Which bank has the lowest car loan interest rate?
Currently, home and car financing services from banks are becoming increasingly popular. Each bank applies different interest rates for home and car loans, so readers need to pay attention to make the most suitable decision. As we enter 2018, banks have collectively altered their lending rates: for home loans, renovations, car loans, etc. To ascertain which bank offers the lowest car loan interest rate, please refer to the consolidated table below.
A. Car Loan Interest Rate Table at Various Banks
Car Loan Interest Rate Table at Various Banks
According to the car loan interest rate table at various banks, PVcombank, Lienvietpostbank, Eximbank, and ACB offer the lowest car loan interest rates for loans over 12 months, with an interest rate of 7.5% per annum.
B. Specific Car Loan Interest Rates of Some Banks
1. BIDV's Car Loan Interest Rate
With over 60 years of operation, a professional staff, strong financial resources, and diversified business sectors such as insurance, banking, securities, financial investment... and a nationwide network, BIDV has become a destination for many individuals and businesses in need of loans, savings deposits...
* Loan Packages: (Unit:% per annum)
- Package 1: 7.3% interest rate for the first 6 months.
- Package 2: 7.8% interest rate for the first 12 months.
- Package 3: 8.3% interest rate for the first 18 months.
* Maximum loan amount: Up to 100% of the intended purchase value.
* Maximum Loan Duration: 7 years.
* Early Loan Repayment: Available
* Loan Eligibility Conditions:
- Individuals or households must be Vietnamese citizens, or foreign individuals.
- Have collateral as per BIDV regulations.
- Stable income, capable of repaying the loan.
- Working or residing near a BIDV lending branch or neighboring area.
* Loan Procedures:
- Identification card/passport/residence permit, household registration book/temporary residence book.
- Loan application form from BIDV bank
- Documents related to car purchase, such as invoices, purchase contracts ...
- Income proof documents such as salary slips, labor contracts ...
- Documents related to collateral assets.
Helpline: 1900.9247
2. Techcombank Car Loan Interest Rate
With over 25 years of operation and development, Techcombank has established itself as a leading bank in our country. At Techcombank, you can easily access various services such as: bank loans, VISA card issuance, car loans, home loans, corporate credit, electronic banking ...
Car Loan Packages:
- Package 1: 6.49% interest rate for the first 3 months.
- Package 2: 7.49% interest rate for the first 6 months.
- Package 3: 8.99% interest rate for the first 12 months.
* Maximum Loan Amount: 80% of the asset value.
* Loan Term: 7 years.
* Early Loan Repayment: Available
* Loan Eligibility Conditions:
- Customers aged between 22 and 60 years old, or not exceeding 65 years old at the time of loan settlement.
- For used cars, they must not exceed 3 years of operation.
- Capability of debt repayment
* Loan Procedures:
- Personal identification documents such as ID card/passport/residence permit and household registration book/temporary residence book.
- Documentation proving income such as salary slips, most recent labor contracts...
- Vehicle purchase contract, deposit receipt
- Loan request form accompanied by repayment plan
- Documents related to collateral assets
* Helpline: 1800.588.822 (For individuals); 024.3944.8858 (For businesses)
3. Car Loan Interest Rate at PVcomBank
PVcombank is also one of the reputable banks in Vietnam, increasingly affirming its position in the market and in the hearts of customers. PVcomBank's current products include installment savings account, guarantees, savings deposits, money transfer services, home loans, car loans...
* Loan Levels: 7.5% interest rate applicable for the first 12 months.
* Maximum Loan Amount: Up to 80% of the asset value.
* Maximum Loan Term: 5 years
* Early Loan Repayment: Available
* Loan Application Procedures:
- Loan request documents and the loan application method from PVcombank.
- Identification card/passport/residence permit, household registration book/temporary residence book.
- Salary slips, labor contracts.
- Documents regarding collateral assets.
4. Car Loan Interest Rates at TPbank
Established by strong shareholders in the Vietnamese market, including FPT Technology Corporation, DOJI Precious Metals Group, TPBank is recognized for its strength in the technology sector. Currently, besides services like home loans and savings deposits, TPBank also offers car loan services.
* Loan Packages:
- Package 1: Interest rate of 6.8% applicable for the first 3 months.
- Package 2: Interest rate of 7.2% applicable for the first 12 months.
- Package 3: Interest rate of 7.9% applicable for the first 18 months.
* Maximum Loan Amount: Up to 90% of the value for new cars, 75% of the value for used cars.
* Loan Term: 7 years
* Early Repayment: No
* Loan Application Procedure:
- Deposit documents, loan request form as per TPBank's template ...
- Passport/ID card, household registration book, single certificate/marriage certificate.
- Employment contract, salary statement ...
5. VPBank Auto Loan Interest Rate
Established in 1993, VPBank has made significant breakthroughs and is recognized as one of the top 5 joint-stock commercial banks and top 3 retail joint-stock commercial banks in Vietnam.
* Loan Options:
- Package 1: Interest rate of 6.9% for the first 3 months.
- Package 2: Interest rate of 7.9% for the first 6 months.
- Package 3: Interest rate of 9.4% for the first 12 months.
* Maximum Loan Amount: Up to 5 billion VND.
* Maximum Loan Term: 96 months.
* Early Repayment:
* Loan Conditions:
- Must be a Vietnamese citizen, or a Vietnamese with a foreign spouse.
- Customers aged between 18 and 75 at the loan maturity date.
- Minimum income of 4.5 million VND per month.
- Clean borrowing history.
- Collateral: Can be real estate or purchased assets.
* Loan application procedure:
- VPBank's loan application form.
- ID card/identity card/passport, household registration book/temporary residence book.
- Income declaration form.
- Purchase agreement for the vehicle.
Here, we have updated and compiled the car loan interest rates at various banks in 2018 to provide readers with the most comprehensive and useful information to decide on the best bank for car financing.
Most banks in Vietnam offer car loan services, but this article does not cover all bank interest rates. If you are interested in the car loan interest rates at any specific bank, please leave a comment below this article, and we will promptly respond with the bank's interest rates.