"Car Loans, Switch to K-Bank"

100% Non-Face-to-Face Auto Loan Refinancing Product Launch
Loan Execution Without Separate Document Submission Such as Vehicle Registration Certificate or Loan Payoff Certificate
Lowest Interest Rate of 4.75% for New Car Refinancing
More Than 1% Point Lower Than the Average Lowest Interest Rate of Secondary Financial Institutions

K Bank has become the first internet bank to start offering auto loans. On the 4th, K Bank announced the launch of a "car loan refinancing" product that allows customers to refinance auto loans obtained from secondary financial institutions.

The car loan refinancing product is the first 100% non-face-to-face auto loan refinancing product introduced by an internet bank. Customers can transfer the full amount of loans taken out for purchasing new or used cars from credit card companies and capital companies to K Bank.

In particular, loan execution is conveniently possible non-face-to-face through the K Bank app without submitting separate documents such as the vehicle registration certificate or loan payoff certificate.

The interest rate competitiveness has also been strengthened. The lowest interest rate is 4.75% per annum (based on new car refinancing) as of this day, which is more than 1 percentage point lower than the lowest interest rates in the secondary financial sector. According to the Credit Finance Association's public information portal on the same day, when checking the installment plan for a new Hyundai Grandeur (with a 10% cash purchase ratio and a loan period of 12 months), the average lowest interest rate for card and capital company products is around 6.1% per annum.

Also, while the highest interest rates for auto installments in the secondary financial sector are usually double-digit, the highest interest rate for K Bank's car loan refinancing is 9.75% per annum, demonstrating strong interest rate competitiveness.

The loan period is guaranteed up to 10 years (based on new car installment refinancing) to reduce the customer's monthly payment burden. Considering that the maximum installment period for auto loans from credit card and capital companies is 5 years, refinancing with K Bank can minimize monthly payments.

Furthermore, refinancing auto loans from secondary financial institutions to K Bank, a primary financial institution, can also improve credit scores. The loan limit is KRW 80 million for new cars and KRW 50 million for used cars. If the existing loans from credit card companies and capital companies have prepayment penalties, the entire loan amount including these fees can be refinanced.

Starting with the launch of the auto loan refinancing product on this day, K Bank plans to expand to purchase funds within the year. Additionally, based on the MOU signed with Deutsche Automobil Group in May, a one-stop service that enables everything from used car search to auto loan execution for purchase will be launched this year.

A K Bank official said, "By launching the first auto loan product among internet banks, we have expanded financial non-face-to-face innovation to auto finance. Refinancing conveniently without cumbersome document submission allows customers to reduce principal and interest burdens with low interest rates and generous loan periods, while also improving their credit scores."

This content was produced with the assistance of AI translation services.