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Permanent TSB is trying to tempt car buyers out of their PCPs by offering a cash back deal on personal car loans taken out for €6,000 or more. €200 cash back will be paid into the account of loan holders within 30 days of the loan being taken out.
The bank claims that full 100 per cent of value finance is available, can be approved in as little as three hours and paid into an account within 24 hours. The package also comes with a complimentary voucher a car history check.
Marcus Brady, Head of Consumer Finance at Permanent TSB said: "We have specifically timed this customer incentive to coincide with the peak months for used car sales in the Irish Market, which are February, March and April. Nevertheless, it is important to point out that the incentive is also available for loans to purchase new cars. The €200 cashback is designed to ease the financial burden experienced by customers when they are buying a new car."
It certainly shows that there is now rampant competitiveness in the Irish car finance market, after years of consumers often struggling to find affordable credit. It's worth remembering though that you need to carefully examine your own financial situation before taking out any loan to ensure that you can afford the repayments into the future.