A NEW car finance company is aiming to pick up a large chunk of the consumer market with the launch of competitive deals.
First Citizen Finance Ltd is led by Chris Hanlon, one of the leading figures in the car finance industry in Ireland over the past two decades and former chief executive of Permanent TSB Finance Limited.
The new company has secured €150m revolving credit facility from group of international lenders including Deutsche Bank.
Interest rates on car loans will be 8.9pc for new cars and 9.9pc for used vehicles, the firm said.
The company is set to offer finance, including loans and hire purchase deals, through motor dealers across the country, online at www.firstcitizen.ie and by phone.
The funding is enough to finance the purchase of 20,000 new cars.