OJK Reports Rise in Used Vehicle Financing

9 hours ago 4

TEMPO.CO, Jakarta - While purchasing power is decreasing, the Financial Services Authority (OJK) reports an increase in used car financing by multifinance companies. The credit is expected to continue growing.

This was conveyed by The Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Micro Financial Institutions, and Other Financial Institutions (PVML) at OJK, Agusman. "Financing for used cars grew by 13.69 percent year-on-year in March 2025, and is expected to continue growing positively amidst economic dynamics," he said in an official statement on Monday, March 19, 2025.

However, overall automotive sales have actually decreased. He stated that the decline in automotive sales has impacted financing as this sector still dominates the multifinance portfolio.

Despite the decline in automotive sector sales, OJK does not believe there is a need to adjust the projected growth of the multifinance industry in 2025. OJK, according to Agusman, regularly reviews and considers the development of the global and domestic economic conditions.

In addition, the multifinance industry continues to be encouraged to strengthen risk management, efficiency, and governance, so that diversification strategies can be carried out prudently and sustainably. "The industry's prospects remain open through diversification into productive sectors such as heavy equipment, renewable energy, and electric vehicles," he said.

Agusman also reported that multifinance financing receivables grew by 4.6 percent (yoy) to Rp 510.97 trillion in March 2025, supported by a working capital financing growth of 11.07 percent yoy. He is confident that multifinance receivables are projected to continue growing by 8-10 percent in 2025.

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