Interest in consumer loans in Slovakia increased significantly, by 47%, in the first half of this year compared to 2021, reported the Home Credit company. Furthermore, the rise in financing for car purchases is also significant. According to the company, the increase in interest is mainly due to the increased demand for cash loans, but also for consolidation or refinancing of loans. Interest rates are lower than the current inflation and many Slovaks are probably buying because they are afraid of a rate increase in the near future. Many are currently taking loans to renovate their homes, buy more expensive appliances or cars.
The situation is similar in the neighbouring Czech Republic, where, however, people take loans from non-bank companies. There is also a significant increase in demand for cars up to about three years old. "However, we are seeing increased interest in all segments of used vehicles. The year-on-year increase in the volume financed is up to 62% in Slovakia and 40% in the Czech Republic," added Luboš Ondrůj from Home Credit.
Source: TASR
