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In light of the Auto Show opening, the Professional Association of Credit (BVK) examined the total number of new consumer loans granted in 2022 for the purchase of vehicles. Approximately 96,000 loans were granted for the purchase of new cars, while about 108,000 loans were taken out for the purchase of used vehicles.
In 2022, BVK members, representing 95% of the market, concluded an estimated 472,000 new installment credit agreements totaling around 9 billion EUR. This marks a 5.5% increase in the total number of credit agreements compared to 2021.
Nearly 100,000 of these loans pertained to the purchase of new cars, amounting to nearly 2 billion EUR. Due to technological advancements, new cars are inherently more environmentally friendly and often replace older, less eco-friendly models. Furthermore, an increasing number of the financed new cars are electric vehicles and plug-in hybrids
"The growing number of consumer loans granted for the purchase of ecological vehicles is not surprising to us," stated Bart Vervenne, Chairman of the Board of Directors of BVK. "The market for sustainable mobility solutions is expanding, and more and more lenders are offering attractive loans specifically targeted at this market segment. Consumer loans make sustainable investments possible, whether it's for solar panels, energy renovations, or the purchase of a green vehicle. They play a crucial role in the greening of our society and the transition to a sustainable way of living and transportation."
Many consumers, however, still opted for the purchase of a used vehicle. In about 108,000 cases, consumers were able to achieve this through a consumer loan.