Attention those looking to buy a car! 'Interest rate' signal has arrived from banks

The Turkish automobile market decreased by 1.2 percent in the January-September period of 2023, falling to 847 thousand 692 units. While demand for vehicle loans remains limited due to high interest rates and rising costs, according to Central Bank data, vehicle loan interest rates declined to 42.67 percent in September.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources!

Attention those looking to buy a car! 'Interest rate' signal has arrived from banks

Rising costs and high interest rates have limited the demand for auto loans. The automobile market declined by nearly 15 percent in the January-September period.

Due to the recent contraction in the market, automobile companies have announced a series of campaigns. Despite this, demand has remained significantly limited. High interest rates and restrictions on loans have led citizens to postpone their vehicle purchase plans.

According to NTV, the Central Bank has announced the third-quarter results of its bank loan tendency survey. Accordingly, banks stated that the tightening trend applied to auto loans has reached its end. Thus, banks have signaled a decline in auto loan interest rates for the final quarter of the year.

VEHICLE LOAN INTEREST RATES

According to CBRT data, the downward trend in vehicle loans continued in September. As of September 27, the average vehicle loan interest rate fell to 42.67 percent.