Car Finance Slows Down

Dealers are reporting that it has now become much more difficult for prospective buyers to get finance to purchase cars. Banks and finance companies have also been taking longer to process car loans. Compared to a few weeks ago where you could finance your car within a couple of days, it now takes up to 14 days and very often results in a refusal to fund the purchase.

This is having a negative effect on car sales with buyers being forced to postpone their purchases.

Interest rates are also at a high for a three-year loan, even after the discount or payout is factored in, making car finance a more expensive and difficult proposition for buyers. Some dealers report that even after loan applications have been cleared, the bank or finance company are delaying to make the payment since some of them are currently experiencing a sort of cash crunch.

The hope is that before the upcoming 30th Bangkok Motorshow, with the launch of many new car models, the car finance would be easier to obtain.