The advice to be given to people who want to take loans and own or change their vehicles and decide to take out vehicle loans is based on what type of credit they will choose and what advantages and disadvantages this selection will have.
Determine Your Down Payment
If you are going to withdraw vehicle loans, you must first make a payment plan. Of course, the down payment is the starting point of this payment plan. Banks require 30 percent of the vehicles up to TL 100 thousand and 50 percent of the vehicles above 100 thousand TL in cash. Therefore, you should determine a payment plan considering the last monthly income and expense balance after determining the amount you have allocated as a down payment.
Make a Plan You Can Pay
If you are going to take a vehicle loan, you can make a fixed, increasing and decreasing payment plan by determining monthly payments according to your income. It will be an advantage for you to choose payment methods based on the increase or decrease of your income.
Set Maturity Period Carefully
Maturity of up to 60 months can be applied for vehicle loans. Your maturity decision may be directly proportional to your solvency. However, if you prefer a long-term payment plan, you should pay more interest. Keeping the payment period short is the best way to pay less.
Be aware of vehicle loan costs
There are additional costs of the vehicle loan. Keep in mind that you must include these charges in your credit application process. For example, when receiving a vehicle loan, Credit Allocation Fee, Bank Insurance Transaction Tax, Resource Utilization Support Fund, Life Insurance Premium, Casco and vehicle loan file expenses are important expenses to be considered.
If you are buying used cars, be aware of the procedure your bank will operate İşlet
The lending rate for vehicle loans is based on the sales price of the car. For used cars, this ratio is determined by the car’s automobile value. In used cars, banks are also interested in the age of the vehicle and it is important for the banks that the vehicle you buy is no more than 5 years old.