or Monthly to Weekly) | €15 |
| Loan Restructure Fee | €75 |
| Repossession Fee | €500 |
Documentation Fee: Charge a documentation fee equivalent to one month’s instalment if paying monthly or four installments if paying weekly.
Administration and Car Purchase Fee: €20 administration and car purchase fee and €5 option to purchase
Variation of Fees: Fees can be varied by us at any stage, subject to providing 30 days’ written notice in advance of any changes being implemented.
Arrears Interest Rate: Additional arrears interest rate of 0.25% per month (3% per annum) on unpaid sums, with a minimum charge of €2.54 per month.
Please note the following:
- Terms and conditions are applicable.
- Approval is required for all loan applications
- The table provided is for illustrative purposes only and does not serve as a legally binding contract
Warning: You may have to pay charges if you pay off a hire-purchase agreement early.
WARNING: SECURITY WILL BE REQUIRED OVER A MOTOR VEHICLE. YOUR VEHICLE MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS TO WHICH YOU HAVE CONSENTED UNDER YOUR AGREEMENT WITH US. THIS MAY ALSO AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.
Key Benefits with a Finance For You Hire Purchase agreement;
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FFY may provide finance to individuals when no other Bank or Finance House will do so
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It enables customers locked out of the normal credit options to get back on the borrowing ladder, a 2nd chance and a fresh start;
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It enables individuals to upgrade their car. While the weekly payments may be higher than a prime lender, this can be offset due to the lower running and maintenance costs associated with your new car;
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A Hire Purchase agreement with FFY helps to repair an individual’s credit history which will help facilitate them access cheaper credit in the future;
Client Testimonial
“FFY approved me when no one else would, enabling me replace my old car that was on its last legs. My old car was costing me a fortune with higher tax, poor fuel economy and high repair costs. After having come through a difficult period financially, FFY gave me a fresh start, a 2nd chance when no one else would support me. They were excellent to deal with, really helpful and efficient.” James from Santry Dublin 9.
FFY’s CEO, Brian Leslie
“FFY is helping customers all around Ireland, offering a responsible and affordable finance option for those customers who are unfairly excluded from mainstream lending. It doesn’t matter to us if you have a poor credit rating, no credit rating or are self-employed. The most important thing for us is that you can afford the monthly payments”.
WARNING: SECURITY WILL BE REQUIRED OVER A MOTOR VECHICLE. YOUR VECHICLE MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS. THIS MAY ALSO AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.
How your agreement with us may end:
Your agreement with us may end on its expiry OR it may end early, either because we terminate it, or because you do.
Here is what happens on expiry of the agreement:
Expiry of agreement:
When the term of your agreement with us ends and all scheduled instalment payments, the documentation fee and car purchase fee have been paid, the car becomes yours and you are free to do with it as you please.
Here is what happens on early termination of the agreement:
Early termination by us and return of the car:
If you do not comply with the terms of your agreement with us, we can end the agreement, following the Consumer Credit Act 1995, by giving you notice.
If you receive a repossession notice, it is your responsibility to contact us immediately to arrange payment and avoid repossession. After the vehicle is returned to us, we will sell the vehicle at auction and apply the proceeds to your account. You will remain liable for any outstanding balance owed on the account at that point. We will collect the outstanding balance in accordance with applicable Irish law.
Early termination by you and return of the car: “one-half” rule
You can end your agreement with us under the ‘half rule’ and return the car before the final payment is due by letting us know in writing. Here’s how it works:
Calculate half of the total hire purchase price. Once this amount is paid and any arrears on the account have been paid, you are entitled to return the vehicle under the ‘half rule’.
Please keep the following in mind when considering this option –
Half of the total hire purchase price must be paid – if you have not met this threshold, you are entitled to pay a lump sum to bring you to the halfway point in the hire purchase agreement.
Even if you have reached the halfway point in the hire purchase agreement, all arrears and costs that are currently due on the account must be paid.
The vehicle must be in good condition i.e., no body damage, no mechanical faults and the interior must be clean and in good order.
Example to calculate the half point in your agreement:
Cash price of the car: €13300
Less deposit: €1000
Amount financed: €12300
Plus interest charges: €3355
Plus documentation fee: €72
Plus car purchase fee: €25
Equals the total hire purchase price: €16752
Half the hire purchase price: €8376
To avail of returning a vehicle under the ‘half rule’, please notify us of your intention by emailing us at info@financeforyou.ie. Once received, we will send you additional instructions as to the process and a list of the information we will need to process the request.
Early termination by you and purchase of the car:
You may terminate your agreement with us and purchase the car by providing written notice to us and paying, in addition to any amounts owing by you to us under the agreement prior to the termination date, the sum of the following:
The sum of the capital of the remaining instalments.
An administration fee and option to purchase fee.
Any miscellaneous fees accrued on the account, e.g., direct debit bounce fees
The sum of three monthly installments if paying monthly, or twelve weekly installments if paying weekly.
