First Auto Finance secures €500 million funding

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First Auto Finance, Ireland’s leading motor finance company, has confirmed it had negotiated a five year extension on its exclusive contract with Close Motor Finance for funding facilities of up to €500 million to lend in the Irish motor finance market.  First Auto Finance is the country’s largest non-bank provider of car finance, and lends to customers to purchase cars and LCV’s at extremely competitive rates. The company is a subsidiary of Finance Ireland Ltd., a diversified financial services company controlled by businessman Billy Kane.

Commenting on the signing of the new contract, Managing Director of First Auto Finance, Frank Donnellan said, “We are delighted to announce the extension of the exclusive business partnership with Close Motor Finance in Ireland. It is great news and guarantees funding through Close Motor Finance until at least the end of 2019. Consumers now realise that there are better deals available on the forecourt rather than through traditional source, such as Banks and Credit Unions. First Auto Finance has substantial funds available to lend in this market and will continue to aggressively grow market share. Together with Close Motor Finance, we are committed to providing funding for passenger vehicles and LCV’s through motor dealers nationwide.”

First Auto Finance is the only provider of Personnel Contract Purchase on all makes of new cars, while also offering PCP on selected used cars. First Auto Finance provides funding facilities for private individuals, sole traders, SMEs and corporates through practically every dealer, nationwide.

PCP finance packages have been enormously successful in the UK in energising the marketplace, whilst saving consumers considerable amounts of money. This extremely competitive finance package offers consumers a welcome alternative to existing finance propositions and is available from First Auto Finance.

In 2013, First Auto Finance advanced €70 million, up 44% on previous year. It now has a loan portfolio of €120 million with over 12,000 customers. An exceptional performance from a standing start in 2011.  The motor industry as a whole has started the year in an extremely positive manner, and this has been reflected in the exceptional January seen at First Auto Finance.  Advances in January 2014 have increased by 94%.