A new era in automobile sales… Many dealers use this method: Car with 12 installments on credit card – Last Minute Economy News

When banks increased loan interest rates and caused a cash shortage in the market, consumers increased their use of credit cards. Not just shopping; It was observed that the rate of credit card usage increased in purchases such as automobiles, housing and land.

From Türkiye newspaper Kaan ZenginliAccording to the news of , the phrases ’12 months installment for credit card’ in real estate and automobile sales advertisements have started to attract attention recently. The shift of trade to credit cards subsequently brought record card usage.

The total amount of payments made via card payments in Turkey in February increased by 152 percent compared to the same period last year and reached 1.01 trillion lira. Consumers’ demand for credit card limit increases from banks has also reached its peak.

IT CAN WITHDRAW UP TO 500 THOUSAND LIRAS

It is stated that the highest use of credit cards in trade is in automobile purchases and sales. A citizen who works as a gallery owner in Bağcılar said, “If our customer takes out a loan to buy a car today, he will pay 4 to 5.5 percent interest. Moreover, it is difficult to find a loan, banks do not give it. However, it is possible to withdraw up to 500 thousand liras with a credit card.

Up to 300 thousand liras can be paid with zero interest for 3 months, and withdrawals over 300 thousand liras can be paid with a 3 percent interest rate. Many customers increase their credit card limits because they cannot find a loan. Since the limits on company credit cards are much higher, we can also pay for the entire vehicle with a credit card. “The use of credit cards in car purchases has increased significantly,” he said.

CREDIT CARDS ARE ALSO USED IN PURCHASING A HOUSE OR LAND

Another citizen who is engaged in the real estate business said, “Loans are used for house purchases worth 1 to 3 million liras. Three years ago, buyers could use loans for up to 70-80 percent of their housing purchases. Now they cannot even get a loan of 500 thousand liras. Moreover, interest rates are also very high. For this reason, those who have a certain amount of savings buy a house or land, while the remaining part is withdrawn from their credit card. Businesses like us act as intermediaries. It is not possible to do this in houses worth 8-10 million lira. Cards are used in affordable homes. “In order for the markets to move, banks must respond to loan demands,” he said.