For decades now, it has been easier to get a relatively low-interest loan to purchase a vehicle than to get one to open a business or finance industry cash flow or manufacturing expenses.
Diario Libre reports that 16.1% of all consumer loans were for vehicle purchases in the past two years. Loans for new vehicles were up 45.5% and for used cars 24.1% from April 2021 to April 2023.
The government bank, BanReservas started decades ago offering low-interest loans. Other commercial banks followed.
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Diario Libre
14 August 2023