Carmudi Philippines, a leading online car classified portal, has recently unveiled its report about the growth of Car Financing in the Philippines at Cafe Romulo, Makati last September 11. The report they announced provides an outlook in the current & future state of car financing in the country and how it affects consumer attitudes towards credit. 

Carmudi Reports About the Growth in Car Financing Sector in the Philippines
Kris Lim, Head of Marketing, Carmudi Philippines

The research has also revealed that 76-percent of Filipinos are more likely to plan in purchasing a car in the next two years compared to 65-percent on the emerging market. In terms of consumer behavior, the Philippines has the highest level of vehicle upgrade with 96-percent plans to upgrade their cars when they have reached a more financial and stable condition.

Meanwhile, attractive consumer loan programs have boosted the strong demand for passenger cars and commercial vehicles. The growth in consumer loans was driven by a 26-percent increase in auto loans which translated to P244.61 billion. 

Carmudi Reports About the Growth in Car Financing Sector in the Philippines
Carmudi reports about the car financing in the Philippines
Carmudi Reports About the Growth in Car Financing Sector in the Philippines
The Carmudi has an Android & Apple store apps available for download
Carmudi Reports About the Growth in Car Financing Sector in the Philippines
Kris presents on how Carmudi works
Carmudi Reports About the Growth in Car Financing Sector in the Philippines
The actual chart of the report on the vehicle sales growth in the Philippines

As consumer loans continues to grow, local banks are racing to come up with different strategies such as lower interest rates, attractive product offerings, and freebies to boost their share of the industry and give them a competitive edge. 

With the Philippine government initiating ongoing economic reforms and a high inflow of remittances, forecasts predict that consumer lending will flourish at a double-digit rate, driving consumers to further invest in cars and motorcycles. As more banks invest in consumer loans, consumer credit is also expected to increase and become more widely accessible to all Filipinos.


Carmudi Reports About the Growth in Car Financing Sector in the Philippines
Subir Lohani, Managing Director of Carmudi Philippines

According to Subir Lohani, the managing director of Carmudi Philippines, "Car financing has always been an option that consumers in the Philippines look at when buying a car, and data shows that the demand for auto loans in the country continues to increase."

Lohani stressed, "With the growing economy and increase in demand for passenger cars, we believe that more of our Filipino customers will seek assistance about financing options. As more banks and financial institutions offer attractive loan programs and require low down payments, we expect auto purchases through financing will continue to flourish in the country."

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