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Many car manufacturers are applying interest rate incentives for installment payments below 8%/year. Photo: TMV. |
Considering the gloomy market situation in the beginning of this year, many car manufacturers have implemented a series of promotional programs to stimulate customer consumption. In addition to price adjustments, cash discounts, and pre-paid fee support, preferential interest rates for car installment payments are also among the tactics used by many brands.
Hyundai supports loan interest rate of 8%, amplitude of 3.6%
According to a survey by Tri Thuc – Znews, Hyundai dealerships are currently implementing installment support programs for customers who wish to place orders for cars. Mr. Thanh Liem, an employee of a Hyundai dealership in Thu Duc city, said that the store is applying interest rate support for customers who place orders during this year.
Specifically, the interest rate for the first year is 8%. From the 2nd year onward, the interest rate will fluctuate with an amplitude of 3.6% depending on the bank’s interest rate. He also said that if the market interest rate decreases in the following year, customers will still be subject to the interest rate increase.
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Hyundai Santa Fe. Photo: TC Group. |
Explaining this, Mr. Liem said that the interest rate of 8% for the first year is a preferential program implemented by the manufacturer to support customers in the economic recovery period. Therefore, the interest rate of 8% is only applied for the first 12 months.
“The interest rate of 8% is because Hyundai supports customers. Therefore, the interest rate for car loans in the following year will definitely increase. The interest rate in the following year may be lower than the amplitude of 3.6% depending on the market situation,” added Mr. Liem.
In addition, this preferential interest rate program is also applied simultaneously with other promotions depending on different dealerships.
At Hyundai branch in Thu Duc, customers can get an additional 50% reduction on pre-paid fees for some car models. Buyers under the manufacturer’s installment loan program will be able to take advantage of the program to pay 85% over 8 years, with an interest rate of 8% in the first year.
VinFast offers preferential interest rates for the first 2 years
Similar to Hyundai, Vietnamese car manufacturer, VinFast, is also implementing support programs for customers who need to borrow money to buy cars.
Specifically, according to VinFast’s announcement, customers who purchase the entire product line of the brand under installment payment method will enjoy a 5% interest rate for the first 2 years. After 2 years, the interest rate will be increased according to the bank’s amplitude, not exceeding 8%. In the last 3 years of the installment payment cycle, customers will be subject to an interest rate of 9.5%.
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VinFast VF9. Photo: VinFast. |
The maximum loan tenor is 8 years. Customers can borrow up to 70% of the total car value. This means that if a customer wishes to place an order for a VinFast VF8 eco version with a listed price of 1.290 billion VND, they will only need to pay a down payment of 387 million VND.
For customers who complete payment in cash, the domestic car manufacturer also offers many promotional programs to stimulate consumer demand. According to information from VinFast, customers who pay the full cost of their car will get an additional 4% discount on the car value after deducting other promotional expenses.
It can be seen that VinFast’s interest rate incentives are very helpful for customers choosing Vietnamese car brands.
Honda offers interest rate incentives of 5.9% for the first 6 months
The Japanese car manufacturer is also offering interest rate incentives for the entire line of its cars this year due to the volatile economic situation.
Talking to Tri Thuc – Znews, a consultant at a Honda dealership said that the current installment interest rate for customers who place orders for cars is 9.1%. However, to attract customers, Honda has reduced the interest rate for the first 6 months to 5.9%. In the next 30 months, the interest rate will be 7.9%/year. From the 4th year onwards, based on the liquidity process, the interest rate after the promotion period is 9.1%.
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Honda City. Photo: Boi Ha. |
This employee also said that this is the brand’s own program for customers in the early stages of this year, and it is expected to change depending on the company’s policies and programs. Depending on their financial conditions, buyers will be assessed and can have a total installment amount of up to 85% of the total car value.
In addition, the installment incentive program is also applied simultaneously with other cash promotions for each car model. For example, customers who place orders for Honda CR-V G or L version with VIN 2023 and have their payment files completed in March will still be eligible for a 100% pre-paid fee incentive worth from 110 million VND, depending on the place of registration.
Mercedes reduces interest rate to 7% for the first 12 months
According to Tri Thuc – Znews, Mercedes-Benz Vietnam is currently implementing an interest rate incentive program for customers who need to buy the brand’s cars in installments this year.
Specifically, when contacting a Mercedes-Benz dealership in Ho Chi Minh City with the need to buy a C200 Avantgarde under installment payment, the consultant said that in addition to the cash incentive program offered by the brand, customers who place orders will also get a preferential interest rate of 7% in the first year.
From the following year, the interest rate will increase according to the current bank’s amplitude. Depending on the mortgaged assets and appraisal results, customers will be able to extend the loan term up to 7 years on 80% of the car value.
The program will also be applied simultaneously with other cash promotions of the brand in the first months of the year. For C200 Avantgarde, customers who buy a car in March will also get an additional cash discount, a one-year physical damage insurance, and a genuine accessory package worth 40 million VND.
Good books to read on the car
Xe section presents readers with good books with various fascinating topics. On the journeys with cars, we often have moments to rest, relax, and books are interesting companions.
