Specialists in Irish Car Finance
Simple Car Finance
Our Application Process
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Hire Purchase Car Finance
Hire purchase is a way to finance buying a new or used car. You pay a deposit and pay off the value of the vehicle in monthly instalments, with the loan secured against the car. Under the Hire purchase agreement, you do not own the vehicle until you have paid all the outstanding amount, including the option to purchase fee.
How Does Hire Purchase Work?
Hire purchase agreements usually include an initial deposit and then monthly payments for a fixed period – usually up to 5 years – until you become the car’s legal owner. The minimum term is 24 months, and the maximum is 60 months.
The more deposit you put down, the lower your monthly payments are, with the option to make one-off larger payments to contribute to the loan.
Finance Calculator
Find out how much you could borrow. This is for illustration purposes only.
A hard credit search is undertaken which will be recorded on your credit report.
Get Started
Apply for Car Finance with LM Operations and receive a quote within 30 minutes!
FAQ
Here are some answers to Frequently Asked Questions.
How do I make an application?
If you would like to discuss making an application, email us at lmosales@lmoperations.ie or call us on 01695 0414, we look forward to hearing from you and helping you to organise sorting your next vehicle!
How long is the process?
Once we have all your details we can provide a provisional approval within 30 minutes of application and check customer proofs within 1 hour.
How does my credit score affect my options?
As with many lenders, your score will affect how much your monthly repayments will be. If your score is lower, it might mean your payments are larger. There are many things you can do if your score is low and you want to improve it—our top tips would be
1) Keep up to date with your bills, it’ll show lenders you can keep up to date with payments
2) Fix any mistakes on your report, by checking it regularly you can make sure its up to date with no mistakes.
If any doubt, contact the Central Credit Register to discuss your specific case.
What forms of ID can I use?
You’ll need your driving license, a recent pay slip and 3 months of bank statements.
What would my finance journey with LMO look like?
Here we show the introducer application journey and the direct customer journey (direct customer journey in green).
1) You submit a proposal to LMO via your dealer and the deal is underwritten and reviewed. Customer will apply on line, we will review the application and issue an initial approval (providing it has been accepted), notify customer who can then gather the standard proofs and email them over to us.
2) If you’re eligible and have been approved for finance we will advise the Dealer or Broker (depending on how you’re purchasing your vehicle). Customer is issued with a full approval and finds a vehicle ( if they haven’t done already). Dealer is checked out.
3) You will then go through the terms of conditions of the contract, and then be asked to sign finance agreements. Quote is provided to the customer and LMO will contact the dealer for invoice. Once invoice has been received, documents are issued for signing.
4) We then wait for the Dealer or Broker will then submit the proofs, finance documents and invoice to LMO, who will then validate all documents, and confirm the details over the phone with you, at which point if all the information is valid we will then pay the dealer / broker for the car. Validation call is completed, funds are then transferred to the dealer.
5) Once this has been done, we will transfer your funds to the dealer
The main difference between direct customer application and introducer application is we take charge of the process from start to finish.
All communication apart from invoice request is directly with the customer.
Can I settle my agreement early?
Yes, you can settle your agreement anytime by contacting us and requesting a settlement figure.
Can I change my monthly costs to payments?
HP Agreements are a fixed credit agreement, so you cannot change your monthly costs to payments.
Do I need a deposit?
For agreements like HP, you will agree with us on a deposit and it will affect your month repayments (the bigger the deposit, the smaller the monthly repayments).
We also offer £0 deposit finance in most cases.
Can I apply for car finance if my credit isn't perfect?
Credit scores are important but don’t dictate your eligibility. If you are unsure as to whether you can be approved for finance with bad credit, visit our car finance calculator where you can receive an approximation of your repayments with differing credit scores.
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