KakaoBank Launches Used Car Purchase Loans... "Entry into Auto Finance"

Loan Limit 40 Million KRW, Minimum Interest Rate 5.49%

KakaoBank is launching a used car purchase loan and officially entering the automobile finance market.

On the 24th, KakaoBank announced the launch of the 'KakaoBank Used Car Purchase Loan' product. Customers can check the estimated interest rate and loan limit using only the vehicle number, and only need to submit the automobile sales contract, enhancing convenience. Unlike traditional bank automobile loans, applications and loan execution are also possible on weekday evenings and weekends.

The eligible vehicle types for the loan are passenger cars, vans, and cargo vehicles (under 2.5 tons), and loans are only available for vehicles owned directly by used car dealerships for sale.

The loan limit is up to 40 million KRW within the vehicle price, with an interest rate starting at 5.49% as of this date. The loan term is up to 5 years. Early repayment penalties are fully waived.

A KakaoBank representative said, "Starting with the used car purchase loan, we will expand our lineup by launching new car purchase loans," adding, "We plan to expand into a financial lifestyle platform by introducing automobile loan and insurance comparison services in the future."

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