Consumer credits for new cars in 2022, amounting to around two billion euros, support the transition to environmentally friendly vehicles. That is the conclusion of BVK, the professional association for credit (Beroepsvereniging van het Krediet, BVK), and published by the federation of the financial sector Febelfin.
Following the opening of the actual Brussels Motor Show, the BVK analyzed the total number of new consumer credits granted in 2022 for the purchase of a car. About 96 000 credits were issued for a new car; 108 000 credits were intended for a second-hand vehicle.
In 2022, an estimated 472 000 new credit agreements, in general, were concluded by BVK members, representing 95% of the market, for a total of about 9 billion euros. An increase of 5,5% compared to 2021. Almost 100 000 of these loans were related to purchasing a new car, representing a total amount of about two billion euros.
New cars are – by definition – more environmentally friendly, and they often replace old(er), and more polluting vehicles, but more and more of the newly financed cars are electric ones or plug-in hybrids.
‘Sustainable way of living’
“The growing number of consumer credits granted for purchasing ecological vehicles is no surprise to us,” explains Bart Vervenne, president of the Board of Directors of BVK. “Consumer credit ensures that sustainable investments are possible, whether they’re intended for solar panels, energy renovations, or the purchase of a ‘green’ car.”
“They play a crucial role in the greening of our society and the transition to a sustainable way of living and transport.” However, many consumers still opted for the purchase of a second-hand car.