According to
car finance news reports from
Ireland, the
motor industry is being hampered by the restriction on
credit . The lack of available
vehicle finance and the difficulty in passing consumers for
credit is keeping
car sales low.
The Director General of the Society of the Irish
Motor Industry (SIMI), Alan Nolan, was reported in the news as
saying:
Dealers have been working very hard through what has been a
very difficult phase in the motor industry.
Used car values have really dropped down, probably permanently
and with the flow of
cars from the UK over the last few years, dealers have had to
get more competitive. Now they are facing further problems with the
availability of
finance to stock their showrooms and we can’t run an
economy on that basis.
He reportedly continued:
Lending institutions are advertising that they are open for
business for
car loans, but the reality is often very different for
customers and with those people who are willing to buy
new cars unable to due to lack of finance, the flow of
taxation from
Vehicle Registration
Tax, which has already significantly reduced will almost dry
up.
