Vehicle loan rates updated! How much is the repayment for 100 thousand TL?

With less than a week left until the Central Bank's critical interest rate meeting, vehicle loan rates are being closely monitored by banks and consumers. The new and used car market is also locked on potential reductions in loan rates to revive sales.

While there is a stagnation in the second-hand market in particular, according to arabam.com data, there was a 1.8 percent real decline in average second-hand vehicle prices on a monthly basis in November.

CURRENT STATUS OF VEHICLE LOANS

According to BRSA data, the volume of vehicle loans, which was 74 billion TL in the week ending November 15, rose to 75.45 billion liras in the week of December 13. According to the news in Türkiye Gazetesi, although the share of vehicle loans among all consumer loans is at the lowest level, it is observed that consumers have taken out approximately 1.5 billion liras in vehicle loans over the last 4 weeks.

Looking at the latest rates in vehicle financing, the lowest rate for 12 and 24-month maturities is offered by Kuveyt Türk at 3.72%.

When sample calculations are made for 100 thousand TL of vehicle financing;

-For a 12-month maturity, monthly installments are 11 thousand 178 TL and the total repayment amounts to 134 thousand 716 TL.

-For a 24-month maturity, the installment amount drops to 7 thousand 131 TL. However, since the maturity is extended, the total repayment amount reaches 171 thousand 741 TL.

100 THOUSAND TL VEHICLE LOAN 36/48 MONTH REPAYMENT

On the other hand, for 36 and 48-month repayments, the vehicle financing rate drops to 3.62%.

When financing is used with this rate for 100 thousand TL of vehicle financing;

-For a 36-month maturity, monthly installments are 5 thousand 817 TL and the repayment is 209 thousand 988 TL.

-For a 48-month maturity, installments are 5 thousand 287 TL, and the total repayment rises to 254 thousand 380 TL.