May 25, 2024

WHAT IS A VEHICLE LOAN?

Vehicle loan is a type of loan that those who want to buy a new or second hand vehicle apply by applying. People who want to own a vehicle but do not have cash or insufficient cash can apply for a vehicle loan and become a vehicle owner. Vehicle loans, which can be taken for zero kilometers or second-hand vehicles, can be easily obtained when certain conditions are met.

In this article, we will explain what a vehicle loan is, under what conditions the loan is given and the loan interest rates of banks.

About Vehicle Loan

A vehicle loan is a type of loan that can be taken for new or second-hand vehicles. This loan is also considered as a consumer loan and the interest rates are more suitable for the consumer compared to other loans. Before applying for a vehicle loan, the vehicle you want to buy must be decided. After that, the bank to be applied should be determined and the loan application process should be started.

In new vehicle purchases, 10% – 30% of the vehicle price is generally paid in advance. The remaining amount is given to the consumer as a loan.

Vehicle loans are divided into 5 categories. These; new vehicle loans, used vehicle loans, commercial vehicle loans, motorcycle vehicle loans and boat loans . According to the type of vehicle you want to get a loan, you can apply by getting information from the relevant banks.

Requirements for a car loan:

  • to be 18 years old,
  • high credit score ,
  • SGK registration is active and this registration was made at least 3 months ago,
  • No overdue loan debt,
  • The payroll is suitable for obtaining loans,
  • The loan installment rate does not exceed half of the income.

Credit rating: 0 – 699 credit rating is considered the most risky, 700 – 1099 medium risk, 1100 – 1499 low risk, 1500 – 1699 good and 1700 – 1900 very good.

Must Read: Types of Loans and Loan Calculation

Documents Required to Get a Vehicle Loan

When taking a vehicle loan, banks request various documents. These documents include:

  • Birth certificate,
  • Document showing that there is no debt on the vehicle to be loaned,
  • The original invoice of the vehicle,
  • The price list offered for the vehicle,
  • The original of a subscribed invoice (such as electricity, water, natural gas),
  • Certificate of residence,
  • income certificate,
  • If a second-hand vehicle is purchased, the vehicle’s license,
  • Purchase and sale contract.

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