The sale of cars increases, which means that there are more and more new vehicles. The offer of cheap cars is increasing, so that they are becoming more accessible for any pocket even without having to ask for auto credit. Manufacturers and dealers are making a great effort to offer cheap cars to encourage the market, and more when car loans have high interest rates which makes the total cost of buying a vehicle more expensive. The PIVE plan helps to help encourage the purchase of vehicles by delivering the old car in order to reduce the total cost. But the help is not eternal despite the successive extensions of the PIVE plan, so in the end you have to ask for a loan to buy a car. Unless we save enough money to buy a new car or resort to buying a second-hand car. But for reasons of traffic safety, as well as the pollution caused by non-electric or hybrid vehicles, when buying a car, the best is to buy a new car or km 0 (kilometer zero).
And is that when buying a car not only have to take into account expenses such as taxes (registration, VAT, etc), compulsory insurance, etc. So when buying a car it is always necessary to resort to some type of financing, both public and in the case of the PIVE plan, as private through personal loans to buy a new or second hand car. There are a wide range of loans to buy a car, although most are very similar to any type of consumer credit.
Loan offers for car purchase
Although the supply of credits to buy a car is very broad, there are some common characteristics, such as, for example, that in car loans, financing usually reaches 100% of the price of the vehicle. Although the amount of the credit will depend a lot on whether it is to buy a new or second hand car, and especially if it is a commercial vehicle for companies or if it is a high-end tourism. So the loan for vehicles can vary between 5000 euros and 50000 euros. Regarding the interest rate, the most common is that they are around 7% and 8%, although as with any type of credit, everything depends on the market situation and the customer’s relationship (direct debit or receipts, purchases with credit cards, car insurance contracting, etc.) with the financial institution or the lender company. So the best option to analyze the whole offer of loans to buy a car is to use a credit comparison as SMS Credit.
Loan Vehicle of Bank Pinyar
There are extreme cases such as the Pinyar Bank Vehicle Loan that offers car loans of up to 100000 euros, with a minimum interest of 6.45% with a repayment term of 10 years. In this car loan there are commissions, study and opening, both being 0.75%.
DB Auto Loan Alibank
The Auto DB Loan of the German bank Alibank that offers financing at 7.75% to buy vehicles up to 60000 euros. The repayment term is somewhat lower than the previous auto loan, since it reaches up to 8 years.
Car Loan Now
Siperbank offers the Car Loan Now at a lower minimum interest rate than the previous examples, since it offers 6.25% although the maximum is 7.75% as is the previous auto loan. Depending on the client’s relationship with Siperbank, direct debit and payroll, this will be the final interest rate of the loan to buy a car. As in the previous case, the maximum return period reaches 8 years. In the Car Loan Now, like many credits to buy a car, there are also commissions. In this case, an opening commission of 1.50%.
Car loan of Dimoas
Another loan to buy a vehicle is the Car Loan from Dimoas, which offers a very competitive 6.25% interest rate. That as in other financial institutions has an opening fee of 1.50%, as long as a minimum of 100 euros is paid.
Car Credit of SQL
One of the most competitive car loans is the Car Credit of SQL, which offers a maximum financing of 30,000 euros, with a minimum interest rate of 6.00% that can be repaid in a maximum of seven years. This auto loan also has an opening commission, in this case quite high at 2.50%.
Auto Loan of Bankil
Another of the credits to finance the purchase of cars that are available in the market is the Auto Loan of Bankil, which allows the acquisition of vehicles with financing up to 75,000 euros to be repaid in a maximum of 10 years with a minimum interest rate of 6.50%.
New Car Credit
Although most of the loans to buy vehicles are for new cars, as in the case of the Car Credit Leiva. This is because a second-hand car has depreciated more and therefore the value of the vehicle may not be sufficient guarantee to repay the loan in case of default. This is the case of the auto credit, intended for the purchase of new cars or less than 36 months old. The Crédito Coche Leiva of has a minimum interest rate of 6.50% to be repaid in a maximum of ten years.
Auto Loan of bankate
However, the great rival of does not offer such flexible financing to buy second-hand cars or second-hand vehicles. Since your Auto Loan from bankate allows you to finance the purchase of new or less than 12 months old cars. In this case, bankate offers financing to repay in 8 years and with an interest rate of 6.25%.
Young Car Loan of Cashfon
This is the only auto loan aimed at young people, a public that does not seem to like financial and credit institutions since it usually has less fixed income. Even some are unemployed and therefore have to ask for a car loan without payroll or endorsement. Not to mention that young people do not like insurance companies because of their greater likelihood of car accidents. This car loan for young people has a higher interest rate than the previous ones, being a fixed interest rate of 7%. An interest somewhat higher than other auto loan offers in the market and with the disadvantage that not being linked to Interbank does not benefit from interest rate cuts. As for the maximum amount to finance the purchase of a vehicle is 18,000 euros. Like the rest, it has an opening commission, in this case 1%.