BANGKOK, Thailand – TTB Drive expects demand for car loans to rise by 30–40% in the final quarter of 2026 compared with the third quarter, as buyers move to purchase electric vehicles (EVs) ahead of a planned increase in import tax from January 1, 2027. Chatcharit Tangthakerngkiat, head of TTB’s auto lending business, said the expected increase would be higher than the usual 20% fourth-quarter growth associated with the annual Motor Expo. The bank expects total new auto lending for the year to reach around 70 billion baht.
The government’s planned increase in import tax on new EVs to 35% is expected to encourage consumers to bring forward their purchases. TTB Drive said it was ready to support customers seeking vehicle financing and was already among the leading lenders in the EV segment.
Thailand’s automotive market is undergoing a significant transition from internal combustion engine (ICE) vehicles towards electrified models. TTB Drive data show that the combined share of registrations for hybrid (HEV), plug-in hybrid (PHEV) and battery electric vehicles (BEV) is projected to rise from 6% in 2021 to 61% in 2026, while the share of conventional combustion-engine vehicles is expected to fall from 94% to 39%.
Chatcharit expects total vehicle sales in Thailand to reach between 670,000 and 700,000 units in 2026, representing growth of around 13% from the previous year. Electric and alternative-energy vehicles are expected to be the strongest-performing segments. By the third quarter, EV financing across the market had grown 99%, while hybrid vehicle financing increased 20%. In contrast, financing for conventional passenger cars declined 17% and pickup trucks fell 5%.
TTB Drive reported that its new hire-purchase lending for passenger EVs grew 133% during the first nine months of 2026 compared with the same period last year. EVs accounted for 44% of its total new passenger-car loan approvals, with growth exceeding the overall market.
Looking ahead, Chatcharit said 2027 would bring another major challenge as a growing number of EVs reach three years of age and enter the second-hand market. An estimated 279,000 EVs will be at least three years old next year, with between 10,000 and 25,000 expected to enter the used-car market. This could mean around 2,000 vehicles a month, with an estimated value of approximately 1 billion baht. TTB Drive is also monitoring a proposed scheme to exchange old vehicles for new pickup trucks, involving a target of 150,000 vehicles, but said it was waiting for the government to announce the details.
