3 Things to Look Out for When Taking Out a Car Loan

The banks are firmly cutting the rates for car loans. Although one loan is not the other. You must pay attention to this.

1. Loan amount

1. Loan amount

Anyone taking out a car loan with the bank may not be staring at the rates that they offer. For example, various conditions can be attached to a loan. At one bank, for example, you can borrow up to 100,000 euros, while the other bank wants to grant you a maximum of 50,000 euros. Such ceilings can be played by car enthusiasts who want a somewhat more luxurious car.

For example, anyone who wants to borrow 65,000 euros for the purchase of such a showpiece is not at the right place at Beobank, among others. That bank recently came in the news with an interest rate of 0.89 percent, the lowest on the market. Bank is not prepared to lend more than 50,000 euros. The minimum amount also varies from bank to bank. Some banks already grant a car loan from 2,500 euros, while others only provide a loan from 5,000 euros or higher.

2. Second-hand cars

2. Second-hand cars

During the motor show, most drivers opt for a brand new car, but you can also take out a loan for a second-hand car. The rates for a second-hand car are usually higher if the car is older than two years. Although the majority of banks only raise rates if the car has been on the counter for at least three years. Where you can take out a loan for a new car that falls below the symbolic limit of 1 percent, you can easily pay 3 percent or more for a used car of three years. Whoever wants to buy a car of at least three years is the cheapest off. You pay 3.62 percent for such a car there.

For younger vehicles, the banks are generally prepared to charge the same rate as for a new car. Although the conditions may differ from bank to bank. Some banks already raise interest rates if the second-hand car is older than two years. For example, Crelan applies the same rates for a two-year car as for a three-year old car. Record Bank, on the other hand, uses the same rate for a second-hand car under three years old as for a new car: 1.39 percent.

3. Green cars

3. Green cars

In addition, the banks come up with special offers for those interested in a green car. For example, anyone who takes out a green car loan with the market leader pays 1.5 percent interest. Whoever does that for a normal car pays 1.6 percent interest. Some banks also give a discount of 10 basis points if you take out a loan for an ecological car.

Anyone applying for a loan online can enjoy a discount at a number of banks. For example, the Belfius gives a discount of 20 basis points to those who take out a loan online. Whoever visits a bank branch pays 1.7 percent interest. Anyone who arranges everything online will pay 1.5 percent interest. On our site you can compare all car loans.


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