Panamanian banks restructure automobile credit

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.

Tuesday, November 18, 2008

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.

All of this is what some banks are calling prudence, others call it natural restructuring of the portfolio or part of the changes in a banking system that had "relax" loan restrictions too much.

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More on this topic

Auto Credit Up 17%

April 2013

Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.

In the past five years, auto financing in Panama has been increasing, in February Panamanian banks provided loans of this type worth $813 million.

Car loans increase in Panama

September 2008

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

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.

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.

Sale of automobiles slows in Panama

November 2008

Sales by the sector reflect the economic condition of the country. Next year, car sales will depend on banking policies.

This rate of growth, 33% of sales, is the lower than in 2007.

According to the Superintendence of Banks, 16 entities are competing to grant credit for cars in Panama and 4 are leading the sector.

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