Published in the Official Gazette: Attention those looking to buy a phone or car! Installment periods have changed

The Ministry of Trade has made adjustments to the number of installments to be applied to the sale of refurbished mobile phones and vehicles offered at certain price points.

The "Regulation on Amending the Regulation on Principles and Rules to be Applied in Retail Trade" prepared by the Ministry has been published in the Official Gazette and has entered into force.

Accordingly, the installment period has been limited to 3 months for sales of mobile phones that are refurbished products and priced above 25 thousand liras, or those that are not refurbished and priced above 20 thousand liras.

INSTALLMENTS FOR VEHICLE SALES ALSO REGULATED

The regulation also re-determined the installment periods for vehicle sales.

Accordingly, the installment period cannot exceed 48 months for vehicle sales with a final invoice value of 400 thousand liras or less, 36 months for those above 400 thousand liras and not exceeding 800 thousand liras, 24 months for those above 800 thousand liras and not exceeding 1 million 200 thousand liras, and 12 months for those between 1 million 200 thousand liras and 2 million liras.

Installments will not be available for vehicle sales with a final invoice value exceeding 2 million liras.

Vehicle loan installments will be as follows:

Vehicles 400 thousand TL and under: Maximum 48 months.

Vehicles between 400 thousand TL - 800 thousand TL: Maximum 36 months.

Vehicles between 800 thousand TL - 1.2 million TL: Maximum 24 months.

Vehicles between 1.2 million TL - 2 million TL: Maximum 12 months.

Vehicles over 2 million TL: No installments will be made.