• Events
  • Food
  • Lifestyle
  • Travel
  • Technology
  • Press Releases
  • Contact

The Lifestyle Avenue

Making The Most Out of Everyday Life


  • ACER
  • ASUS
  • OPPO
  • Vivo
  • Gadget Reviews
  • gaming
  • GLOBE
  • SMART
  • Travel and Pose
  • Hotels
Pinoy, Press Release

Growth in Philippine Car Financing Sector

October 2, 2015

Leading car classified Carmudi has recently unveiled its report about the growth of Car Financing in the Philippines. The report provides an outlook in the current and future state of car financing in the country and how it affects consumer attitudes towards credit.

financing_photo

 

The research also revealed that 76-percent of Filipinos are planning to purchase a car in the next two years compared to 65-percent in other emerging markets.

In terms of consumer behavior, the Philippines has the highest level of vehicle upgrade, with 96-percent planning to upgrade their cars when they reach a more financial and stable condition.

Meanwhile, attractive consumer loan programs have boosted the strong demand for passenger cars and commercial vehicles. The growth in consumer loans was driven by a 26-percent increase in auto loans, which translated to P244.61 billion.

As consumer loans continues to grow, local banks are racing to come up with different strategies such as lower interest rates, attractive product offerings, and freebies to boost their share of the industry and give them a competitive edge. 

With the Philippine government initiating ongoing economic reforms and a high inflow of remittances, forecasts predict that consumer lending will flourish at a double-digit rate, driving consumers to further invest in cars and motorcycles.

 

As more banks invest in consumer loans, consumer credit is also expected to increase and become more widely accessible to all Filipinos, the report said.


“Car financing has always been an option that consumers in the Philippines look at when buying a car, and data shows that the demand for auto loans in the country continues to increase,” said Subir Lohani, managing director of Carmudi Philippines.

 

“With the growing economy and increase in demand for passenger cars, we believe that more of our Filipino customers will seek assistance about financing options. As more banks and financial institutions offer attractive loan programs and require low down payments, we expect auto purchases through financing will continue to flourish in the country,” adds Lohani.

Car Carmudi
by Athena Jeunnesse Mae Tria 
Leave a Comment

About Athena Jeunnesse Mae Tria

Athena finished her degree on Bachelor of Arts, Major in Legal Management in the University of Sto. Tomas, Manila, Philippines . She took her primary, secondary, and intermediate studies in Saint Paul College of Makati . She is a single mom, currently a law student and a full-time Virtual Assistant. She started blogging in 2004 and had her first paid domain in the year 2011. She covered events since early 2012. She loves to write, take pictures, read books, dance, Netflix, anime, and eat. Despite her busy schedule, she finds time for her other interests like PC and console gaming, and livestreaming on Twitch or YouTube. She also loves a few bottles of beer. ;)

View all posts by Athena Jeunnesse Mae Tria

Related Posts

  • Manila International Auto Show
  • Carmudi: Local Auto Industry Needs To Utilize Filipino’s Internet Usage
  • Green Inferno: The Cannibals
  • PLDT and Microsoft Launches Digital Campus Suite

SUBSCRIBE TO OUR VIP NEWSLETTER!

* No Spam!

previous article: New Prime Model From Alcatel Flash Pushes The Limits In Camera and Phone
next article: NEW: WD My Cloud OS3

Leave a ReplyCancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Looking for?

Hi! Welcome to The Lifestyle Avenue. Established in 2011, The Lifestyle Avenue features almost anything under the sun, from lifestyle, travel, food, tech, finance, gaming, among others.

For partnerships, sponsorships, or event invites, you may contact us at hello@thelifestyleavenue.com.

Ambassador For:




Blog Awards

MAGIC 6 BLOGGER APPRENTICE 2012

TOP 50 PHILIPPINE LIFESTYLE BLOGS TO FOLLOW

SUBSCRIBE TO OUR VIP NEWSLETTER!

* No Spam!

Categories

Travel

Lifestyle

Reviews

Hot Topics

Android Anime Apple Beauty Bloggers Conference Books Burgers Business Cause Chinese Current Events Entertainment Events Faith Family Fashion Filipino Finance Food Gadget Reviews Gadgets Gaming Giveaways Grand Launching Health Health and Beauty Reviews Home Kawaii Lifestyle Listicles Lists Movies Music OPM Pinoy Pinoy Movies Pizza Press Conference Press Release Reviews Sports Technology Tips Travel Uncategorized

Recent Posts

  • M Lhuillier Jewellers
    Lifestyle
  • First Santa Maria Music and Film Festival happening on December 2
    Lifestyle, Music
  • Decathlon Philippines Celebrates Sports Inclusivity with the Launch of Free To Play: A Sports Festival For All On November 25
    Sports

Recent Posts

  • M Lhuillier Jewellers
    Lifestyle
  • First Santa Maria Music and Film Festival happening on December 2
    Lifestyle, Music
  • Decathlon Philippines Celebrates Sports Inclusivity with the Launch of Free To Play: A Sports Festival For All On November 25
    Sports

Contact The Lifestyle Avenue

Mobile: +63 917 122 3077
Email: hello@thelifestyleavenue.com
Facebook: http://facebook.com/thelifestyleavenueph

SUBSCRIBE TO OUR VIP NEWSLETTER!

Copyright © 2023 · Prima Donna theme by Georgia Lou Studios

Copyright © 2023 · Prima Donna on Genesis Framework · WordPress · Log in