Tag: Auto Financing
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Pakistan sees 18th straight month of decline in auto financing
In December 2023, automobile financing in Pakistan recorded a significant decline, reaching Rs251.25 billion, marking a 25.55 per cent year-on-year drop and a 2.26 per cent month-on-month decrease.
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High prices lead to 79% drop in new car sales in June 2023
The automobile industry of Pakistan experienced a severe blow in the fiscal year 2022-23, with car sales plummeting by 56 per cent to a mere 126,879 units, according to data shared by the Pakistan Automotive Manufacturers Association (PAMA) on Tuesday. This significant decline can be attributed to various factors, including the non-availability of completely knocked…
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Auto financing in Pakistan declines for fourth straight month due to high interest rates
The number of outstanding auto loans declined for the fourth consecutive month at the end of October, according to data issued by the State Bank of Pakistan (SBP). At the end of November, the total amount of outstanding vehicle loan was Rs345 billion, which is Rs0.1 billion less than the Rs346 billion number for October…
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SBP shortens car loan tenure to deflate import bill
The State Bank of Pakistan (SBP) decreased the consumer lending duration for vehicles on May 24, bringing it to a maximum of three years for cars with engine displacements greater than 1,000cc and five years for those with engine displacements less than 1,000cc. “The maximum tenure of auto finance facility is reduced from five (5) years…