The demand for vehicles in Peru hasn’t weakened so far this year, despite a broader slowdown of the country’s economy, according to banking association Asbanc.
Asbanc said that between January and September, loans in soles to purchase vehicles have increased a staggering 45.5 percent compared to the same period last year, according to daily Peru.21.
Asbanc said that increasingly consumers are taking loans in soles. There are currently 73,142 vehicle loans in Peru’s banking system, Asbanc said.
The expansion in the sol-denominated loans highlights the strong demand for consumer goods in Peru, and the demand for credit to finance those purchases.
The increase comes as Peru’s economy has slowed, mainly due to a decline in export income form products such as copper, gold and silver. Peru’s mineral exports have fallen due to lower prices, resulting in weaker-than-expected economic growth in the January to August period.