Which bank offer car loan is best?

Which bank offer car loan is best?

Best banks for car financing

Buying a new or second-hand car, acquiring a motorcycle or making repairs to the vehicle can sometimes involve an extra expense that is difficult to plan for and, depending on the operation, a high financial outlay. Financial institutions are aware of this type of situation and, therefore, are increasingly encouraged to launch specific products for this purpose.

With the Cofidis loan you can get up to 60,000 euros to finance any project, including the purchase of your new car. The repayment period can be extended up to 120 months and there is no arrangement or study fee. With this loan you can get a TIN of 4.95%.

Before contracting a loan to finance the purchase of your new car, it is advisable to analyze the conditions of each one of them. The interest rate, commissions and linked products, among other aspects, are determining factors that will change the amount that you will have to pay back to the bank and that, therefore, will make some loans more attractive than others.

Cheapest car loan

The Younited Credit loan is the best car loan on the market, since it charges an interest rate of 1.83% NIR. However, you should bear in mind that this interest rate is the minimum that the bank will charge you, and that, depending on the risk analysis carried out by the bank, it could increase. However, it will never exceed 15.37%.

As for the rest of its features, the Younited Credit Loan does not charge any study or early repayment fees (i.e., if you decide to repay your debt, or part of it, early). However, it may charge an origination fee, although this does not apply in all cases, and will depend on factors such as your risk profile or the type of transaction to be financed. In addition, the amount of this commission will never exceed 12% of the loan amount. With this product you can borrow between 1,000 and 50,000 euros, to be repaid over a period of between six and 84 months.

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February has only brought a couple of new products to the market of the best car loans. Both have come from Oney, which has lowered the interest rate on its loans for new and used vehicles and debt reunification from 5.95% to 4.45%. In addition, the finance company now allows you to get up to 35,000 euros with its financing products (previously the ceiling was 30,000 euros).

Best car loan

The crux of the matter is to determine whether what the dealership offers is worthwhile or whether it is worthwhile to seek financing outside the dealership, asking for a loan from a bank. It is time to do the math and find out where the trick is in each case.

It is a credit with interest -usually quite high-, in which you pay an opening commission, a cancellation commission if you decide to interrupt the financing before time -watch out for this, because it is not cheap-, surcharges if you do not make the payments on time…

On the other hand, if you finance the purchase of the car with a bank you will be able to ask for the amount you need, so if you have something saved up, maybe it will be more economical. Cancellation fees are also usually cheaper.

The OCU recommends that, before choosing one or the other option, you ask for a financing project in both cases. The budget should reflect the monthly installment to be paid, the concepts included in that installment and if there is any additional amount to pay. Then calculate the total cost by multiplying the monthly payment by the number of months the loan will last and add the possible extras. If this is the case, subtract the discount you get for financing the purchase at the dealership. Then you only have to compare whether it is worthwhile to ask for the loan at the dealership or at the bank.

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La caixa car loan

The Younited Credit Loan is the best car loan on the market, since it charges an interest rate of 1.83% NIR. However, you should bear in mind that this interest is the minimum that the entity will charge you, and that, depending on the risk analysis carried out by the entity, it could increase. However, it will never exceed 15.37%.

As for the rest of its features, the Younited Credit Loan does not charge study costs or early repayment (i.e., if you decide to repay your debt, or part of it, early). However, it may charge an origination fee, although this does not apply in all cases, and will depend on factors such as your risk profile or the type of transaction to be financed. In addition, the amount of this commission will never exceed 12% of the loan amount. With this product you can borrow between 1,000 and 50,000 euros, to be repaid over a period of between six and 84 months.

February has only brought a couple of new products to the market of the best car loans. Both have come from Oney, which has lowered the interest rate on its loans for new and used vehicles and debt consolidation from 5.95% to 4.45%. In addition, the finance company now allows you to get up to 35,000 euros with its financing products (previously the ceiling was 30,000 euros).

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