Renault Credit Enters Car Financing Market In Ireland

It is official, Renault Finance Ireland is open for business. The French automaker hopes its new Irish bank will help it gain a larger share of the automobile market at a time when other Irish banks are restricting the release of funds. Its initial car finance offer as low as 4.9 percent APR might be competitive enough to do it.

Eric Basset, managing director for Renault Ireland, believes that the new bank will make the purchase of a new Renault van or car more accessible to consumers. The resulting 15 new jobs in marketing, financing, and operations are icing on the cake for Renault Credit International Banque (RCI). Renault Finance is based at the Dublin headquarters of Renault Ireland and is being led by RCI Banque Ireland Managing Director Alessandro Garzia.

Renault Finance is a key component of the Renault Ireland strategy. In addition to providing consumers with access to car finance, the organization will provide working capital to its Renault dealer network. Dealers in Ireland are excited about RCI because it allows them to get financing for working capital at a time when banks in Ireland cannot provide it.

Mr. Basset reports that overall, the new presence is beneficial for both customers and Renault. The competitive rates will be joined by car finance packages that permit customers to add auto-related services to their financing, stated Mr. Garzia. He referred to this as a “one stop shop product” and expects it to be welcomed by both businesses and individual car buyers.

Renault Finance will be offered for the full line of Renault cars and vans. It will even apply to the new ZE line of electric cars scheduled to launch in November. A core component of the Renault strategy is to provide affordable vehicles to consumers and the new Renault Bank will help greatly toward this end.