France Automotive Loan Market is Dominated by Passenger Cars During the Forecast Period
Expansion
of fintech companies, independent leasing companies with digital channels,
automotive OEMs, low-interest rates, and the increasing sales of private
vehicles are the leading factors driving the France Automotive Loan Market
during the projected period.
According to TechSci Research
report, “France Automotive Loan Market–Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F” The France automotive loan market is
expected to grow faster during the forecast period due to the entrance of many
new players in the automotive loan market, such as fintech, independent lending
companies with digital channels, and automotive OEMs. An individual can take
the loan with a classic or long-term rental loan. In France, the Consumer Code
has set the maximum car loan amount at 75,000 euros and the total repayment
time at 84 months for new car purchases. Therefore, it stands to reason that
more people are using automotive loans to finance the purchase of new vehicles,
driving the growth of automotive loans in France during the forecast period.
The automotive loan is provided by
various financing companies, which helps in buying a vehicle. Generally, the
lender lends the money, and the borrower must return the loan in equated
monthly installments (EMIs) over a defined tenure, at a specific interest rate.
Based on vehicle, there is a segment of two-wheeler loans that helps an
individual buy a motorcycle or a scooter and lay it later with EMIs. Passenger
car includes hatchback, sedan, SUV, and MPV. A commercial vehicle loan gives
borrowers money to purchase a vehicle for business or commercial use.
Commercial vehicles include light, medium, and heavy commercial vehicles. The
purchase of this vehicle is usually operated for commercial or industrial
purposes and is financed by commercial vehicle loan services. Additionally,
automotive loan is primarily provided through banks, NBFCs (non-banking
financial services, OEM (original equipment manufacturer), and others (fintech
companies), over a specified tenure and interest rate.
Moreover, the demand for commercial
vehicle loans is also rising as businesses and private individuals are using
commercial vehicles daily. Since the price of commercial vehicles is high, the
automotive loan can be availed to make purchase. Nowadays, the automobile is
often a necessary resource to meet daily necessities. It can be challenging to
live without a vehicle, whether for transportation to work, dropping off and
picking up the kids at school, or going shopping. However, purchasing a car
requires a significant contribution, and those with the lowest salaries must
cover this cost out of their budget. In various circumstances, it can be
beneficial to consider taking an automotive loan to buy a vehicle which is an
aspect that is driving the automotive loan market during the forecast years.
The interest rate is the most crucial
component of an automotive loan. Since buying a car is an expensive investment,
even a 1% difference in interest rates can significantly impact the overall
amount of payback. The amount of interest increases with the period of the
loan's repayment period. Therefore, many people make additional repayments on a
monthly payback amount when they have enough money to minimize the overall
repayment or shorten the repayment time.
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The France automotive
loan market is segmented on vehicle type, provider type, percentage of amount
sanctioned, tenure and region.
The market is divided
into two-wheeler, passenger cars, and commercial vehicles based on vehicle
type. Passenger cars will have a significant share, followed by commercial
vehicles during the forecast period.
Furthermore, based on
the provider type, the market is segmented into banks, NBFCs (non-banking
financial services, OEM (original equipment manufacturers), and others (fintech
companies). Based percentage of the amount sanctioned, the market is segmented
into less than 25%, 25-50%, 51-75%, and more than 75%. By tenure, the market is
segmented into less than 3 years, 3-5 years, and more than 5 years. The market
analysis also studies the regional segmentation to devise regional market
segmentation, divided among North France, South France, and Central France.
Key market players in the France
automotive loan market include:
- Crédit Mutuel Arkéa
(Financo)
- BNP Paribas Personal
Finance (Cetelem)
- Crédit Agricole Group
(Sofinco)
- Societe Generale Group
- Orange Bank SA
- BNP
Paribas Personal Finance (Cofinoga)
- Carrefour Banque, SA
- Toyota France
Financement
- Capitole Finance –
Tofinso
- Cofidis SA
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“With the rising demand
for automobile purchases in France, the market for automotive loans is
expanding, and the increasing price is encouraging consumers to buy automotive
loans to make purchases. The industry is increasing due to a larger population
being able to afford automotive loans due to low-interest rates. During the
projected period, increase in demand for automotive loans is anticipated, for
both commercial and passenger vehicles, due to changing consumer lifestyles,
rising automotive production volume, and growing demand for fuel-efficient
cars.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“France Automotive Loan Market
By Vehicle Type [Two-Wheeler, Passenger Car, Commercial Vehicle], By Provider
Type [Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment
Manufacturer), Others (Fintech Companies)], By Percentage of
Amount Sanctioned [Less than 25%, 25-50%, 51-75%, More than 75%], By
Tenure [ Less than 3 Years, 3-5 Years, More than 5 Years], By Region, By
Company, Forecast & Opportunities, 2018-2028F”, has evaluated the future
growth potential of automotive loan in the France market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the France automotive loan market.
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