Car loans surge to a record average of €13,267 on demand for electric vehicles

Car loans accounted for 19,552 of the 60,770 personal loans issued in the first three months of the year — an increase of 21.5% compared to last year

There were 19,552 car loans drawn down between January and March valued at a combined €259m. 

The volume and value of car loans hit their highest levels on record during the first three months of the year, as the number of personal loans issued by the banks increased by over 22%, new figures from the Banking and Payments Federation, Ireland (BPFI) show.

The data shows growth was recorded across all loan categories compared to the same period in 2024, as European Central Bank interest rates have steadily declined since June of last year.