All banks and savings banks and online financial institutions have among their products a special Credit dedicated to the purchase of a car, differentiating whether it is a new car or a used car. The Car Credit is considered as a Payday loan or Customer loan since there are no additional guarantees as with mortgage loans where the apartment or house is left as a mortgage.
However, it is also common if the car loan is requested in the financial vehicle brand that require a reservation of ownership over the car. That is to say, when signing the Loan contract, it authorizes the financial company to put a note in informative traffic of the outstanding debt.
In the future, when you want to sell the car, you will need the financier to lift the entry or Reservation of domain since without such a procedure you cannot sell or export the vehicle of the country.
Car Credit Calculator
In the following car loan simulator, you can know how much you will pay each month for the letter of the credit and allows you to make various assumptions of amounts, terms to pay back and the interest you can negotiate with the bank.
The calculator is very simple. Do all the tests you need. Simply enter the amount the car costs or the amount you need if you already have money saved for an entry, then enter the term in years to return the money plus interest. The maximum term allowed by banks for car loans is usually 10 years although the most common are loans between 6 and 8 years.
And finally enter the interest rate negotiated with the bank or estimate you will be charged. IMPORTANT. if you enter decimals, the separator must do it with a period and not with a comma. That is, for example, it is an interest of 6.50%. Enter like this: 6.50.
The interest rate to finance the car can be Fixed Interest : In other words, it will always pay the same fee and say that it is the most normal in loans for the purchase of vehicles and Variable interest rate: In this case every year or every 6 months, I would change the fee to be paid depending on how the Euribor was at all times and always adding the differential agreed with the bank. A normal differential in these cases can be 3 points.
Following the comparison chart, you can make your own calculations of what you would pay in installment with the Online Loan simulator.
Car loan in Bankia, SAJA, El Soacha and Bankate
As we have indicated, all banks have a specific product for the purchase of a car although they distinguish the financing between the new car and the used or used car. To finance the purchase of a new car, banks usually grant a longer term to return the money and better interest rates. However, for the purchase of a used car, the repayment term is shorter and the interest rate is more expensive.
The car loan of El Soacha Amount: Up to € 60,000.00 – (there may be exceptions of greater amount) Repayment term Up to 8 years or 96 months Flexible: You can pay in monthly installments and leave a fee at the end of 30% of the loan.
The SAJA Car Loan allows us to get up to € 75,000 to be repaid in a maximum of 10 years to finance the purchase of a new or used car. The interest of this product may vary depending on the purpose and the linkage: if we hire you to finance the purchase of a new car, through the Internet and we have the payroll or domiciliary pension of at least € 1,000 per month (€ 1,500 in case of two or more holders), the interest will be 5.70% TIN (from 6.39% APR).
The Car Credit of Bankate allows us to get up to € 90,000 to be repaid in a maximum term of 8 years.
You can find the best information on Payday loans and all types of Credits and Loans on the Bank of Spain website itself in its bank user portal