Auto-financing hits record Rs285bn

Consistent consumer demand took auto-financing to a record high of Rs285 billion during March, an increase of 30 per cent year-on-year or Rs66 billion. according to a local media report.

Quoting Topline Securities, the report stated that auto-financing witnessed the highest monthly increase of Rs12 billion or 4.5pc month-on-month (MoM) in March based on  figures issued by the State Bank of Pakistan (SBP).

As on Feb 28, 2021, auto-financing had hit all-time high of Rs273bn, he added, attributing the boom in car financing to low interest rates at 7pc this year compared to 13.5pc in March 2020.

Barring a slight reduction in sales of heavy vehicles, the entire auto sector posted positive growth during the nine months of the current fiscal year (9MFY21), with car sales going up 31.5pc, followed by 157.6pc in jeeps and 41.4pc in LCVs and pickups.