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Near 50% jump in value of car loans – BPFI

There has been a surge in the volume and value of car loans being issued here, according to the latest Personal Loans Report from Banking and Payments Federation Ireland.

The report, which covers the three month period to the end of June, captured a year on year increase of 36% in the volume of car loans being taken out with the total value of the loans jumping by almost 50%.

15,828 car loans to the value of €189m were issued in the quarter – the highest volume and value of loans for car purchase since the data series began at the start of 2020.

Figures from the Central Statistics Office and motor industry representative body SIMI point to ever growing numbers of electric car purchases, which may partly account for the substantial jump in the value of car loans given that EVs tend to be substantially more pricey than their combustion engine counterparts.

According to the CSO, almost 14,000 new electric cars were registered in the first half of 2023, about 65% more than in the first half of 2022.

The report also captured a surge in green personal loans being taken out with the value rising by almost 175% year on year to €29.3m in the three month period.

1,250 such loans were granted in the three months – an increase of over 137% on the same period last year.

The average green loan, at €23,419, was substantially higher than the average for all loans at €9,562.

“Today’s report shows a continued upswing in personal loan drawdowns in Q2 2023 with 56,385 drawdowns valued at €539 million,” Brian Hayes, chief executive of BPFI, said of the overall lending figure.

“This represented a year-on-year rise of 27.2% and 30.2% in volume and value terms respectively, both of which are the highest levels since the data series began in Q1 2020,” he added.

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