Car loans were created by banks, as the name implies, to finance the purchase of a car exclusively, although this type of loans in some cases are granted to finance other types of vehicles, such as a motorcycle.
Like any personal loan, when you are going to request a loan to buy your car, you must take into account that the bank or financial entity is going to analyze your economic situation , to know if you are a reliable client or not.
In the market we will find different financial offers and we will also realize that the best offers are found through the internet, because in this way the entity saves money in expenses. It should be noted that if you are already a client of an entity and you have your salary registered with them, you can access the best conditions in terms of interest.
Below, some of the best car loans out there in terms of conditions and interest rates.
There are many personal loans in the market that are used to finance the purchase of a vehicle and also offer affordable interest rates, although many of these are associated with the contracting of several products that may be mandatory or not. We must be aware of the different types of loans and their attached products and interests.
Caja Granada has a loan in the market called Auto Bonded Loan, it requires the purchase of car insurance with a Euribor interest rate of plus 2%. We can request this loan for our vehicle through the internet or by approaching the branches that this entity has and request financing. With the Caja Granada we will have a maximum financing of 36,000 euros that we can pay in agreed and negotiable installments.
Bilbao Bizcaia Kutxa offers a loan for our future car with an interest rate of 5, 89% and does not require the hiring of any additional associated product. It offers us a maximum financing of 60,000 euros and we can request it at the company’s branches. This entity allows us to postpone the payment of 25% of capital in our last installment with which, we can afford the value of the sale of the vehicle with a very affordable monthly fee. For example, for an amount of 10,000 euros for a term of 5 years, the monthly fee for this loan would be 193 euros.
A website that offers the market several loans, one of them is only for financing our choche and we can apply to the name of Auto Loan for an interest rate of 6.9% in the first year and the rest of Euribor with more 4.9%. This financial blog offers us a maximum financing of 50,000 euros with a minimum opening cost of 100 euros and requires the direct debit of our payroll, two receipts and the payment protection insurance contract.
As far as we can perceive, the offer of loans to buy a vehicle is extremely varied and wide so we must be aware of all the offers of the market and then decide on the one that suits us best.
If we realize, the offer in terms of credits to buy a car is quite broad and from here we recommend our readers, not to be carried away by the first offer they receive.
Make the decision to buy your car with a money that you give is not silly, because for a few years you will be with a responsibility to the entity that grants it, so it is important that you review certain issues well. Not only guide you by the interest rate, but also by the different conditions offered by each entity .
At the same time, it will be necessary to see what requirements you request in each of them, in order to analyze our particular situation.