- Car loan values jumped 21.4% year on year to €229 million while home improvement loan values rose by 17.6% to €204 million
- Green loan values grew by 18.6% with the average green loan reaching its highest point to date at €24,105
There was a continued surge in car and home improvement loans in Q3 2024, according to the most recent Banking & Payments Federation Ireland (BPFI) Personal Loans Report, as personal loan values reached record levels across all categories at €670 million. The BPFI Personal Loan Report which is issued on a quarterly basis, details the volume, values and uses of personal loans drawn down from participating BPFI member banks.
The following are the key figures for Q3 2024:
Total loans
- A total of 62,598 personal loans were drawn down valued at €670 million, representing an increase of 17.2% in volume and 21.5% in value year on year.
- The average personal loan value rose by €374 year on year to €10,709.
Car loans
- The number of car loans rose by 13.9% year on year to 17,073, while the value of these loans increased by 21.4% year on year to €229 million.
- The average car or auto finance loan increased by €835 to €13,434.
Home improvement loans
- There were 16,194 home improvement loans, up 12.3% year on year. These were valued at €204 million, 17.6% higher than the previous year.
- The average home improvement loan increased by almost €600 to €12,606.
Other loans - including education, holidays and special occasions such as weddings
- A total of 29,331 loans for other purposes, were drawn down, a rise of 22.3% in volume year on year, with values rising by 25.0% to €237 million over the same period.
- The average loan value for other loans increased by €179 to €8,075.
Green loans
- The value of green personal loans jumped by 18.6% year on year to €32 million while the number of green loans rose by 6.3% over the same period to 1,329.
- The average green loan reached its highest point to date at €24,105 in Q3 2024, more than twice the value of the average for all loans of €10,709.
Commenting on today’s report, Brian Hayes, Chief Executive BPFI said: “Our latest figures show continued strong demand for personal loans, with drawdown values reaching record highs in Q3 2024 across all categories. With a total of 62,598 loans valued at 670 million, this represents an overall increase of 17.2% year on year in volume and of 21.5% in value over the same period.”
“There has been a continued surge in car loan values which grew by 21.4% to €229 million with the average car loan at €13,434, an increase of €835 from the same period last year. This likely reflects the continued shift towards electric and plug-in hybrid electric vehicles which accounted for 24.2% (28,251) of new private cars licensed in 2024, according to the most recent CSO figures. Home improvement loans also increased in value by 17.6% to €204 million, while loans for other purposes, which include education, holidays and special occasions, had the biggest increase in value, up 25% to €237 million.”
The market for green loans continues to grow and Mr Hayes added: “While increases in were seen across all categories, it is encouraging to see positive momentum in green personal loans which jumped in value by 18.6% year on year to €32 million in Q3 2024. These loans comprise green car and green home improvement loans. While the SEAI has reported that 54,000 retrofits were completed to a total value of €420 million in 2024, of which 22,000 were for upgrades to B2, the rollout of the Home Energy Upgrade Loan Scheme by Government last year, could support further growth in the market going forward.”
The BPFI Personal Loans Report Q3 2024 can be downloaded here.
