PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1332633
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1332633
According to SPER Market Research, 'Vietnam Auto Finance Market Size- By Type of Vehicle Financed, By Tenure, By Type of Motor Vehicle, By Type of Commercial Motor Vehicle, By Type of Lender, By Type of Lending Bank - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Vietnam Auto Finance Market is predicted to reach USD xx billion by 2033 with a CAGR of 23.94%.
The term "auto finance" refers to the financial services and products that organizations like banks, credit unions, and finance businesses offer to help customers buy automobiles. Customers can purchase autos using it without having to pay the full cost up front. Alternatively, borrowers might seek loans or lease agreements to stretch out the cost of the vehicle over a predetermined time frame. Auto loan interest rates are often fixed or variable, and borrowers pay back the principal and interest in equal monthly payments.
The COVID-19 outbreak had a severe impact on the auto finance market in Vietnam. The car lending industry, like many others, suffered serious challenges as a result of the economic disruptions created by the epidemic. Stringent lockdown measures and travel restrictions severely reduced consumer demand for autos during the initial outbreak in 2020.