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Bank lending for vehicle purchases in Peru expanded by 21.5% in 2010, in line with local lending growth in general, according to the latest numbers from banking association Asbanc.
Through the end of December, banks had US$466mn worth of vehicle loans on their books. Though the annual growth rate remains in line with the roughly 20% expansion in overall lending, vehicle loans spiked nearly 4% month-on-month in December, accelerating the pace of expansion.
Paradoxically, as vehicle lending has grown, so has delinquency, which rose 76 basis points in 2010 to 2.22% of the total portfolio.