PCP Redemption Loan – 7.24% (7.5% APR) Variable

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


  • 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



  •  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



Apply through your cu online members area

Apply through the Letterkenny Credit Union App

Apply in person



Should you have any queries contact our loans team


Phone: 074 91 02 126



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

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.