KARACHI: The amount of outstanding auto loans decreased for the fourth consecutive month at the end of October, data released by the State Bank of Pakistan (SBP) showed on Monday.
The outstanding auto financing stood at Rs345 billion at the end of last month, which is 0.1 per cent lower than the October 2021 figure of Rs346bn. The latest outstanding auto financing figure is 1.4pc lower than its September 2022 level.
A massive increase in car prices, soaring interest rates, various measures by the SBP to slow down auto financing, plant shutdowns of various assemblers in the last few months owing to import curbs and delays in the delivery of vehicles have forced buyers to postpone their purchase decisions. However, some assemblers, especially Chinese and Koreans, have recently started offering ready delivery of vehicles on full payment after the clearance of their imported auto kits from the port. -PNP
Auto financing drops for fourth consecutive month
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