ANNOUNCED AS TEMPORARYNo
On 18 May 2016, the Argentine government owned Bank, Banco Provincia announced its initiative to launch a credit line aimed at financing the purchasing of new automobiles by Argentinians. This credit line exclusively refers to cars manufactured in plants in Argentina - as this credit line is launched under the Pro. Cre. Auto Program which provides consumers with subsidized financing for purchases of new, domestically manufactured cars.
The maximal sum that individual loan beneficiaries can acquire under this credit line (specifically for the purchase of a Volkswagen automobile) is 300.000 Argentine Pesos (USD 19.671). Furthermore, the loans will be distributed for up to 36 months at an interest rate of 25%.
On the same day the Banco Provincia announced that Volkswagen is its main strategic partner in the launch of this credit line. On 01 June 2016, Banco Provincia announced that it will introduce Fiat and Ford models as part of the line of automobiles that Argentinians can purchase under the credit line.
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