Bisnis.com, JAKARTA — Used car financing by multifinance companies is undergoing a shift in direction. This is evidenced by the fact that financing for conventional used cars is under pressure, whereas financing for used electric vehicles (EVs) and hybrids has recorded significant growth.
The Financial Services Authority (OJK) recorded a 4.52% year-on-year (YoY) contraction in conventional used car financing, bringing the total to IDR 86.25 trillion in July 2026. Conversely, financing for used EVs and hybrids grew by 103.06% (YoY) to IDR 1.52 trillion.
Agusman, the Chief Executive for the Supervision of Financing Companies, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions (KE PVML) at the OJK, believes this trend is driven by the availability of new EV models at competitive and affordable prices, which has the potential to boost multifinance lending growth.
"Therefore, multifinance companies need to continue innovating their financing schemes for this segment," he stated in the OJK’s Board of Commissioners Meeting (RDK) response document for August 2026, cited on Wednesday (September 23, 2026).
Meanwhile, overall used car financing by multifinance companies contracted by 2.43% (YoY) in July 2026, falling to IDR 230.92 trillion. Despite this decline, Agusman noted that it does not necessarily indicate a shift among consumers toward cash purchases.
Looking ahead, he added, the OJK anticipates that vehicle financing will continue to face challenges. Consequently, the multifinance industry is encouraged to keep strengthening product diversification. “Improving service quality and aligning financing schemes with consumer needs and preferences, while upholding risk management, prudential principles, good governance, and consumer protection,” he explained.
 

Summary :

• Conventional used-car financing by multifinance companies declined by 4.52% to Rp86.25 trillion, whereas financing for used electric and hybrid cars grew by 103.06% to Rp1.52 trillion as of July 2026.
• The OJK and industry players attribute the growth in electric and hybrid car financing to the availability of competitive new models and lower operational costs compared to conventional vehicles.
• Multifinance companies are encouraged to innovate their financing schemes and strengthen product diversification to navigate market challenges and meet evolving consumer needs.