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 motor finance option.
Here is an overview of main features of the BOV Motor Loan:
- Free Life Cover for loan balances up to €25,000
- Amount from €1,000 to €40,000 can be borrowed. No down payment required, BOV will fully finance the purchase
- Repayments can span up to a maximum period of 8 years (subject to terms and conditions)
- A discounted variable Interest rate of 4.99%, APRC of 5.182% per annum*
- A discounted 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.
Representative Example
A representative example of a BOV personal loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.99% p.a. (interest margin of 2.54% 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%), APRC will be 5.25% p.a.* and the loan will be repayable in 96 equal monthly instalments of €126.88 over a term of eight years.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €12,205.48 being capital of €10,000 and interest of €2,180.48; together with a processing fee of €25 that is payable at the initial stage.
Amount borrowed
You can borrow any amount from €1,000 to €40,000. The BOV Motor Loan may be granted without any down payment required from customer and BOV will fully finance the purchase.
Repayment Terms
The loan is repayable by monthly instalments.
The amount you pay every month is determined by the sum you borrow, the selected term and the applicable rate 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.
Term Duration
Repayments generally span up to a maximum period of 7 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 8 years.
Processing Fees
There is a one-time processing fee, presently discounted, of 0.15% (min €25). No other hidden fees or extra costs are applied.