In December 2023, car financing in Pakistan took a significant hit, falling to Rs251.25 billion. This marks a substantial 25.55% decrease from the same period last year and a 2.26% dip from the previous month.
This is a stark difference from December 2022, where the amount stood at Rs333.747 billion, and November 2023 recorded Rs257.06 billion.
According to recent data from the central bank. The trend shows the 18th consecutive monthly decline in car financing.
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Several factors contribute to this decline, such as higher interest rates, an increase in car prices, restrictions on loan acquisition, and higher taxes on importing cars and their parts. Together, these factors impact the overall landscape of car financing in Pakistan.
The consistent drop in these numbers suggests a tough time for individuals seeking financial help to buy vehicles in the country.
