Quora News: Choosing a car can be a real headache, but the biggest concern is usually how to pay for it. If you need to finance the purchase of a car, new or second-hand, below we will compare the best car loans of this year.
We will take into account the interest rate offered by each bank but also their commissions and links. If, on the contrary, you are looking for a personal loan without a specific purpose, you can consult the offer in our article best personal loans.
Best loans for the purchase of a vehicle in Spain
When we want to buy a car, we usually do not have enough money that we need to pay for it at once, or we prefer to pay it in installments so as not to disburse that amount of money at once. To do this, some banks offer customers personal loans for the purchase of a vehicle, either new or second-hand. We show you some of these personal loans:
Name TIN APR C. Opening Linkages
Targobank Auto Loan 3.95% 7.85% Yes Car insurance
Santander Car Loan 6.90% 7.94% Yes Optional
BBVA online car loan 5.95% 6.93% Not Optional
Cetelem Car Loan 7.95% 8.25% Not Not
Younited Credit Personal Loan Customizable Yes Not
ING Orange Loan 11.69% 12.34% Not Optional
Kutxabank Car Loan Customizable Optional
Kutxa Labor Car Loan 6.00% 6.61% Yes Optional
Auto DB Loan 7.75% 9.49% Yes Optional
Targobank Auto Loan in Spain
The Targobank auto loan is a personal loan with an interest rate of 3.95%, as long as we contract, through the entity, the insurance of our new car.
Nominal interest rate: from 3.95% NIR (7.82% APR)
Maximum financing: € 50,000
Minimum financing: € 10,000
Maximum term: 96 months
Minimum term: 12 months
Requirements: take out car insurance for the life of the loan
Commissions: 1% opening, financed.
Banco Santander Car Loan in Spain
The Banco Santander car loan is another of the alternatives that we find. It offers us the possibility of not joining to obtain the loan, but if we want to qualify for the discounted interest rates, we must direct our payroll to the entity. Let’s see the rest of its conditions:
Nominal interest rate: 6.90% (7.94% APR)
Maximum financing: € 80,000
Minimum financing: € 5,000
Term: between 48 and 72 months
Requirement: Maintain direct debit payroll during the term of the loan. In case of not meeting this requirement, the TIN would increase 1% as of the second year.
Commissions: opening 1.50% financed.
Additional information: For vehicle purchases up to 36 months old. You can contract the Loan Protection Insurance optionally.
BBVA Online Car Loan in Spain
To contract the BBVA online car loan, you must bear in mind that you must be a client of the entity, not necessarily before applying for the loan, but it will be necessary to open a checking account in which BBVA will deposit the loan money. If you also want to direct your payroll or pension, you will get discounted interest rates:
Nominal interest rate: from 5.95% NIR (APR from 6.93%) if you domicile the payroll in the entity and for a vehicle less than 3 years old.
Maximum financing: € 75,000
Minimum financing: € 3,000
Maximum term: 96 months
Minimum term: 24 months
Requirements: the payroll or domiciled pension must be for an amount equal to or greater than € 600 per month in the case of one holder or € 1,500 in the case of two holders.
Commissions: No opening commission for new clients. Partial or total cancellation fee: 0.50% if there are less than 12 months left to pay the loan. 1% in the rest of the cases.
Cetelem Car Loan in Spain
The Car loan from Cetelem is a loan for which it is not necessary to change banks or contract any related product. The rest of the conditions of the Cetelem car loan can be seen below:
Nominal interest rate: from 7.95% NIR (8.25% APR)
Maximum financing: € 60,000
Minimum financing: € 4,000
Maximum term: 96 months
Minimum term: 12 months
Requirements: no ties
Younited Credit personal loan in Spain
Younited Credit is an entity whose purpose is to put in contact with individual savers who lend money to those who need financing. That is why, when dealing with financing between individuals (although through an intermediary platform), the TIN and APR may vary:
Nominal interest rate: customizable (customizable APR)
Maximum financing: € 50,000
Minimum financing: € 1,000
Maximum term: 84 months
Minimum term: 6 months
Commissions: average opening commission of 2%, without commissions for total or partial amortization
Additional information: 100% online loan. Without directing the payroll or contracting other products.
ING Orange Loan in Spain
The Orange loan is a loan whose purpose is the purchase of a new vehicle. The Naranja loan offers special conditions for its clients, but in the event that you do not want to change banks, the loan conditions would be the following:
Annual nominal interest rate: From 11.69% NIR (12.34% APR)
Maximum financing: € 60,000
Minimum financing: € 6,000
Maximum term: 84 months
Minimum term: 12 months
Additional information: No commissions. If you are a client you can access much more advantageous rates.
Kutxabank car loan in Spain
Kutxabank does not make public the conditions of its car loan, since it carries out a study and personalized proposal based on each profile. As with your mortgages, if you are young (under 30 years old), you will be able to access exclusive advantages.
Nominal interest rate: Customized according to the client (customizable APR)
Maximum financing: € 75,000
Maximum term: 120 months
More information: If you are under 30 years old, you can take out the Young Car Loan, with exclusive advantages.
Laboral Kutxa car loan in Spain
At Laboral Kutxa , a credit cooperative, you can access preferential financing conditions if you are a customer. The conditions of your car loan are as follows:
Nominal interest rate: 6.00% NIR (6.61% APR)
Maximum financing: € 60,000
Maximum term: 84 months
Minimum term: 12 months
Commissions: 1% opening commission. Compensation for early repayment of 1% if there is more than one year before the repayment date and 0.50% if there is less than a year left.
Auto DB Loan
The Deutsche Bank Auto DB loan is a loan that offers a free Assistance Pack that includes the collection service for the ITV, chauffeur service in case of not being able to drive yourself (due to accident or illness), a replacement vehicle, a technical office, a key duplication service and the management of traffic penalties. The characteristics of the Auto DB loan are the following:
Nominal interest rate: 7.75% NIR (from 9.49% to 10.34% APR) APR: 8’95%
Maximum financing: € 75,000
Minimum financing: € 6,000
Maximum term: 96 months
Minimum term: 24 months
Observations: From the second year onwards, a 0.50% TIN is rewarded if you take out insurance and protection of payments.
Commissions: 1.25% opening and 1% early cancellation.
Abanca 24h Auto Loan in Spain
The Auto de Abanca loan is characterized by giving us a response to our loan request in a maximum of 24 hours. The procedure is carried out 100% online and you can opt for a discounted interest rate in the event that you wish to contract a combined product (although it is not mandatory):
Nominal interest rate: 8.25% NIR (11.04% APR)
Maximum financing: Between € 60,000
Minimum financing: € 6,000
Maximum term: 96 months
Minimum term: 12 months
Observations: You can lower the TIN by up to 5.25% if you direct your payroll (of, minimum, € 600), take out life, home, or car insurance.
* Note: Sometimes, the interest rate that has been reflected here is a minimum and the final applicable interest depends on the particular characteristics of each client. That is why it is recommended to personally negotiate the conditions with each bank and request the amount and term of the loan based on your needs.
Simulate your car loan
Use our Rankia loan simulator to find out which loan best suits your profile. With this Rankia tool you will be able to consult the commissions and additional expenses that each loan has, as well as the interest rate and the monthly payment depending on the interest rate and the term that we have selected to return it.
If you are looking for financing and a list of defaulters like ASNEF closes some doors for you, you can consult for free and without obligation, with legal experts such as Woinfi Legal what options you have to get out of these lists of defaulters.
