Indonesia Used Car Financing Market to Grow at a CAGR of 5.47% during 2024-2032, Stimulated by Rising Middle-Class Population

December 18, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Indonesia Used Car Financing Market Report by Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle (SUV), Multi-purpose Vehicle (MPV)), Financing Providers (OEMs, Banks, Non-Banking Financial Companies), and Region 2024-2032,” the Indonesia used car financing market is expected to exhibit a CAGR of 5.47% during 2024-2032. Used car financing refers to the process of obtaining a loan to purchase a pre-owned vehicle. It is a practical solution for individuals who need a car but may not have the resources to pay for it upfront. It works by a financial institution lending the buyer the necessary funds, which are then repaid over a set period, usually with interest. The loan is often secured against the vehicle, meaning the lender can repossess the car if payments are not made. One of the primary uses of used car financing is to make vehicle ownership more accessible. The advantages of used car financing include the ability to purchase a better quality or more reliable vehicle than what one might afford in a cash transaction. It also allows buyers to preserve their savings for other uses, spreading the cost of the vehicle over a more manageable timeframe. Additionally, timely repayments can help the buyer build a positive credit history, which can be beneficial for future financial endeavors.

Indonesia Used Car Financing Market Trends:

The Indonesia used car financing market is influenced by several key drivers, such as the increasing demand for affordable transportation solutions in a country with a burgeoning middle class. Additionally, the digitalization of financial services has streamlined the lending process, making it more accessible to a wider audience, which is boosting the market growth. Apart from this, favorable interest rates make it more attractive for consumers to finance a used car purchase, propelling the demand for used car financing. Furthermore, partnerships between financial institutions and automotive dealerships have played a pivotal role in expanding the market. These collaborations offer customers attractive financing options and facilitate the purchase of pre-owned vehicles. In line with this, favorable government policies and incentives have encouraged both lenders and borrowers to participate in the market, stimulating the market growth in the country.

Market Summary:

  • Based on the vehicle type, the market has been segmented into hatchback, sedan, sport utility vehicle (SUV), and multi-purpose vehicle (MPV).
  • On the basis of the financing providers, the market is categorized into OEMs, banks, and non-banking financial companies.
  • On regional basis, the market has been segmented into Java, Sumatra, Kalimantan, Sulawesi, and Others.
  • The competitive landscape of the market has also been examined, with some of the key players being Astra Credit Companies (Astra International), Dipo Star Finance, PT BFI Finance Indonesia Tbk, PT JACCS Mitra Pinasthika Mustika Finance Indonesia (JACCS Co. Ltd.), and Suzuki Finance Indonesia.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Vehicle Type
  • Financing Providers
  • Region
Vehicle Types Covered Hatchback, Sedan, Sport Utility Vehicle (SUV), Multi-purpose Vehicle (MPV)
Financing Providers Covered OEMs, Banks, Non-Banking Financial Companies
Regions Covered Java, Sumatra, Kalimantan, Sulawesi, Others
Companies Covered Astra Credit Companies (Astra International), Dipo Star Finance, PT BFI Finance Indonesia Tbk, PT JACCS Mitra Pinasthika Mustika Finance Indonesia (JACCS Co. Ltd.), Suzuki Finance Indonesia, etc. (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
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Indonesia Used Car Financing Market to Grow at a CAGR of 5.47% during 2024-2032, Stimulated by Rising Middle-Class Population
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