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Panama: Vehicle Credit Incentive

Previously, the longest period to finance the purchase of a vehicle was seven years, but now banks offer loans with terms of up to nine years.

Friday, October 11, 2019

These changes in credit conditions are reported in an adverse context for companies in the sector, since the decreasing behavior of reported sales continues, as between January and August of this year 31,498 new vehicles were registered in the country, 6% less than in the same period of 2018.

You may be interested in "Automotive business in Central America

Although the number of units sold has fallen, the loan portfolio for the purchase of vehicles has grown, since between June 2018 and the same month of 2019 the amount borrowed increased by 2%, going from $1.746 million to $1.774 million.

Also see "Vehicles: Is the Sales Trend Reversed?" and "Car Brands: Figures at the Beginning of 2019"

Prensa.com reviews that "... One of the strategies used by banks to attract customers is to guarantee a fixed interest rate from 6.5% for 24 months. However, you have to keep in mind that after that time could change."

The article adds that "... For financing, payment terms are offered from 84 months to 110 months, depending on the salary, reference and credit capacity of the client. Banks also give buyers the option to make their first payment within three months of purchase. "Buy now and pay in January 2020," says a bank announcement."



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