The Philippines has observed the maximum growth in the automotive industry in ASEAN, with automotive loans outstanding growing at ~3% CAGR in the last five years (2016 – 2021). The industry is in the growing phase with Universal And Commercial Banking Institutions leading the Market and rising demand for used cars, a more Flexible model of financing driving the growth of the sector.
In the past 5 – 10 years, the Philippines is witnessing a new wave of digital enhancements with several new fin-tech platforms for aggregation. In this segment, we provide an overview of how this digital disruption will completely transform the Auto Finance industry in the Philippines in the next five years.
1. Philippines Auto Finance Market Loan Disbursement has witnessed a steady growth owing to government programs, user needs, and other factors
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2. Rising demand in the used cars, more Flexible model of financing are some of the major trends governing the Philippines auto finance industry
3. Presently, more than 90% of Auto Finance Transactions go through a protracted process as follows
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4. But Online Auto Finance Aggregator Platforms which is an emerging Market in the Philippines is expected to extremely simplify the whole loan acquisition process
5. Digital disruptions in auto finance will make the industry more efficient and enable quicker and smarter settlements
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Philippines Auto Finance Market
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