Renault Finance lends out €80m to Irish car buyers
THE finance arm of Renault says it has lent out some €80m to Irish car buyers less than two years after entering the market here.
Renault Finance set up here to fill the gap left by banks that were perceived to not be lending at the time. It now has an estimated 6,400 customers in Ireland.
In a sign of just how it has driven car sales since setting up shop here, one in two new Renault cars and vans registered are financed by Renault Finance.
Company managing director Galle Humbert said his firm's lending levels were still increasing.
"When we entered the Irish market Ireland was in deep recession and the banks were not lending. In our first year, we lent €37m to Irish motorists and made motor finance accessible to all," he claimed.
One of the big selling points has been the company's PCP product, accounting for a quarter of its business. Mr Humbert explained: "PCP works as a hire purchase agreement that enables you to have a reduced monthly payment thanks to a Guaranteed Future Value for your car in three years' time. It means that you can have a flexible finance plan that suits your circumstances and you don't need to worry about the re-sale value of your car".