Efforts by Thailand's central bank to talk down a spike in auto loans amid ...
BANGKOK - Efforts by Thailand’s central bank to talk down a spike in auto loans amid wider concerns about household debt have sent a chill across the country’s car dealers, which are struggling to source finance for new customers.
While that may take some of the heat out of auto finance, the sudden deceleration threatens car makers, dealers and the wider sector, which has been one of few growth drivers against a backdrop of declining exports and sluggish investment. The car industry accounts for about a tenth of gross domestic product in Southeast Asia’s second-biggest economy. Bank of Ayudhya said car sales contributed 0.4 percentage point to last year’s 4.1% economic growth.
Of particular concern for the central bank is the fact that car loans have the highest delinquency rate among consumer debt products, with 6.9% of them between one- and three-months overdue at the end of March. In turn, on-year growth in auto loan volumes has slowed to 11.4% in the first quarter from 12.6% in 2018, the fastest in six years.
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