Updated on 24 February 2019
Spain: This product is offered to Spanish residents only. When clicking on the product link you will be redirected to the product page in Spanish.
Car loans are secured or unsecured loans provided to customers for the purpose of purchasing a new or used car. Used cars private purchases are financed as a rule with unsecured loans, while the purchase of new cars - via secured loans with the car used as the loan collateral. In terms of repayment, car loans are normally installment loans (i.e., such a loan is repaid in equal installments until the loan is paid off at the end of its term).
The table above shows essential details of selected car loans offered to retail customers by the banks in Spain: currency, effective rate per annum and loan term in months. The car loans terms vary from 1 month to 5 years (60 months).The effective borrowing rates are within the range 7.88 - 7.88 %.