Asialink Finance Corp. is expanding its loan footprint in the fast-growing market for brand-new and used trucks that are essential to the growth of e-commerce and logistics.
“We are seeing the huge potential of this market as more and more people shift from brick-and-mortar stores to digital marketplaces,” said Rufino Gomez Jr, Asialink group head of truck loans.
“When you buy something online, it mobilizes a vast network of factories, warehouses, and logistics firms to get the product you want on your doorsteps. Trucks play a vital role in this supply chain,” he added.
Gomez said that recovery and growth following the crippling Covid-19 pandemic are also fueling a construction and manufacturing boom that likewise relies on trucks to move raw materials and workers.
To serve these markets, Asialink is earmarking more funds for lending to small and medium enterprises.
Over the past year, the company has been lending to logistics, construction, hauling, freight forwarding and manufacturers.
Asialink is financing the purchase of vehicles from all purpose vehicles, light duty trucks, heavy duty trucks, to specialized trucks through partner brand new and 2nd hand dealerships.
Each borrower can secure up to P10 million in loans at competitive rates, he said.
These loans carry interest rates of just 1.1 percent to 1.3 percent per month with terms of up to 60 months for new trucks and vans and 36 months for used ones.
Asialink only requires that the borrower has been in business and operating profitably for at least a year.
Its goal is to lend as much as P2.4 billion in truck loans alone by the end of 2024.
