Used cars purchased with instalments is in high demand

People’s demand for used cars purchased on an instalment plan is gradually increasing, according to Myanmar Automobile Manufacturer and Distributor Association.

Industry experts said that those purchasing used cars make up 70 to 80 per cent of the market.

But some interested buyers said the high interest rates have hindered them from purchasing.

Industry players thus called for an improvement in banking services in order to promote instalment payments in the country. More than 70 per cent of the purchase can be paid with installments.

Showrooms are cooperating with eleven banks for the convenience of the customers, but each bank has different services and interest rates.

According to the criteria for instalment purchase, customers need to pay 30 per cent down payment, plus the bank’s interest, service charges as well as insurance.

According to the industry experts, the period of instalment payments covers at least 5 years for a brand new cars, with 1 to 2 years for a used cars.

Source: Global New Light of Myanmar

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