Interest on Car Loans Increases

In the second quarter of the year, interest on vehicle loans fell considerably, but in recent weeks in the region's markets the outlook changed and the number of interactions associated with the issue increased among consumers.

Monday, September 14, 2020

Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long-term demand trends for the different products, sectors and markets that operate in the region.

In Panama, the volume of Internet searches and social networks associated with the topic of auto financing reported a sustained decline since February 16th, but stopped its decline on May 24th and since that date interest has been on the rise.

The interactive information system details that in Guatemala, interest in loans to acquire a vehicle has been rising since July 19, a behavior that continued until the end of August. El Salvador is a similar case to Guatemala, since in the Salvadoran market the interactions associated with the subject began to rebound in a sustained manner as of June 14.

The report points out that in the case of the Costa Rican market, the trend shows a sharp drop in consumer interest in car loans, which began on May 31. However, as of August 2, the volume of searches in the digital environment showed a rise that continued until the 30th of that same month.
 
In Honduras, the interactive system shows that between February 23 and June 14, the interest in this type of financial service vanished in the digital environment, but as of June 21 the interactions began to increase, a rise that continued until the end of August.

This tool for monitoring the interests of consumers in any country in the region allows companies to project demand trends and anticipate the changes that will occur in the various sectors and categories of products and services. This information system allows tracking of any product or category, resulting in an extremely valuable input for making business decisions in the new commercial reality.

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