Australia’s car sales boom leads to increase in auto loans
New car sales in Australia are back in force as the economy recovers from the COVID-19 pandemic.
Melbourne, Australia, August 16, 2021 / PRNewswire / – Vehicle sales across the country fell last year. Impacted by the COVID-19 pandemic, consumer activity and dealer inquiries were at an all-time low. Best Fundraising Broker, National Loans, which provides asset finance including boat financing and caravan financing, says the auto industry has been plunged into chaos due to lockdowns at home and abroad.
Promising signs for the industry, recent figures released by the Australian Bureau of Statistics (ABS) show auto finance loan commitments rose 4.7% in May 2021 and the total value of new loan commitments for the month increased to $ 1.296 billion.
According to National Loans, the value of new auto loans reflects consumer confidence and activity which has been encouraged by attractive interest rates and a host of other economic indicators.
In addition, the latest figures from the Federal Chamber of Automotive Industries (FCAI) show good results for new vehicle sales in June, with more than 100,000 sales recorded. This represents an increase of 0.04% year over year. National Loans says that figure could be even higher if dealers across the country were not hampered by a shortage of new car inventory due to plant closures around the world during shutdowns.
The resurrection of the new car market is being driven by booming sales of SUVs and UTEs with private buyers in the lead. With long wait times for new vehicles, National Loans says there is a possibility that there is pent-up market demand, which may be reflected in higher second-half growth for the auto industry.
National Loans explains that for consumers who are considering taking out a car loan to buy a new car, there are various aspects that need to be considered, including how much the buyer can afford in terms of repayment, interest rates, and the cost. type of loan. If the buyer wants to cut regular refunds, lump sum car loan are an option.
While there are many services available for new auto loans, the National Loans team invests more time and energy with each client, providing all the resources to help the buyer make an informed decision and find the right fit. best solution for his personal situation.
National Loans can also help you access a boat loan or caravan loan. For more information, contact National Loans directly.
View original content to download multimedia: https://www.prnewswire.com/news-releases/car-sales-boom-in-australia-leads-to-rise-in-car-loans-301355576.html
SOURCE National Loans