Every month, the financial comparison engine Martanko presents a list of the best car loans for the purchase of a used vehicle. All liabilities under analysis amount to RWS 30,000 RWS, which must be repaid within 48 months.
Buying a car is one of the most important events in the lives of many people. This is due to the fact that, first of all, this operation involves the necessity of incurring a large financial outlay , and secondly it evokes a great deal of excitement – not every day a man becomes the owner of the dream four wheels.
Analyzing the offers of banks offering car loans
It can be immediately noticed that the number of available products is very limited. To a large extent, this is due to the fact that the formalities associated with incurring such a commitment are much greater than in the case of a traditional cash loan . In the vast majority of institutions there is an obligation to establish additional collateral (transfer of title and assignment of rights from the AC policy) on a credited vehicle.
Preparing the following list of the best car loans, the assumption was made that the interested person wants to finance the purchase of a five-year old used car worth 30,000. RWS, and the entire debt is to be repaid within 48 months.
The first place in the latest ranking of loans for the purchase of a used car was won by Santander Consumer Bank.
This liability is characterized by low nominal interest rate at 4.24% and a commission of 6.00% charged for granting the loan . An insurance premium must be added to the costs, which is 0.06% per month.
By combining all of the above-mentioned burdens and comparing them with the amount and period of the analyzed loan, the monthly loan installment is RWS 741.26. It is worth noting that the maximum age of Santander’s car loan can not be more than 16 years.Just behind the winner of the ranking came the proposal of BNP Paribas Polska. The basic cost parameters of the credit for used cars, i.e. the nominal interest rate and the commission charged for financing, amount to 7.59% and 4.00%, respectively . This translates into a monthly installment of RWS 755.69.
People interested in this solution will be pleased that BNP does not apply any restrictions when it comes to the age of the purchased car.
The podium is closed by a car loan granted by mBank, in which the monthly installment is RWS 759.77. This amount is derived from the nominal interest rate and the commission charged for granting this liability. These parameters are respectively 6.40% and 7.00% . The offer is addressed to people planning to buy a vehicle that will not be older than 13 years at the time of the last loan installment payment.
The winners of the latest car loans ranking are exactly the same as last month. This situation results from the fact that car loans are not the leading products found in banks’ offers, and hence, these entities very rarely change the price terms of these liabilities.