The Philippines’ used car finance market is poised for continued expansion, with the Visayas region, particularly Cebu, identified as a significant growth driver, according to a new report.
The study highlights Cebu’s increasing population and well-established network of organized vehicle trading channels as key factors fueling demand for financing options.
The report also points to a nationwide trend of rising disposable incomes, making vehicle ownership more accessible to a broader segment of the population.
Easy availability of financing, with financial institutions offering more flexible loan terms, and increasing urbanization rates, driving the need for personal transportation in cities like Cebu, are further contributing to the market’s growth.
Analysts anticipate that the emergence of fintech solutions will further democratize access to used car loans, particularly for lower-income individuals.
This digital transformation is expected to reshape the used car market landscape in the Philippines, with Cebu playing a central role in this expansion.
Cebu Business News