Turkey Automotive Loan Market is Dominated by Banks During the Forecast Period
The
expansion of auto loans for electric and hybrid vehicles, rising car prices,
and increasing private vehicle sales are the leading factors driving the Turkey
automotive loan market during the projected period.
According to TechSci Research report, “Turkey Automotive Loan Market– By Region, Competition
Forecast & Opportunities, 2018-2028F,” the Turkey automotive loan market is
anticipated to expand more quickly throughout the projected period. Due to the
favorable benefits, it has on production and exports, the automotive industry
has a substantial impact on the Turkish economy and the employment and tax
revenues it generates through sales and after-sales dealers. A significant
portion of the importance of the automotive industry is attributed to banks and
other financial organizations that serve as intermediaries in the lending of
automotive, which is driving the automotive loan market in Turkey during the
forecast years.
Several financial institutions offer
automotive loans, which aid in the purchase of a vehicle. Typically, the lender
lends the money, and the borrower must pay it back in equal monthly installments
(EMIs) over a predetermined period at a fixed interest rate. Based on vehicle
type, there is a segment of two-wheeler loans that helps an individual to buy a
motorcycle and scooter. Hatchbacks, sedans, SUVs, and MPVs are all types of
passenger cars. A person obtains a loan to buy passenger cars. A vehicle for
business or commercial purposes can be purchased with the help of a commercial
car loan. Light, medium, and heavy commercial vehicles are all classified as
commercial vehicles. These vehicles are typically bought for business or
industrial use, and the loans for commercial vehicles are used to pay for the
purchase. The car loan is also typically offered by banks, NBFCs (non-banking
financial services), OEM (original equipment manufacturer), and others (fintech
businesses) over a certain length and interest rate.
According to the Hürriyet News 2022,
with the help of good maturity and interest possibilities, which were started
under the direction of public banks and supplied by the banking sector, the
growth in vehicle loans reached USD588.62 million in 9 months of 2020.
It was reported that Honda, Hyundai,
Fiat, Ford, Renault, and Toyota companies increased their prices despite the
statements made in the joint statement from Ziraat Bank, Halkbank, and
Vakfbank, and it was announced that these companies were excluded from the
scope of the loan package.
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Turkey's auto loan market is segmented based on the vehicle type, provider
type, percentage of amount sanctioned, tenure and region.
Depending on the type of
vehicle, the market is segmented into two-wheelers, passenger cars, and
commercial vehicles. Passenger automobiles have a substantial percentage during
the projection period, followed by commercial vehicles.
The market is segmented
into banks, NBFCs (non-banking financial services), OEM (original equipment
manufacturers), and others (fintech companies) based on the type of provider, among
which banks account for a considerable share.
Furthermore, less than
25%, 25-50%, 51-75%, and more than 75% are segments divided based on percentage
of the amount sanctioned. Less than 3 years, 3-5 years, and more than 5 years
are the segments based on tenure.
Key market players in the Turkey automotive loan market include:
- Garanti Bankası A.Ş.
- Kuveyt Türk Participation Bank
- Ziraat Bankası A.Ş.
- Türkiye Halk Bankası A.Ş.
- Akbank T.A.Ş.
- Albaraka Türk Katılım Bankası A.Ş.
- QNB Finansbank A.Ş.
- Yapı ve Kredi Bankası A.Ş.
- TEB Finansman A.Ş. (TEB Cetelem)
- Anadolubank A.Ş.
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“Due to the regular use of commercial vehicles by both businesses and private
citizens, there is an increasing need for commercial vehicle loans. However, buying a car requires a major
investment, and those with the lowest salaries must find the money for this
expense from their budget. Throughout
the predicted years is the potential benefits of taking out an auto loan to
purchase a vehicle in particular situations is one factor boosting the Turkish
automotive loan industry.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Turkey Automotive Loan Market, By Vehicle
Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type ((Banks,
NBFCs (Non-Banking Financial Services), OEM (Original Equipment Manufacturer),
Others (Fintech Companies)), By Percentage of Amount Sanctioned
(Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure (Less than 3 Years,
3-5 Years, More than 5 Years), By Region, Competition Forecast &
Opportunities, 2018-2028F,”
has evaluated the future growth potential of automotive loan market in e Turkey and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges, and opportunities present in
the Turkey automotive loan market.
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