PCP Redemption Loan – 7.24% (7.5% APR) Variable
“Own your car straight away –
no balloon payments, no mileage restrictions!”
You can avail of Letterkenny Credit Union’s PCP Redemption Loan option to help break free from your PCP debt.
With an easy application process, fast approval and flexible repayment options you could be driving away with a new car in a matter of days.
Why choose a Letterkenny Credit Union PCP Redemption loan?
- You own the car outright from the beginning
- No hidden costs or administration fees
- No penalty for early payback, you can pay loan off early or make lump sum payments with no additional charges
- Free life cover on your loan (subject to terms & conditions)
- Low Cost Loan- affordable loans
- Flexibility to repay your loan with terms of up to 10 years
- Repayments to suit you – weekly, fortnightly, 4-weekly or monthly
- Fast and efficient service
ALL WE REQUIRE IS:
- Proof of PPSN (Payslip, document from Revenue or Department of Social Welfare)
- Photo ID- Current Drivers licence or Passport
(For non-UK or EU nationals we also require the member’s Irish Residence Permit. The loan term should fall in line with the Irish Residence Permit Expiry) - Proof of members Address: A current utility bill or bank statement or letter from a government department dated within the last 6 months
- 1 recent receipt of any income member receives (this may include payslips, social welfare receipts, pension receipts, or if you are self-employed, we need your most recent chapter 4 notice
of assessment which has been submitted to revenue). - 3 months up to date bank statements, dated as close to the application date as possible, (statements should show income and any mortgage/rent or loan payments that members have
and be no older than 3 months) *
*For lower-level applications a bank statement may not be required
If your total loan exceeds €30,000 please get in touch with the loans team and they will advise you of the documentation required
TERMS & CONDITIONS
- 2 top-ups in 5-year period
- Loan Repayments must be made via direct debit or payroll deduction or internal transfer from MYCU
- Loan Term loans ≥€25,000 loan term can be extended to 7 years otherwise maximum term is 5 years.
- Loans for the purchase of campervans, vans, tractors, and diggers can be included under this loan rate.
- Loans to repay PCP and car finance can also avail of this rate. We will need evidence of the settlement amount and
payment must be made directly to Car Finance or PCP company in these instances. - Maximum Motor loan is €50,000
APPLYING FOR YOUR LOAN IS EASY
Apply through your cu online members area
Apply through the Letterkenny Credit Union App
Apply in person
CONTACT DETAILS OF THE LOANS TEAM
Should you have any queries contact our loans team
Email: Loans@letterkennycu.ie
Phone: 074 91 02 126
REPRESENTATIVE EXAMPLE
| Motor Loan Amount | Term | 84 monthly Repayments | Total Amount repayable |
| €30,000 | 7 years | €456.43 | €38,331.61 |
Representative example correct as at 20.03.23
