BBVA Mexico wants to place 24,000 million pesos in automotive loans in 2021 through remote management.
The largest bank in the country by number of assets said it is confident in the economic recovery this year given the boost that the United States will give, so it expects interest rates on these loans to fall.
“The automotive sector has established itself as one of the main engines of growth in Mexico, contributing 20% of manufacturing GDP, which is why it is key to the dynamism of the economy. BBVA Mexico will continue working to offer the best solutions for the acquisition of vehicles , increasing its digital capabilities, “the bank detailed in a statement.
BBVA highlighted that interest rates have decreased and are expected to remain low in the next two years. “This will undoubtedly increase the demand for cars through financing. Today we give our clients the option of buying a car from home and we will make it even easier by launching pre-approved ‘one click’ loans, “said Eduardo Osuna, general director of the bank.
The bank said that there is an outlook for optimism as the production of cars and light trucks recovered their pre-pandemic level with a growth of 12.5% last March.
In addition, the bank expects a period of very powerful growth in the United States in the next five years, derived from the policies adopted by the government of President Biden, which will boost the demand for cars in that country and therefore exports.
BBVA Mexico grants one out of every three bank loans for the purchase of automobiles in the country.
