Car loans increase in Panama

During the first semester of 2008, banks granted 8,971 credits for new cars at a total of $132 million.

Tuesday, September 2, 2008

These bi-annual figures are almost as big as the yearly total recorded in 2005: 9,773 credits valued at $135 million, reported the Banking Superintendence.
This means that the loan portfolio has almost had in six months the same performance as that for the 12 months of 2005.
The cost of financing this type of debt is also on the rise. Currently, buyers of new cars are paying an average annual interest rate of 7.66%. In 2005, this rate was 7.25%.

More on this topic

Car Sales Up 16% in Panama

November 2013

Between January and October 2013 car dealers sold 46,983 new vehicles, more than the 6,379 cars sold in the same period of 2012.

The top selling brands include Hyundai, Toyota and Kia. The first had a growth of 9% between January and October, while Toyota and Kia sales increased by 23% and 35% respectively, compared with the previous year.

Prospects for the Automotive Sector in Panama

July 2011

Over the next four years it is expected that annual sales will average 42,000 vehicles, according to BBVA Research.

The prospects for the Panamanian automotive sector are positive considering the projected boom in income and economic activity. Over the next four years it is expected that annual sales will average 42,000 vehicles.

Panamanian banks restructure automobile credit

November 2008

The rates and terms for car loans in 2009 will be linked more to each client's profile instead of t a general strategy to make the portfolio grow.

The financing of cars is in full restructuring. Banks will present important changes in 2009 related to the payment percentage, new maximum terms stipulated for the paying off the debt, variations in the interest rates, and valuations used to analyze the profile of clients will change radically.

Panama's auto sales grow by 19%

July 2008

During the first six months of this year, automobile distributors sold 22,227 new cars, up 19 percent from the same period last year.

While 19 percent may seem impressive, it's down from last year's growth of 29 percent, according to the Panama Association of Auto Distributors.

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