New regulation on vehicle loans from the BRSA: How have maturities and loan ratios changed?

The Banking Regulation and Supervision Agency (BRSA) has announced new regulations for vehicle loans. These regulations cover issues such as loan maturity periods and the ratio of the loan amount to the vehicle's value. So, what do these changes include? How were vehicle loan rates determined? What changes were made to maturity periods? How will restructuring processes work? Here are the details of the new regulations introduced by the BRSA regarding vehicle loans…

WHAT ARE THE MATURITY PERIODS FOR VEHICLE LOANS?

According to the BRSA's statement, the maturity periods for vehicle loans will be determined based on the final invoice value of the vehicle. Accordingly:

48 months for vehicles 2.5 million TL and below,

36 months for vehicles between 2.5 million TL and 5 million TL,

24 months for vehicles between 5 million TL and 6.5 million TL,

12 months for vehicles between 6.5 million TL and 7.5 million TL.

There is no maturity limit for vehicles exceeding 7.5 million TL.

WHAT ARE THE NEW RATES FOR LOAN AMOUNTS?

For vehicle loans, the ratio of the loan amount to the vehicle's value has also been updated. Accordingly:

70% loan ratio for vehicles 2.5 million TL and below

50% for vehicles between 2.5 million TL and 5 million TL

30% for vehicles between 5 million TL and 6.5 million TL

20% for vehicles between 6.5 million TL and 7.5 million TL.

Loan usage is not permitted for vehicles exceeding 7.5 million TL.

WHAT ARE THE RESTRUCTURING CONDITIONS?

Within the scope of the new regulations, the maturity periods valid at the date of the initial loan disbursement will be taken into account for the restructuring of vehicle loans. In this way, loan restructurings can be carried out in a more fair and transparent manner.

With these regulations, the BRSA aims to make the use of vehicle loans more controlled and sustainable. The new rules offer a clearer framework for both consumers and financial institutions.

If you are considering using a vehicle loan, it is important to plan by taking these new regulations into account.