Azerbaijan, Baku, Dec. 22 / Trend N.Ismayilova /
The terms of the car loans softened in Azerbaijan, the Azerbaijani representatives of the leading car manufacturers said. Car dealerships continue to increase the number of partner banks, due to which the interest rates on loans for buying a car have become more flexible and credit products for clients have been considerably expanded.
The BMW sales center said it sells cars on credit through the BTB Bank with an initial payment of 30 percent under 15 percent annual rate for a year and 17 percent for three years.
KIA sales center sells cars on credit through Unibank and Bank of Baku under the following conditions: an initial payment of 20 percent, with a loan term of five years, the annual interest rate - 19 percent, and for three years - 18 percent. The center also cooperates with Bank of Azerbaijan, which provides loans for a year with an initial payment of 25 percent under 17 percent interest rate.
Mazda sales center said it co-operates with Bank Respublika and Demir Bank, and buying a car on credit is possible with an initial payment of 20 percent at an annual rate of 20 percent for five years. When buying on credit from two-to five years, annual rate varies between 16-20 percent.
Hyundai sells cars on credit through the Bank of Baku and Unibank with an initial payment of 20 percent under 15 percent annually. Credit is valid for three years. Previously, the minimum annual percentage rate was 20 percent.
Nissan and Ford sell cars on credit through the NBC Bank on the following conditions: if the loan is provided for a period of 40 months, initial payment makes up 17 percent with annual interest rate of 19 percent and an initial payment of 50 percent - 17 percent. Earlier, if the loan is provided for a period of five years, initial payment made up 20 percent with annual interest rate of 19 percent and an initial payment of 50 percent - 18 percent.