All major banks in the Philippines finance all passenger vehicles to cater to the diverse needs of borrowers and to remain competitive in the market. The Market is moderately fragmented. BDO, PNB, RCBC, Maybank and Metrobank can be positioned as leaders in Philippines Auto Finance Market owing to their large customer base, demand for auto loans and higher digital penetration.
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1. Online Auto Finance Aggregator Platforms are emerging in the country to simplify the auto loan acquisition process in Philippines.
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New Aggregator platforms are direct-to-consumer channels that allow buyers to obtain loans online and get them approved before going to the dealers.
These platforms collaborate with Banks, Captives, NBFCs, Fintech lenders and other peer-to-peer lending platforms to provide multiple financing options.
Services range from personalized interest rates and variable terms, shared leasing and car subscriptions.
This leads to more transparent and streamlined car-buying process that eliminates obstacles such as asymmetric information and delays in credit approvals.
2. Financial Institutes can further improve on its performance by targeting the used vehicle market and focusing on Electric Vehicles.
Flexible Payment Plan
Flexible payment plan adoption makes auto loans segment more consumer friendly & affordable and is a promotional technique used by other banks & captive to attract customers.
Promotional offers for Electric Vehicles
An annual growth rate of 8-12% is expected that will produce P1.68 B revenue from services and sales of 200,000 units by 2024.
Strong dealership connection:
Incentivize dealers with the number of leads they generate with position and commission.
For more insights on market intelligence, refer to the link below: –
Philippines Auto Finance Market
