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Bank loans to buy new cars loans in Spain rose by a quarter

Bank loans to buy new cars loans in Spain rose by a quarterOver the past nine months, the number of loans provided by banks for the purchase of cars in Spain increased by 26%, according to banking services comparison portal Bankimia.

According to information on funding applications that pass through this web service, the average amount of the requested loan for buying a car in September 2012 amounted to 8.312,41 €. By the end of June 2013, this figure increased to 10.514,47 €.

Are also growing depreciation periods “rented” money: nine months ago, banks were willing to lend the capital to future car owners, “to borrow and return with interest” for 47 months (almost four years). Now the loan repayment period has increased to 54 months (four and a half years).

The experts link activity in the sector of sale of new cars and growth of crediting in this sphere with the plans for updating the car fleet of the population.

Originally it was planned to introduce the project, dubbed Plan PIVE, for a short time, but the revitalizing effect, which was produced by the initiative in the field of trade in machinery, convinced the government several times to extend the duration of PIVE.

Category: News