When we seek to finance a car, we always want the cost of this financing to be as low as possible. To help you achieve this, at HelpMyCash.com we create a weekly ranking with the cheapest car loans in the market, whether from banks or private equity financial entities.
Reasons to hire a car loan this year
The Spanish automobile fleet is, according to the latest published data, one of the oldest in Spain. In our country, the average age of vehicles is around 12 years, which significantly increases the chances of suffering breakdowns and even accidents. Fortunately, the economic situation in our country has improved, so many families can already afford to replace their old car with a new or second-hand car.
However, buying a vehicle is an expensive operation, so in most cases, it is necessary to request a car loan from a financial institution. The market for loans to finance the purchase of automobiles is highly competitive, since demand is growing a lot during the last months. For this reason, it is possible to find car loans with interest well below the average. Next, we will see which are the best credits to finance the purchase of vehicles and we will give the keys to obtain the best financing at the best price.
The cheapest loans to finance your car
As we have said, banks offer car loans with an increasingly lower interest rate. In addition, some entities will allow us to obtain the financing we need to buy a new or second-hand vehicle without having to change banks or contract related products. These are the best credits that we will find if we want to finance the acquisition of our new car, either first-hand or second-hand:
As we can see, in this ranking there are both credits exclusively to buy a vehicle and personal loans for any purpose. All of them will allow us to finance 100% of the purchase of our new car and we will be able to obtain them without having to contract any type of linked insurance.
Plan VEA 2018: save on your eco-car loan
The government of Spain has been implementing a series of aid for the purchase of electric and hybrid vehicles. With these grants, the aim is to promote the sale of ecological vehicles. In the summer of 2017, the money allocated for these aids ran out in 24 hours. It was such a success that they had to recreate new help that same year. These were the MOVEA and MOVALT Plans with which an electric car could have a discount of up to 7,000 euros in its price. For this 2018 is expected to repeat these same aids. We know that your name will be Plan VEA 2018 and it is expected that they will leave soon.
Documentation to request an auto credit
The entities will ask us to deliver several documents to verify that we meet the requirements to access online title loans. Depending on the type of credit and the risk policy of each entity, we will have to do more or less paperwork, but in general, we will always have to provide the following documentation:
- Photocopy on both sides of our identity document.
- Photocopy of our latest payroll or pensions. If we are self-employed, we must present our last income statement and the last quarterly VAT summary.
- Bank statement of the last months in which our recurring income and expenses appear.
- Many entities will also ask us for the proforma invoice of the vehicle that we want to finance.