Volkswagen AG (VOW) and PSA Peugeot Citroen (UG) are among carmakers lining up to tap the cheap European Central Bank loans that are keeping the finance industry afloat.

Renault SA (RNO) said it may also borrow from the ECB's longer- term refinancing operation, which is open to financing units of Europe's biggest auto companies because they have banking licenses.

Volkswagen Bank GmbH is considering accessing the LTRO, Stefan Rolf, the head of securitization, said in an interview today. Peugeot's Banque PSA Finance unit is in talks with the ECB about borrowing money and is offering more than 1 billion euros of collateral, Chief Financial Officer Jean-Baptiste de Chatillon said yesterday.