BOV Motor Loan provides best value and an affordable, customised solution
designed to satisfy your financing requirements to purchase the vehicle of your
dreams, being it a car, motorcycle or caravan.
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:
The following guidelines apply:
In addition, we provide the following:
Motor Loan - Unsecured or Partly Secured
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.
A BOV Motor Loan means all this:
Loan RepaymentMotor loans are repayable by monthly instalments. The amount you pay every month is to be in line with your income and is determined by:
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.
Other Terms & Conditions
Additional benefits apply when taking up a BOV Personal Energy Loan to finance the purchase of Electric Vehicles or through a BOV ECO Personal Loan when financing eco-friendly motor vehicles such as hybrid cars and cars/motorcycles with low emissions.
Eligibility for the loan
To apply for BOV Personal Loan, we require that:
We shall ask you to provide us with formal confirmation of income and expenditure. As evidence of income, it will be useful to have your recent payslips together with your FS3s or Profit & Loss Accounts together with the Inland Revenue income and self-assessment form submitted to the Inland Revenue for the past 3 years.
Your proof of identity is always necessary when contacting the Bank.
Fill in this form to start your application.