The Banking Regulation and Supervision Agency (BDDK) announced the expected change in vehicle loan limits and loan rates that can be used for these vehicles. With the decision taken, changes related to lending rates and maturities in automotive loans have been put into practice as of today. For a vehicle worth 400 thousand TL, the loan rate was increased to 70 percent and the number of terms increased to 48 months.
Toker “Demand for Second Hand Will Increase”
Betügül Toker, CEO of ALJ Finans, made a statement regarding the new regulations: “Automotive prices have followed a fluctuating course recently. This slowed down the automotive market. Especially second hand prices were expected to decrease. Despite problems such as price increases, supply problems and chip crisis due to market dynamics in the automotive sector, the sector's activity continued. With the new regulation, we anticipate that the current demands in the financial sector will return to normal levels. Specifically, we think that demand will increase positively with the arrangements made since the loans mainly consist of automotive loans in particular for financing companies. Considering ALJ Finans in particular, we predict that applications for vehicle loans will increase and there will be an increase of approximately 30 percent especially in second-hand demands. As ALJ Finans, we see this development as very promising; The new regulation will support our growth.” said.
What will the new regulation bring?
Within the scope of the decision, 400.000 percent of the vehicle invoice amount for vehicles with a final vehicle invoice value of 70 TL or less, and up to 48 months, 400.001 percent of the invoice amount for vehicles between 800.000 TL and 50 TL, and 36 TL - 800.001 TL up to 1.200.000 months. 30 percent of the invoice amount and up to 24 months for vehicles between .1.200.001 TL and 2.000.000 percent and up to 20 months for vehicles between 12 TL and XNUMX TL can be credited.
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