Motorists searching for car finance have another outlet to try with the announcement that An Post is getting in to the car finance market via its subsidiary One Direct. The move comes after an agreement was reached with First Citizen Finance that allows One Direct to sell the finance packages via its Athlone based call centre and network of 1,135 An Post outlets.
Finance will be available to Irish residents, aged 18 and over who looking to borrow €4,000 or more for the purchase of a new car, or a used car less than five years old. Only Cars/ LCV's purchased from an approved SIMI/ Franchised Motor Dealer in the Republic of Ireland will be eligible and the finance must be paid back over 1 - 5 years, depending upon the age of the car when purchased. A typical APR rate of 8.5 per cent will apply.
"This is an exciting opportunity for One Direct to enter a growing market and we aim to become a leading supplier of retail Car Finance to the Irish Market," commented Mr. David Egan, Managing Director of One Direct. "Our analysis indicates that new car sales for 2015 could be as high as 125,000 units, an increase of 30% on last year."