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.
Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.
During the first semester of 2008, banks granted 8,971 credits for new cars at a total of $132 million.
Over the next four years it is expected that annual sales will average 42,000 vehicles, according to BBVA Research.
Sales by the sector reflect the economic condition of the country. Next year, car sales will depend on banking policies.
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