Bank of Ireland to review its car lending criteria as bad debts rise

Bank of Ireland is to tighten its car lending criteria by offering fewer unsecured loans in favour of hire purchase and leasing agreements.

4th April, 2009

Bank of Ireland is to tighten its car lending criteria by offering fewer unsecured loans in favour of hire purchase and leasing agreements.

The move will mean that much of its new lending for cars will result in the bank continuing to own the car until the customer has paid off his or her borrowings in full, making it easier for the bank to take the car back from the customer if payments are missed.

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