How Much Car Loan Can You Get

How Can You Get a Loan Without a Down Payment?

Banks first check if the customer has SSK (Social Security Institution) insurance, and generally, having worked for 3 to 6 months will increase the bank's likelihood of granting a loan. The car you will buy must be new; otherwise, banks may not provide a loan. However, you can apply for a loan for a used car from banks under the name of a personal loan.

At What Interest Rates Can You Get a Loan?

If you have a down payment for a new car, getting a loan will be easier. However, if you have no down payment at all, the bank may ask for a guarantor or collateral (real estate) for a 100% loan. Currently, bank loan interest rates start from 1.15% and offer terms up to 60 months. Interest rates are not the same at every bank, so it would be beneficial to research. Let's do a simple calculation; for example, if you applied for a car loan with 0 down payment and a 60-month term from Garanti Bank, the car price is 80,000 TL, and the interest rate is 1.29%. In this case, the net amount you will pay each month will be 2,056.62 TL, and the total amount you will have paid after 60 months will be 123,817.20 TL, meaning you will have paid 43,397.20 TL in interest. You can try your luck with different banks. For instance, Türkiye İş Bankası currently has a car loan rate of 1.15%. If you consider taking a 48-month loan this time, the amount you will pay monthly will be 2,290.23 TL, and the total amount you will repay will be 110,331.04 TL, with 29,931.04 TL in interest. (This information was obtained from the banks' own websites and are current rates as of November 2019.) Türkiye Finans Bank has a car loan rate of 1.04%. If you take a 48-month loan, the amount you will pay monthly will be 2,225.49 TL, and the total amount you will pay will be 107,243.52 TL. The interest to be paid is 26,803.52 TL. Türkiye Finans Bank appears to offer the best loan in this period with its rate, but do not forget this: rates frequently change, so it is beneficial to do thorough research when your car purchase is confirmed.

Generally, let's list the documents that each bank may request from customers as follows: 1- Application Form (You can fill out this form at the bank or online.)

2- The original of your ID card or driver's license and one photocopy of this document will be required.

3- Document showing your income status, which you can obtain from your workplace. (Salary slip)

4- Proforma invoice, which you can obtain from the firm from which you will purchase.

With these documents, you can apply directly to the bank or facilitate your loan application through the firm from which you will purchase.