In 2010, the specialized credit banks, which provide around every second consumer loan, achieved a new volume of 89.4 billion euros in Germany.
"We expect new lending business to remain stable in 2011, with a slightly positive trend," believes Gerd Schumeckers, Chairman of the Board of the Association of German Banks. However, some consumers want to finance different things than before.
This year, housing is particularly important to them and large household appliances such as washing machines and fridges are predominantly on their shopping list. The new Consumer Credit Index from the Association of German Banks and GFK Finanzmarktforschung, which will be compiled twice a year from now on, shows a "strong upward trend". For the first time, 2,000 consumers have now been asked about their consumption and financing intentions.
The survey revealed that not only are more washing machines and fridges being bought, but that they are also being paid for more frequently on credit. The same applies to furniture and kitchens. In contrast, consumers are less likely to invest in consumer electronics such as hi-fi systems or computers.
Automotive sector remains important
According to the banking association, the credit banks' vehicle financing business developed less strongly in 2010 than in 2009, which was supported by the government scrappage scheme, but still outperformed the market as a whole.
The motor vehicle sector should also be able to maintain its level in 2011. 70 percent of new cars are currently put on the road via loans or leasing. In 2011, however, the impetus will come primarily from the used car market, where the tendency to finance is increasing noticeably. In consumer financing, the average financing share of a new car is 14,500 euros. Private used cars are financed with 10,300 euros. In the commercial sector, a new car costs an average of 20,500 euros, while a used car is financed by companies with an average of 14,100 euros. Whether commercial or private, new or used - the dealership is always an important point of contact.
"The point of sale will continue to play a central role in vehicle financing and leasing and must therefore be supported by automated IT solutions for sales and processing," afb CEO Jan Ph. Wieners is convinced. Around 33 percent of loans are currently granted at the POS. In most cases, the manufacturer banks are the first choice: captives account for around two thirds of the financing volume. In 2010, they granted vehicle loans worth 15.9 billion euros. A further third of financing, around 7.5 billion euros, is provided by non-captives.
