Car Loan

One way of financing a car is through a process known as ‘hire purchase’, which allows you to take ownership of a car once all repayments are made. After putting down an initial deposit (usually a minimum of 10%), you can borrow from £5,000 to buy a new or used car up to five years old and defer repaying up to half of the original hire purchase loan amount.

Minimum amount £5,000

You must be 18 or over. Lending criteria, terms and conditions apply.

Written quotations available on request from Danske Bank, Asset Finance, 14 Donegall Square West, Belfast, BT1 6JS.

Minimum amount £5,000. No maximum amount.

Funds are sent to seller of the car.

Hire Purchase requires a deposit and the remaining outstanding balance will be paid in monthly instalments over an agreed period of time (2 years up to 5 years).

The car is owned by Northern Bank Limited trading as Danske Bank, Asset Finance, until the final repayment has been made. This means that you will not own the car and cannot modify or sell the car during the repayment term. Once all repayments have been made the ownership of the car will pass to you.

In the event that you are unable to make the repayments Danske Bank, Asset Finance, can repossess the car.

You must keep the car insured under a fully comprehensive policy of insurance (terms and conditions apply - please contact us if you require further details).

During the repayment term and thereafter you are liable for any damage to the car.

If you decide to sell the car to repay the balloon payment, then you will also be liable for any shortfall between the sale price you receive and the balloon amount.