Price inflation sees value of car loans surge

Total value of personal loan drawdowns reached a new high of €552m between July and September last year

BPFI chief executive Brian Hayes said the average car loan value was up by €1,268 to €12,599, 'likely reflecting higher car prices and growth in luxury and e-vehicles”

The value of car loans surged by nearly 40% between July and September last year, driven by higher prices as well as growth in electric vehicle and luxury sales, new data from the Banking and Payments Federation Ireland (BPFI) shows.

Overall, the total value of personal loan drawdowns reached a new high of €552m during those three months.