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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Auto Credit Up 17%

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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.

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