Permanent TSB, the largest provider of car finance in the Irish market, is set to expand rapidly into the huge British market it was announced recently.

The company will approve more than €1 billion in car loans this year, a landmark figure showing significant growth from last years’ figure of approximately €900m. In total, the company’s loan book is now worth approximately €1.7 billion reflecting the short-term nature of car loans which are usually paid off within 28 months.

Chris Hanlon, PTSB Finance’s managing director, commented that the company are now look(ing) for a partnership in the UK to match the well-planned model which is in plan in Ireland . Hanlon expects to approve up to 80,000 car loans this year, an increase of more than 25% since 2005. PTSB reportedly has a 30% share of the car finance market, providing finance for a wide range of marques including BMW, Chevrolet, Opel, Nissan, Fiat / Alfa Romeo, Kia and Mitsubishi.