[Updated 2025] Bank loan to buy a car: LATEST loan process and interest rates

1. 5 reasons to borrow from the bank to buy a car

Here are 5 reasons form Borrowing from a bank to buy a car is more popular than borrowing through an online application or through a non-bank credit institution: 

• Lower interest rates: Loans via applications often apply high interest rates to compensate for risks, while banks have large capital resources and better customer support policies.
• Flexible, long-term loan terms: The bank offers flexible loan terms, from 1 year to 7 years or more, helping you easily balance your personal finances. 
• Clear and transparent loan process: The loan process at the bank is always public with transparent terms, ensuring the borrower's rights. 
• Large loan support, suitable for buying high-value cars: Banks are often willing to support loans up to 70-80% of the car's value, suitable for you to buy high-value cars. 
• Good customer support: Banks often provide professional support services, from loan consulting to incentives such as free early repayment or periodic interest rate reductions. 

2. Car loan interest rates of banks in 2024

• Car loan interest rate: Ranging from 6.5% to 9%/year during the incentive period.
• Motorcycle loan interest rate: Ranging from 0 - 2.92%/month, depending on each policy.
• Loan policies at banks:
  • Some banks offer preferential short-term interest rates, suitable for customers who want to complete their loans early.
  • Others offer stable long-term interest rates, providing financial flexibility and stability.

This is the ideal choice for customers who want to own a car or motorbike at a reasonable cost. For more detailed information, you can refer to the article on car loan interest rates from banks HERE. 

• Note: Above is interest rate information updated in December 2024. To find out details, Quarter KCustomers please visit HERE or contact SeABank for specific advice. 

3. Instructions on the process of borrowing from a bank to buy a car 

To borrow from a bank to buy a car, follow the following process:

3.1. Consider the conditions for a bank loan to buy a car

Regular banks Provide loan packages to customers who meet the following conditions:

• Be a Vietnamese citizen, from 18 to 65 years old. 
• Have a stable income, guaranteed payment ability. 
• Be willing to contribute at least 15% of the value of the car to be purchased. 
• No bad debt in credit history.

Customers can use the car they intend to buy or an asset of equivalent value as collateral. 

3.2. Choose the appropriate form of car loan from a bank

Customers need to consider their personal financial situation, interest rate and loan term to choose the loan form that best suits their needs: 

• Installment loan via credit card: Customers use the credit card limit to pay for the car purchase in installments over a certain period of time, usually from 6 to 24 months. 
• Mortgage loan: Borrowers need to use collateral (for example, red book, pink book, or the purchased car) to borrow a larger amount. 
• Unsecured loan: This is a form of loan that does not require collateral, based on the borrower's credit reputation and income. 

3.5. Procedures for getting a bank loan to buy a car

To carry out the procedure for a bank loan to buy a car, you follow the 5 steps below sequentially:

• Step 1: Visit the bank's website.
• Step 2: Provide basic personal information including full name, phone number, current address and email. 
• Step 3: Select the type of collateral (house, land, car), confirm the support branch (if any), then click "register".
• Step 4: A consultant will contact and guide you to complete the procedures.
• Step 5: Wait for appraisal and disbursement directly to the car dealer's account. 

4. Experience with bank loans to buy cars with good interest rates 

To optimize benefits when borrowing from a bank to buy a car, financial experts from SeABank recommend:

• Buy a car at a dealer that is a partner of the bank: Some banks have cooperation programs with car dealers, offering customers many outstanding incentives. Specifically, you can get a higher loan limit and lower interest rate, and loan terms are more flexible than buying cars at unaffiliated dealers.
• Check the loan interest rate margin after the incentive: Many people only care about the initial interest rate but ignore checking the interest rate margin after the incentive. In fact, the initial interest rate is usually only fixed for the first 6-12 months, then it will be adjusted according to the regulations of the State Bank and the margin clearly stated in the contract. To reduce the pressure on long-term loan costs, choose a bank with a low interest rate margin.
• Loan term and application review time: With large value loan contracts, the approval process is often quite strict and time-consuming. This may cause you to miss the opportunity to buy the car you want. Therefore, prioritize banks that can process documents quickly, helping you receive your car promptly.
• Borrow from a reputable bank: NReputable banks will bring you many outstanding benefits such as large loan limits, competitive interest rates, flexible loan terms and good support policies. Large banks like SeABank are often the top choice, thanks to their reputation and loan packages suitable to customer needs.

5. Borrow bank buy a car SeABank - The most popular bank in Vietnam

If you are looking for the optimal financial solution to own your dream car, SeABank's SeACar loan package is the ideal choice. With preferential and flexible policies, SeABank provides a complete financial experience, helping you feel secure on the journey to realizing your dream of owning a car. 

Reasons to choose SeABank's SeACar loan package: 

• Flexible loan term: SeACar allows you to borrow with a term of up to 96 months, helping to reduce financial pressure by dividing monthly installments.
• Loan amount suitable for all needs: With a limit from 50 million VND to 1.5 billion VND, the loan package meets all financial needs, from buying popular cars to luxury cars. 
• Attractive loan rates: SeABank supports up to 75% of the car purchase value, helping you easily realize your car buying plan without mobilizing too much equity capital.
• Quick disbursement: The disbursement process at SeABank is optimized, with credit notification in just 4 hours and many flexible disbursement forms: According to the vehicle registration appointment letter, after vehicle registration, real estate mortgage procedures are completed. 

With the latest information about bank loans to buy cars in 2025, we hope you have a better understanding of the process and current interest rates. Don't forget to consider carefully to choose a suitable loan package, making car ownership easier and more economical. Contact SeABank immediately via Hotline 1900599952 or visit website sme.seabank.com.vn for more detailed advice about our SeACar packages!