Discounts on vehicle loans, interest rates dropped! What are the new rates, and how will they affect the markets? Here's a sample calculation...
Following the surge in housing loans, there have now been notable developments in auto loans. Good news for those considering owning a vehicle: interest rates have been reduced on auto loans. So, what are the new rates, and how will they impact the markets?
Interest rates on vehicle loans have fallen
Following the interest rate cuts that began in mortgages, vehicle loans also saw a decline. Following the Central Bank's new decision, vehicle loan interest rates have dropped to 3 percent. Automotive Market Expert Mustafa Anaçal provided a sample calculation and clarified the key points.
WILL VEHICLE SALES INCREASE?
The recent adjustment to vehicle loan interest rates has positively impacted both new and used vehicle sales. Anaçal noted that the interest rate cut has led to a significant market recovery. He included the following explanations in a sample table:
The loan interest rates are shown before and after the discount. Before the interest rate reduction for a 300,000 TL vehicle loan, the monthly installment over 24 months was 20,665 TL, and the total repayment was 497,688 TL, calculated according to a 3.45% interest rate. Now, after the interest rate reduction, the total monthly repayment over 24 months is 19,475 TL, and the total repayment is 469,127 TL. This has resulted in an interest rate reduction of approximately 30,000 TL. This has had an extremely positive impact on second-hand sales, the used car market, and the new car market. We can say that there has been an increase in second-hand sales and some activity in the market since this interest rate reduction last week.
STRICT CONTROL AGAINST PRICE INCREASES
Following the interest rate cut, concerns have also surfaced about artificially inflating market prices. Anaçal emphasized that the Ministry of Trade has increased inspections in this area and is imposing heavy penalties on those engaging in opportunistic exploitation.
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