SSANCAR › FAQ › Payment Terms, Deposits and Deferred Payment for Korean Used Cars
Payment terms for buying used cars from Korea
SSANCAR's payment schedule, first-order terms, accepted payment methods, deposit and refund rules, and how deferred payment works for established dealers.
Key facts
- Typical schedule: 10% at order, 50% after SSANCAR buys the car, 40% one week before arrival — but terms differ by country, vehicle and buyer history; the pro-forma invoice is binding.
- First order: 10% deposit at contract + 90% one week before arrival.
- Payment by bank transfer (T/T) in USD or EUR to SSANCAR's corporate account at Shinhan Bank; letters of credit are rarely used.
- Documents (B/L, export certificate) are released only after 100% payment.
What are SSANCAR's payment terms for a used car from Korea?
SSANCAR's typical schedule is 10% / 50% / 40%: a 10% deposit when you order, 50% after SSANCAR has bought the car from the dealer or auction, and 40% one week before the vessel arrives at your port. On a EUR 15,000 car that is EUR 1,500, EUR 7,500 and EUR 6,000. Exact terms vary by destination country, vehicle type and the buyer's trading history — Balkan dealers, EU dealers and first-time buyers are quoted differently — so the schedule printed on your pro-forma invoice is the one that applies. Bill of lading and original documents are released only after full payment.
Are SSANCAR's payment terms the same for every country and every buyer?
No. Payment terms are set per country, per vehicle and per buyer. A first-time buyer in Poland may be offered 10% + 90% before arrival; an established dealer in Albania with 20 cars of history may pay 50% before shipment and 50% before arrival; a high-value Genesis or EV may require a larger deposit because resale risk is higher. Deferred payment is possible only after a credit review. Always read the schedule on the pro-forma invoice rather than assuming a standard.
What are the payment terms for a first order with SSANCAR?
For a first order, SSANCAR's First Deal program asks only 10% at contract and 90% one week before the car arrives at your port. The buyer must be a registered company or sole trader (EU VAT number, Polish KRS/CEIDG or equivalent), sign a purchase contract and verify the signatory by ID or video call. Approval takes a few days. From the second order, the standard 10% / 50% / 40% schedule applies.
Does SSANCAR offer deferred payment or credit terms?
Yes, for established dealers with a payment record, and the terms are agreed case by case. A typical arrangement is at least 60% before shipment with the balance due within 20 days after the vessel arrives at the destination port, but the split depends on the country, the car and the buyer's history. Deferred terms are available only to registered businesses with a verifiable trading record and exclude buyers in sanctioned countries. Ask your sales manager for a credit review.
How can I pay SSANCAR — bank transfer, letter of credit or PayPal?
Payment is by international bank transfer (SWIFT/T/T) in USD or EUR to SSANCAR's corporate account at Shinhan Bank, Korea (SWIFT SHBKKRSE), with the invoice number as reference. Letters of credit are accepted but rarely used because bank fees of 1-2% exceed the benefit on single cars. PayPal, Western Union, cryptocurrency and cash are not accepted. Bank charges on the sender's side are paid by the buyer; SSANCAR never asks for payment to a personal account.
Is my deposit refundable if I cancel a Korean used-car order?
The 10% deposit is refundable only if SSANCAR has not yet bought the car. Once the car is purchased from the dealer or won at auction, cancellation is treated as a resale: SSANCAR deducts the actual loss (price difference, yard storage at roughly USD 4-7 per day and any de-registration costs) from the deposit and refunds the rest. If a car fails SSANCAR's pre-purchase inspection, the deposit is fully refunded or moved to another car at your choice.
In which currency are Korean used cars priced and invoiced?
Cars are bought in Korean won (KRW) and invoiced in USD or EUR at the Korean bank's telegraphic transfer buying rate on the invoice date. ssancar.com shows KRW, USD and EUR prices for reference. Because the KRW price is fixed at purchase, the USD/EUR amount on the final invoice can differ by 1-2% from the website figure if exchange rates move between quote and payment.
Does SSANCAR release the Bill of Lading before full payment?
No. The original Bill of Lading, export certificate and de-registration certificate are released only after 100% of the invoice is received, normally one week before arrival. For buyers on deferred terms, the B/L is released at shipment and the balance falls due within the agreed 20 days after port arrival. Telex release is used for most European ports so that no paper B/L has to travel.
What happens if I pay late for a car that is already shipped?
If the balance is not paid before the ship arrives, the car waits at the port and demurrage or storage starts after the free period — typically 4-5 free days for containers at German and Belgian ports, then EUR 110-300 per container per day (Hapag-Lloyd Germany 2025) or EUR 10-41 per car per day for RoRo at Zeebrugge. These costs are passed to the buyer. After 30 days SSANCAR may re-sell the car and deduct losses from payments received.
Can I pay a Korean exporter 100% upfront to get a discount?
You can, but it is not recommended and SSANCAR does not price cars lower for full prepayment. The safest structure in Korean used-car trade is a 10-30% deposit with the balance paid against proof that the car is bought, inspected and booked on a vessel. Full prepayment to an unknown exporter, especially to a personal account or via Western Union, is the most common pattern in Korean used-car scams.
Who pays bank charges and currency conversion fees?
The buyer pays the sending bank's charges and any intermediary bank fees; SSANCAR pays its own receiving bank fee. Shortfalls of USD 20-50 caused by intermediary deductions are added to the next invoice. Paying in EUR from a EUR account avoids a second conversion; paying in USD is slightly cheaper in Korea because USD liquidity is higher.