Car loan interest rates at some banks in January 2023

Currently, bank interest rates are fluctuating. Therefore, when buying a car, people are still hesitant and hesitant about how much interest they need to pay if they have to borrow from the bank. In the article below, let’s update the latest car loan interest rates at some banks.

According to the most recent survey source, at domestic banks, preferential car loan interest rates in the first term are currently fluctuating between 6.5 – 9.99%/year, with terms for Maximum loan period from 5 to 10 years. Except for Woori Bank and UOB, which are two banks that have moved to increase car loan interest rates, the remaining minimum car loan interest rates at most domestic banks remain stable.

Latest car loan interest rates January 2023

In general, most banks set basic regulations when lending to buy cars such as:

– Individual customers aged 18 years or older

– Ensure sufficient ability to repay debt to the bank through proof of income

– Have assets to secure the loan in accordance with bank regulations

– No bad debt at the time of loan application

In addition, some other banks will also have certain different regulations on conditions for applying for a car loan. For example, at MSB, customers approved for loans must confirm that the car they intend to buy has a circulation time of less than 5 years; less than 9 seats; minimum market value of 200 million VND; Does not originate from China, Taiwan, or India.

Below is the latest updated table of car loan interest rates at 11 domestic banks:

No Bank Preferential interest rate for the first period (%/year) Maximum loan rate (%) Maximum loan term (year) Note
first ACB 6.5 90 7
2 Techcombank 6.7 5 Business purposes
3 Vietcombank 6.79 100 7


Woori Bank




Fixed 12 months
9.4 Fixed 24 months
9.9 Fixed 36 months
5 TPBank 7.3 80 8





Fixed 12 months
9.49 Fixed 24 months
9.99 Fixed 36 months


Shinhan Bank




Fixed 12 months
8.5 Fixed 36 months



8 80 8 Security assets are purchased cars
8.3 100 ten Guaranteed assets are documents


Viet Capital Bank



First 12 months
13.8 Month 13 onwards






first 6 months
12.4 The following months
11 MSB 8.99 90 9 Fixed 24 months

Some important knowledge to know when borrowing money from a bank to buy a car

* Learn carefully about interest rates

When choosing a bank to borrow to buy a car, one of the first factors to consider is the interest rate. Is the applicable interest rate fixed or floating?

The fixed interest rate is from the beginning to the end of the cycle, until you finish repaying the debt, the bank only applies a certain number. Meanwhile, with floating interest rates, they will fluctuate depending on the market, change and usually increase.

For example, there are banks that advertise preferential interest rates of 7 – 8%/year, but this rate is only applicable for the first 3 – 6 months. After this time, the bank will adjust the floating interest rate according to the market, which can be up to 11 – 12%/year. This adjustment is extremely significant and greatly affects the ability to repay debt if you borrow an amount of up to hundreds of millions or have tight financial conditions.

In this case, the safe choice for you is state-owned banks because they have more stable interest rates, if there is any fluctuation, it will not be too much.

You also need to be very clear-headed in cases where banks offer extremely low interest rates, but charge additional fees (which the consultant will often not make clear from the beginning or be very vague). These fees include: Credit opening fee, early repayment fee… all are calculated in %/year but will usually require the borrower to pay immediately. Therefore, when borrowing money from a bank to buy a car, you also need to carefully consider the fees to avoid them.

* Determine your car buying budget

First, you should calculate the total cost of buying a car (including car selling price, taxes, fees, usage costs…) to see if you can “afford” it or not?

Financial experts advise not to spend more than 25% of the family’s income on buying and using a car (including interest payments and monthly operating costs). In case you only pay the interest on a car loan, you should only use a maximum of 15% of the family’s total income so as not to affect other essential needs in life.

* Bank selection

Usually, sales consultants will advise us on a number of banks to ensure convenience, but that is not necessarily the option with the best incentives because they simply advise because of the commission. . It’s best to research the bank’s interest rates carefully before making a decision.

As mentioned, priority should be given to choosing state-owned banks to ensure the stability of interest rates. In addition, banks that promote promotional programs and advertise heavily on installment car loan packages should also be considered because this proves that they have strengths and have a strategy to prioritize the car loan segment. By installments, the implementation and handling of procedures will therefore be more professional and quicker.

* Loan term

You should prioritize long-term loan packages if you want to reduce debt repayment pressure. However, you also need to consider your ability to repay debt. A long loan term is not always good if you have the ability to pay it off sooner because in these cases, whether you pay early or late, you will be fined.

Most banks do not clearly state this penalty in the contract, but in fact there are places that apply an early payment penalty equal to the remaining principal amount multiplied by 2%. It is better to ask the consultant to create a detailed table of short-term and long-term loan packages so that you can compare the facts and make an appropriate decision based on your repayment ability.

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