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.
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.
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. Best of all, you'll get an approval on your loan, fast.
Whilst the loan is repayable by 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, is subject to Loan Amount and the provided Collateral (if any), and generally spans up over the following loan terms:
Amount you can borrow
|
On an Unsecured Collateral
Basis
|
On a Partly Secured with
Extendible Value of
50% Collateral Basis
|
On a Fully Secured Collateral Basis
|
| |
Repayment Term |
Repayment Term |
Repayment Term |
| €1,000 to €5,000 |
5 years |
5 years |
5 years |
| €5,001 to €9,999 |
8 years |
8 years |
8 years |
| €10,000 or over |
10 years |
12 years |
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 term up to 10 years (or longer if collateral is provided)
- A variable Interest rate of 4.99%, APRC of 5.216% per annum* (or discounted to 4.2%, APRC of 4.366%, if full collateral is provided)
- 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 subject to your income criteria.
Representative Example
Motor Loan - Unsecured
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 4.99% 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 5.216% p.a.* and the loan will be repayable
in 120 equal monthly instalments of €159.53 over a term of ten years.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €19,168.60 being capital of €15,000 and interest of €4,143.60; together with a processing fee of €25 that is payable at the initial stage.
Motor Loan - Partly Secured
A
representative example of a BOV Motor Loan, which is more than 50% secured, based
on a loan amount of €20,000 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 5.228% p.a.* and the loan will be repayable in 144 equal
monthly instalments of €185.77 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 €26,780.88 being capital of €20,000 and interest of €6,750.88, together with a processing fee of €30 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. (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%), 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.
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.