Pandemic-Stressed Consumers Drive a Surge in Vehicle Financing at the End of 2021

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Viva Budy Kusnandar 14/04/2022 15:50 WIB

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During the fourth quarter of 2021, the value of motor vehicle loans slowly began to grow again, while the ratio of non-performing loans decreased.

Motor Vehicle Loan Value and Non-Performing Loan (NPL) Ratio (January 2020 - January 2022)

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Motor Vehicle Loan Value and Non-Performing Loan (NPL) Ratio (January 2020 - January 2022)

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Motor vehicle credit faced difficulties during the Covid-19 pandemic. This is reflected in the value of credit, which showed a downward trend after March 2020, immediately after Covid-19 cases emerged in Indonesia.

During the first quarter of 2020, the value of motor vehicle credit still grew to reach Rp143.06 billion in March 2020.

However, after that, the credit value continued to decline, as shown in the graph, reaching its lowest level of Rp96.05 billion in September 2021.

The ratio of non-performing loans (NPL) for motor vehicles also increased after the pandemic.

In March 2020, the motor vehicle NPL was still at 1.59%. However, in April 2020, it rose to 1.79%, then fluctuated, peaking at 2.99% in July 2020 and 2.76% in May 2021.

Motor Vehicle Credit Slowly Increases in Q4 2021

Domestic motor vehicle credit then began to recover as Covid-19 transmission subsided and community activity restrictions were eased at the end of 2021.

During the fourth quarter of 2021, the value of credit slowly started to grow again, while NPLs decreased.

The value of vehicle credit recorded a 3.01% growth (month-to-month/m-to-m) to Rp102.08 billion in January 2022 compared to the previous month.

However, compared to January 2021, automotive credit at the beginning of 2022 was still down 3.05% (year-on-year/yoy).

The NPL for motor vehicle credit fell to 1.91% (m-to-m) in January 2022, and was still lower than the January 2021 level of 2.08%.

(Also Read: Record, Domestic Car Sales Reach 98,536 Units in March 2022)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Pandemic-Stressed Consumers Drive a Surge in Vehicle Financing at the End of 2021

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Pandemic-Stressed Consumers Drive a Surge in Vehicle Financing at the End of 2021

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