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While car prices have gone up substantially, buyers are more interested in picking up cars through cheap bank financing owing to low interest rates. AFP/File
KARACHI: Robust demand from consumers took auto-financing to a record high of Rs285 billion during March, an increase of 30 per cent year-on-year or Rs66 billion, Director Topline Securities Mohammad Sohail said on Monday.
Quoting the figures issued by the State Bank of Pakistan, he added that auto-financing witnessed the highest monthly increase of Rs12 billion or 4.5pc month-on-month in March.
As on Feb 28, 2021, auto-financing had hit all-time high of Rs273bn, he added, attributing the boom in car financing to low interest rates at 7pc this year compared to 13.5pc in March 2020.
Car Financing Reaches All-Time High at Rs. 285 Billion
The Director of Topline Securities, Mohammad Sohail, told the media yesterday that auto-financing has reached an all-time high of Rs. 285 billion, recording a Year-on-Year (YoY) increase of 30 percent or Rs. 66 billion and a Month-on-Month (MoM) increase of 4.5 percent or Rs. 12 billion for March 2021.
Sohail attributed the said rise to a low interest rate. Last year, the interest rate was at 13.5 percent, whereas this year, the interest rate is at 7 percent, which significantly contributed to the 30 percent YoY increase in auto-financing in March 2021.
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Sohail highlighted that, despite the skyrocketing prices of vehicles in Pakistan, the demand is still high due to the pocket-friendly bank finance services that offer low interest rates. He estimated that car financing contributes to 50 percent of the total car sales volume in Pakistan.