The Car finance is a sum of money borrowed by customers to purchase a car that provides an option to buy the vehicles upfront and pay later, in equated the monthly installments. It is provided by specialist car manufacturers or financing companies. In addition, car finance depends on various factors including credit score, income, and credit history of the borrower. Original equipment manufacturers (captive finance), Banks, financial institution, and credit unions are some major distribution channel that provides car finance solutions.
Based on type, market is segmented as used car and new car. Based
on source type, market is segmented as banks, Original Equipment Manufacturer
(OEM), financial institutions and credit unions. Based on purpose type, market
is segmented as lease and loan. In addition, based on vehicle type, market is
segmented as commercial vehicles and passenger cars.
The increase in multiple options for vehicle purchases and gaining
advanced benefits from the online car financing application systems are few of
the major growth factors in the market. In addition, huge demand for model and
branded cars are continue to increase as customer trends & preferences
toward the car purchases have increased massively, which fuels the growth of
this market. However, instability in financial terms, rise in debts from
borrowers and increase in alternative solutions to travel by car are some
factors that hamper the market growth.
The Future Analysis Car Finance Industry
report provides regional analysis of this market. Based on geography, market is
segmented as North-America, Asia-Pacific, Europe and rest of the world. North-America
is a leading region across the globe in terms of market share owing to
low-income households opts for car finance and car buyers in this region. Due
to advancement in technologies and emergence of the Fin-tech startups, the U.S.
market will become more efficient and competitive. Moreover, growth in
developments in financial technology has allowed various improvements for
instance quick retrieval of documents, quicker transactions & customized
services based on the consumer’s preferences. The Asia Pacific is projected to
witness considerable growth due to increase in number of favorable government
initiatives, especially in China, India, and Japan for maintain the consumer
interest and promote the growth in automotive industry. Moreover, the automotive
financing market in this region has become highly competitive with surge in the
number of used-car outlets as well as vehicle showrooms. Furthermore, decline
in the automotive loan rates in the region is further anticipated to propel
regional growth. It is expected that financing towards the new vehicles when
expressed by the credit disbursed would maintain to lead the market share
during the forecast period whereas; the pre-owned car financing shall enhance due
to rise in government initiatives towards the segment.
For More Information, refer to below link:-
Global
Vehicle Loan Market Reports
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
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