Irish Car Loan Calculator
Work out exactly what an Irish car loan will cost. Enter the car price, your deposit or trade-in value, the APR, and the term — see your monthly payment and total interest cost.
How is this calculated?
The amount financed is the car price minus your deposit. We use the standard fixed-rate amortisation formula on the financed amount: M = P × [r(1+r)^n] / [(1+r)^n − 1] where r is the monthly rate (APR ÷ 12) and n is the number of monthly payments. Always compare car finance offers using APR — it includes the interest rate plus most fees.
Frequently Asked Questions
What's a normal APR for a car loan in Ireland?
Irish car finance APRs typically range from 7% to 13% in 2026, with credit unions and bank personal loans usually cheaper than dealer-arranged finance. PCP (Personal Contract Plan) offers can advertise lower rates but the total cost is often higher because of the balloon payment at the end.
Should I take dealer finance or a personal loan?
Personal loans from your bank or credit union are often cheaper for outright purchase, and you own the car from day one. Dealer finance (PCP / HP) can be more flexible but typically more expensive over the full term. Always compare by total cost, not monthly payment.
Is car loan interest tax deductible in Ireland?
Not for personal use. If you're self-employed and the car is used for business, a portion of interest may be deductible against your business income, but the rules around capital allowances on cars are restrictive. Speak to an accountant for specifics.
What's the difference between HP, PCP, and a personal loan?
Hire Purchase (HP): you own the car after the final payment. PCP (Personal Contract Plan): you pay smaller monthlies and a large 'balloon' at the end (or hand it back). Personal loan: you own the car from day one and pay back the bank. PCP keeps monthly cost low but ties you to the dealer; personal loans give the cleanest ownership.
Can I pay off my car loan early?
Most Irish car loans allow early repayment, but check the agreement for early-repayment charges. Personal loans from banks and credit unions usually have no penalty. PCP and HP agreements may charge a settlement fee — request a settlement quote from the lender.
Last updated: May 2026 · Rates sourced from Revenue