Average car loan in Ireland hits record €12,000 on increased appetite for electric and luxury vehicles

More people borrowing money for home improvements and car purchases

Between April and June, drawdowns were made on over 56,000 loans worth a combined €539m. 

The volume and value of personal loan drawdowns have hit record levels, as more people seek to borrow money for home improvements and car purchases, new data from the Banking and Payments Federation Ireland (BPFI) shows.

According to the data, between April and June, there were 56,385 personal loan drawdowns, of which 15,811 — up 26.8% compared to the same period last year — were for home improvements, while 15,828 — up 35.9% — were for car or auto finance. The remainder, 24,748 — up 22.5% — were categorised as loans for “other” reasons.