With a BOV Motor Loan, you can realise your driving ambition and
own that vehicle you’ve been dreaming of. Once you find the vehicle of your choice,
speak to us so we can help you with the right financing solution for you.
In case of eco-friendly motor vehicles, we can also offer additional benefits under our BOV Personal Energy Loan (to finance the purchase of Electric Vehicles) or through our BOV ECO Personal Loan (to finance hybrid cars and cars/motorcycles with low emissions).
The BOV Motor Loan has the following features:
The amount you can borrow
The BOV Motor Loan requires no security and you can borrow any amount in line with your income and provided that loan repayments are feasible. A minimum loan amount of €1,000 applies.
Repaying your loan
We can organise a loan that is right for you, with a repayment programme that is flexible to suit your income and monthly budget.
Whilst the loan is repayable in monthly instalments, the amount you pay each month is determined by the sum you borrow, the selected term and the applicable rate of interest.
Term of Repayment generally spans up over the following loan terms:
Maximum Repayment Term
| €1,000 to €5,000
||Up to 5 years
| €5,001 to €9,999
||Up to 8 years
| €10,000 or over
||Up to 15 years
The following guidelines apply:
- term of the loan is to be in line with the purpose of the loan and the expected life of the vehicle being financed;
- term of the loan does not go beyond borrower's retirement age; and
- the loan will be repaid by monthly instalments which will be inclusive of interest. If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply.
In addition, we provide the following:
- Free Life Cover for unsecured/partly-secured loan balances up to €25,000
- No down payment required, BOV will fully finance the purchase
- Easy monthly repayments spread over a maximum term of 15 years
- A variable Interest rate of 4.75% per annum, APRC of 4.955% per annum* (or discounted to 4.2%, APRC of 4.366%, if full collateral is provided)
- A one time processing fee of 0.15% on loan amount (min €25)
- No early repayment fees apply if loan is paid off before the repayment period
- The BOV Motor Loan may be granted without any security subject to your income criteria.
Motor Loan - Unsecured or Partly Secured
A representative example of a BOV Motor Loan based on a loan amount of €15,000 being made available by BOV at a variable interest rate of 4.75% p.a. over a term of twelve years. The interest margin of 2.3% plus consumer lending bank base rate – the basis, established by the bank from time to time, on which the rate of interest payable generally on all bank consumer lending is determined at 2.45%. The APRC will be 4.955% p.a. and the loan will be repayable in 144 equal monthly instalments of €137.35 over a term of twelve years.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €19,803.40 being capital of €15,000 and interest of €4,778.40; together with a processing fee of €25 that is payable at the initial stage.
Motor Loan - Fully Secured
A representative example of a BOV fully secured Motor Loan based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 4.20% p.a. over a term of fifteen years. The interest margin of 1.75% plus consumer lending bank base rate – the basis, established by the bank from time to time, on which the rate of interest payable generally on all bank consumer lending is determined of 2.45%. The APRC will be 4.366% p.a. and the loan will be repayable in 180 equal monthly instalments of €188.18 over a term of fifteen years.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €33,909.90 being capital of €25,000 and interest of €8,872.40; together with a processing fee of €37.50 that is payable at the initial stage.
There is a one-time processing fee of 0.15% on loan amount (subject to a minimum fee of €25). No other hidden fees or extra costs are applied.