How does a “car” loan benefit me?
If the vehicle we want to buy does not exceed € 25,000, we must consider and take into account that the State encourages, through the PIVE 5 plan, the renewal of the country’s car park with a discount – as long as the required requirements are met – of 2,000 € in the final price.
To this we must add the possible discounts and offers that some dealers carry out with promotions on certain models. Once the money we are going to need is calculated, we are available to know and choose among the best possible car loans.
Apply for a car loan at physical branches
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There are also bank loans that are aimed exclusively at young people. Normally they have no opening or study fees. As a general rule, the minimum amount to be requested is € 5,000. They must be returned in a maximum of 10 years by means of monthly payments “without surprises”, with fixed amounts. The total amount of the vehicle price can be financed – as long as it does not exceed € 60,000 -. To qualify for these loans, it is an essential requirement to be under 30 years old. Interest is usually around 6%.
Other general loans depend on the entity that offers them. Thus, it is possible to find credits whose characteristics will be subject to other related products that must be contracted (payroll, pension plans, insurance, etc.) The maximum amounts range between € 40,000 and € 60,000 and have a repayment term of about 7 years.
The credits for the acquisition of a more attractive car are those that manage to lower the interest rate by 6%. They require study and opening commissions; but, even so, the final save is usually greater. Almost certainly, in these cases, other financial products must also be contracted. Another important concept to consider is cancellation. If the time comes, there is an urgency to cancel the loan, the expenses and binding charges can be worrisome. It is necessary to look, therefore, at those who maintain these commissions for free or at discounted amounts.
Note: There are also some higher loans. Some banks have called them Supercar Credits and allow you to obtain up to € 90,000 with longer return terms provided that the relevant requirements are met. They are usually also applicable to pre-owned cars (with a maximum of up to 12 months old) and, if the payroll is domiciled, attractive interests can be obtained (around 7%). In some of them it is even allowed to delay the payment of the first months and postpone the amount corresponding to 30% until the last monthly payment.