Approval rates for car loans in Kildare increased by almost a third in 2015

The number of people being approved for car loans increased by almost a third last year in the Leinster region according to new figures released.

Car loans at Bank of Ireland were very strong in 2015, with the volume of personal loans for cars last year increasing by 32% on 2014. Kildare, Meath and Dublin saw a spike in Bank of Ireland motor loan applications last year, with Louth, Laois, Offaly and the Cavan / Monaghan region also experiencing strong interest.

The median amount applied for remained steady throughout the year, and in line with 2014, at approximately €6,000. 43% of applicants in 2015 applied for an amount less than €5,000, while one in three (36%) applied for a car loan of €5,000 to €10,000 and one in five were looking to borrow over €10,000. Almost two in three (64%) applications came from male drivers, and the largest cohort of car loans came from 25 – 34 year olds, with 39% of applicants in this age group.

40% of motor loan applicants were from Managers and Professionals, with Services and Sales workers accounting for 12%, and one in ten applications from Plant and Machine operators (11%) and Craft and Trade employees (9%).

Discussing activity levels, Aoife Kennedy, Head of Retail loans, Bank of Ireland said: “Our personal loan customers are traditionally purchasing second hand cars, or applying for additional finance to combine with a trade-in, and while the average loan amount remains steady, volume is up almost one third on the year before. 2016 looks set to be a strong year for the Irish motor sector, with more people back in the workforce and consumer confidence on the rise, we’d expect demand to remain strong through the year.”

Bank of Ireland offers competitive variable rates from as little as 7.5% APR, with the option to borrow from €300 to €65,000 and repay the loan over one to five years.