In the January-March period of this year, the multiple banks increased their vehicle financing at RD$3,477 million, registering RD$35,100 million in the total portfolio at the end of the quarter, informed the Association of Multiple Banks of the Dominican Republic (ABA).
He explained that the credits granted for the purpose of acquiring new or used vehicles grew 11% during the first three months of the year, behavior that demonstrates the recovery of this type of financing at a level even higher than that closed in 2019.
He stated that they were channeled 13,430 new loans during the first quarter of 2022with a total of 45,053 active operations at the end of March.
Of these, 59.2% were credits for acquire new vehicles and 40.8% for used. Financing for used vehicles was RD$7,416 million.
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In a press document, the ABA indicated that the behavior of the portfolio was influenced, mainly, by the financing of new vehicles, whose portfolio balance was RD$ 27,684 million as of March 2022, a figure that reflected a significant increase (14.6%).
Instead, he explained that the financing for used vehicles closed at RD$ 7,416 million at the end of the first quarter, a figure that reflects a slight reduction, in the order of RD$ 59 million (-0.78%) compared to December 2021, detailed the ABA.
He noted that this portfolio has not yet started the recovery process, compared to the level of funding existing in 2019.
The union highlighted that, with this type of financing, multiple banks contribute with the acquisition of vehicles to cover and improve the transportation needs of peoplefacilitates the replacement with better equipped, more efficient and safer vehicles, providing ways of financing a proper and reliable manner.