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Auto the purchase is seasonal in nature. Even the desire of customers to find out credit offers for the purchase of a car increases in the period from March to September, when on average, 17% of applications on the Altero platform are for a car loan. The year 2020 was different, because last summer the average share of car loan applications was 13%, significantly decreasing in March – to 9%. A similar trend was observed in Lithuania.
Before declaring a state of emergency, Latvians borrowed more than Lithuanians to buy a car – on average 5,078 euros, while their southern neighbors 4,835 euros. However, during the year, the amount of credit in our market decreased by a wave and had already dropped to 4140 euros in August.
In Lithuania, the scenario was slightly different: in March 2020, with the entry into force of the restrictions, a capable drop to 3,289 euros per car was experienced. Since then, the curve has mostly led upwards, and in August, the southern neighbors borrowed 3,983 euros to buy a car, and in December, even 4,729 euros. In the last month of the year, the average loan amount in Latvia was 4,292 euros, which is 437 euros less.
“Although car purchases are seasonal, data on borrowing reveal both how each Baltic country has struggled with the pandemic and consumer sentiment at different times of the year. Feel about work and income in the foreseeable future. possibly towards the end of the year the average amount is affected by seasonality – people choose to buy a cheaper car or vice versa – owners of used cars offer lower prices, “the results are analyzed by” Altero “Chief Operating Officer Evija Simanoviča.
In Estonia, a comparison of car purchase financing on the Altero platform has only been available since the summer of 2020, but a steady increase in borrowing has been observed all the time – from 3,125 euros in August to 8,200 euros in December. The differences in these averages can be explained by the fact that Altero has just started operations in Estonia and the number of applications is gradually increasing every month.
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