Vehicle loan interest rates have declined: Current payment plan revealed

As of 2024, a gradual decline in vehicle loan interest rates has begun. Interest rates, which had previously fallen to the 3.49 percent level in recent months, have recently dropped to the 3.15 percent level.

For those wishing to take out a 400,000 TL vehicle loan with a 36-month maturity at this interest rate, the monthly payment is approximately 21,500 TL.

At banks applying higher interest rates, this figure can rise up to 23,500 TL.

HOW IS THE EASING IN INTEREST RATES AFFECTING THE VEHICLE MARKET?

The decline in vehicle loan interest rates is one of the factors directly affecting the automotive sector. Hayrettin Ertemel, President of the Istanbul Motor Vehicle Dealers Association (İMAS), stated that the easing in loan interest rates has not yet had a major impact on sales, but this situation could change starting from the second half of the year.

"Throughout 2024, records were broken in new vehicle sales despite the high-interest environment. Sales in the second-hand market were also at satisfactory levels. However, if the decline in interest rates continues, we may see positive reflections on sales starting from the second half of the year."

WILL INTEREST RATES FALL FURTHER?

The Central Bank's decision to cut policy rates over the last two months has begun to reflect on loan interest rates. According to Ertemel, while minimal declines are expected in the first half of the year, there could be larger rate cuts in the second half.

"If the downward trend in policy rates continues, vehicle loan interest rates will also continue to decline gradually."

WHEN CAN MORE AFFORDABLE LOANS BE OBTAINED?

Vehicle loan interest rates were hovering around the 1.50 percent level during the 2020-2022 period. However, considering current economic conditions, a rapid return to these levels is not expected.

Interest rates approaching the 2.00 percent level in the second half of the year could provide a more favorable environment for taking out loans. If financing costs decrease, there may also be some increase in vehicle prices.