29 September 2026: PTSB Asset Finance is pleased to announce the launch of a new Personal Contract Plan (PCP) product, expanding its motor finance offering and giving customers greater choice to finance their next car through participating motor dealers.
The PTSB PCP product will be available for new cars and cars less than one year old at a rate of 6.5%, and for used cars up to three years at 7.9%.
The new PCP offering will be available initially through selected motor dealers before being rolled out over time across the Bank’s network of existing dealers whilst also targeting new motor dealers.
According to data from the Central Bank of Ireland1, the value of the PCP market in 2025 was €2.2 billion or the equivalent of c. 40% of the overall Irish car finance market.
Demand for PCP is underpinned by consumer preferences for greater choice and flexibility when financing a range of popular categories including family cars and increasingly hybrid / electric vehicles where consumer demand has been strong including a 55% increase in EV registrations in the year to August 20262.
PCP offers lower monthly repayments than traditional hire purchase agreements or personal loans. At the end of the agreement, customers can choose to return the car, trade it in for another vehicle, or make an optional final payment to own it outright, a structure that offers consumers greater flexibility and choice.
Today’s launch of PCP is part of a wider business and product diversification strategy by PTSB including a focus on scaling its Business Banking division which has grown very significantly over recent years. In H1 2026, new business banking lending grew overall by 18%, including a 37% increase in new motor finance lending.
The new product is being launched by PTSB Asset Finance, which provides tailored finance solutions to support customers and businesses across Ireland including personal motor finance, consumer and business hire purchase, business leasing and unit stocking.
1 Central Bank Data obtained from Frontier Statistics: Total Domestic Credit: December 2025
2 Society of the Irish Motor Industry (SIMI).
“PTSB is committed to delivering greater competition in Ireland and we are delighted to bring our new PCP product to market and offer greater choice to customers and motor dealers. PCP has become an important part of Ireland’s motor finance market, particularly for customers who want lower monthly repayments and flexibility at the end of their agreement. Car prices have risen sharply over the past two decades, and PCP allows us to support customers across both the new and used car segments including meeting strong demand for electric vehicles and hybrid.
“Our dealer partners play a central role in supporting customers through the car buying journey. In providing PCP, we are giving dealers another strong finance option to offer customers, particularly when affordability and flexibility are key considerations. We look forward to working closely with our dealer network as we bring this product to market.”
For media queries, please contact ed.micheau@ptsb.ie | 086 8037155
Notes to Editors
1. This is a press release which covers the main points of this announcement, but it does not provide detail on every aspect of the product. Customers should contact the relevant motor dealer for further information. Terms and conditions apply to PTSB products.
2. How PCP works: A Personal Contract Plan (PCP) is a form of vehicle finance where a customer pays an upfront deposit followed by fixed monthly repayments over an agreed term. At the end of the agreement, the customer can choose to return the car, trade it in for another vehicle, or make an optional final payment, known as the Guaranteed Minimum Future Value (GMFV) to own the car outright.
The optional final payment is agreed at the start of the contract and is based on the Guaranteed Minimum Future Value of the car. Further charges may apply if agreed mileage limits are exceeded or if the car is not returned in line with the agreed return conditions.
Consumers who wish to return a car financed under PCP or hire purchase before the end of the agreement have a legal right to do so, without further liability, once they have repaid half of the total amount due under the agreement (the “half rule”), provided the car is returned in good condition.
Lending criteria, terms and conditions apply. Rates are subject to change. Finance is subject to approval.
