Car Financing Rises for the First Time After 27 Months
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Car financing in Pakistan saw an increase of Rs. 245 million by the end of September 2024, reaching a total of Rs. 228 billion, according to data revealed by the State Bank of Pakistan (SBP).
Highlights:
- Auto Financing Increase: Car financing rose by Rs. 245 million, marking the first increase after 27 months. This growth is attributed to a decline in interest rates.
- Year-on-Year Comparison: Compared to September 2023, auto financing has decreased by approximately 16 percent.
- Sector Growth: Despite some improvement in consumer inflation and a reduction in the central bank’s key lending rate, overall growth in the auto financing sector remains limited.
Additional Financial Insights:
- Personal Loans on Credit Cards: These surged by 27.6 percent year-on-year (YoY) to Rs. 132 billion by September 2024.
- House Building Loans: Consumer financing for house building decreased by 3.1 percent to Rs. 202 billion during the same period.
- Overall Consumer Financing: Credit issued to end-users fell to Rs. 809 billion in September 2024, representing a 3.6 percent YoY decrease.
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