Sponsored

TRALEE Credit Union has seen a 64% increase in motor loans to customers so far this year according to latest figures and have just decreased their loan rate again for the next three months.

The Society of the Irish Motor Industry issued its official 161 car sales figures for Kerry last week with an increase in new motor sales of over 25%. Since January 1, 2016, Tralee Credit Union has lent out €7.4 million in motor loans to its members in Tralee, Castleisland and Killorglin, a €3 million increase on this time last year.

“The increase in car sales is due mainly to renewed confidence in people spending again, improved economy and this is reflective in all our lending in general,” said Fintan Ryan, Tralee Credit Union CEO.

“While there is no doubt people are taking up PCP finance deals, our motor loan figures show the value people still see in taking out a credit union loan to finance their new or second hand vehicle. The main difference between PCP finance and a credit union loan is ownership, with a credit union loan you own the vehicle day 1, with PCP/Hire Purchase agreements you don’t own the vehicle until the final repayment. A credit union loan offers you flexibility, you can repay your loan without any penalty, there are no balloon payments at the end, no mileage restrictions and we also insure your loan with free Loan Protection Insurance,” continued Mr Ryan.

“What attracts people to PCP finance is the low repayment rate. To combat this, Tralee Credit Union reduced their motor loan rate earlier in the year and has just reduced their motor loan rate again for a limited period July, August and September,” he said.