Car loans are 100% personal, that is, they do not require a guarantee or guarantee to be obtained. Currently, in the market we find personal loans for any purpose that we can use to acquire a car or specific loans for this purpose.
Also, according to his profile, some loans for cars could require the own vehicle that he acquires as collateral for the credit.
The amount offered by this type of loans ranges between 5,000 and 60,000 euros and its cost oscillates around 8% APR, although it is possible to obtain car loans from 6%.
Its repayment period is between 12 and 120 months, depending on the amount that is requested.
Requirements to access car loans
When applying for a car loan, the entity with which you decide to work will require you to meet certain requirements that will be essential for the approval of the same; since for them it is fundamental to know with certainty that the credit will be reimbursed.
Some of the requirements with which you must comply with:
- A source of income: it is not necessary to be part of a payroll, but to have consistent income that provides insurance number to the bank that car loans can be liquidated.
- Do not be part of a list of defaulters: for being credits approved by banking entities, you must take into account that these entities rarely lend money to people with defaults.
- Being a resident of Spain: your identity card will be one of the main requirements to be requested so that the bank can assure you that it is an official citizen of Spain.
- Be of age.
If you meet all these requirements, you should have no problem for your car loans to be approved.
Places where you can get car loans
When it comes to car loans, there are several options with which you can count to apply.
Everything will depend on which of these options, best suits your financial situation.
Some of them are:
- Banking entities: from your trusted bank throughout life, to any of the other traditional banks that extend throughout the country. These car loans will allow you to obtain from 3,000 euros and up to 60,000 euros with a concession time of only 48 hours.
- Dealers: another alternative commonly used is directly with the dealer with whom we want to buy the car.
- Private equity companies: can be requested online and with a concession time of 48 hours. They are similar to those granted.