Vehicle credit in Peru: How much have interest rates risen in the last year?

Vehicle credit, one of the formal ways to access a car, registered growth of 18.3% as of February, being its highest rate since at least the beginning of 2019. However, for March and the subsequent months of 2023, said rate will be closer to 10%.

“The brands sought the entire first year to take advantage of commercial campaigns to encourage financing: bonuses, lower down payment, extended warranties. But given the current economic conditions, we don’t think it will hold at current levels.”

Alberto Morisaki, manager of economic studies of the Automotive Association of Peru

Naturally, another determining factor is the cost of credit which –in line with the rise in rates in the financial system– has become more expensive. According to data from the AAP, the rates in 2021 were 10% on average. To date, only in banks, said rate averages 13%. For financial companies, the cost of credit rose from 16% to 21%. “On average, we are talking about a rise of three basis points”emphasizes Morisaki.

vehicle price

On the contrary, today there are factors that would lead to a fall in vehicle costs. The price of cars in the last 12 months until March registered an increase of 7.3%. However, for the third month of the year, said increase is expected to recede to 6.8%. The reason behind it is the recent reduction in the exchange rate.

Jaime Obreros, marketing director of Nissan Peru, believes that the lower price and other factors typical of the Peruvian market will favor sales dynamics. “We believe that Peru is an interesting place and that it will continue to grow not only for us, but for all the companies in the sector. There is still room to increase the penetration of vehicle credit”it states.

Proof of this is that Nissan is launching a new Nissan Qashqai this week, which is part of its SUV vehicle line. “We are very happy with the arrival of this SUV that promises to be the favorite in the segment for its renewed ‘look'”comment.

best sellers

As of the third quarter of the year, 45,615 light vehicles were sold, which means a growth of 11.3% compared to 2022. Of the total, SUVs and SUVs have the highest proportion with 20,544 units sold and a growth of 19, 5% in the quarter.

Meanwhile, vans registered a total of 6,348 units and a growth of 23.2%. On the other hand, the electric vehicle market has also registered an increase and continues to position itself in the country. 389 vehicles were sold in March, with hybrids predominating.