Starting in April, VPBank, in collaboration with a car manufacturer, is launching a preferential interest rate program. The interest rate is 8.8% per year, fixed for 12 months. The bank lends up to 85% of the car's value, with customers only needing to pay 15% upfront. The remaining amount is payable over 8 years.
This interest rate is considered financially stable and favorable compared to the general market interest rate. However, the program only applies to car models manufactured from 2022 and lasts until the end of May 2023.
Sacombank is applying an interest rate of 8.5% per year for customers borrowing to buy cars under a program that started at the beginning of the year and ends on June 30th. Individual customers can even borrow up to 100% of the car's value. The loan term can extend up to 10 years.
Sacombank stated that this program is in response to the policy of reducing lending interest rates to help customers quickly access preferential capital, meeting the needs of people who want to own a car.
At BaoViet Bank, starting in March, the bank launched a car loan program for corporate customers. Customers can choose an interest rate of 10% per year for the first three months, or 10.5% per year for the first six months.
BaoViet Bank also offers loans up to 85% of the vehicle's value. The loan term can be up to 60 months if the vehicle itself is used as collateral. The program runs until December 31st.
In April, Vietcombank, in collaboration with its distribution partners, launched a car loan program with interest rates starting from 0%. Individual customers borrowing to purchase a Hyundai Stargaze will enjoy a 0% annual interest rate for the first 12 months. For Tucson and Santa Fe models, the interest rate is 3.99% per year. Other models have a loan interest rate of 9.5% per year. However, this program is only valid during April 2023.
According to surveys, banks currently offer car loans with common interest rates ranging from 11-13% per year. PVCombank even has a lending interest rate of up to 14.6% per year from the 7th month of the loan onwards. The maximum loan amount is 80% of the car's value, payable over 6 years.
According to the Vietnam Automobile Manufacturers Association (VAMA), total sales across the market up to the end of April 2023 decreased by 30% compared to the same period in 2022, reaching 92,801 vehicles. Passenger car sales decreased by 35%; commercial vehicle sales decreased by 9%; and specialized vehicle sales decreased by 58% compared to 2022.
Nevertheless, the demand for car ownership among Vietnamese people remains very high. According to data from the Ministry of Industry and Trade, the car ownership rate in Vietnam is approximately 23 cars per 1,000 people, and the trend of motorization is expected to intensify in the near future. This has led banks to accelerate car loan lending in recent times with many preferential programs for car buyers.
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