Loan for the purchase of a new car

A bit late spring outside the windows and the account does not have enough money to buy a car. What to do? One option is to take a car loan for a new or used car. In the April issue of this type of credit ranking, the winner was Good Finance Consumer Bank. How did the rest of the banks do?

In the April issue of the Aramis car loan ranking, we decided to present two completely different credit proposals for new and used cars. In both cases, however, the borrower is a single whose monthly net income from an employment contract of indefinite duration is exactly USD 2,651. Our sample customer does not have any other borrowing charges or use credit cards.

Loan for the purchase of a new car

Loan for the purchase of a new car

In the case of a loan for the purchase of a new car, we will be analyzing a four-year commitment, repaid in equal installments. The price of the vehicle is 45,000 USD. However, our borrower has accumulated savings, which means that he is interested in a loan of USD 36,000.

For such assumptions, the lowest installment could be offered by Good Finance Consumer Bank. The monthly credit charge is USD 876.92 in his case. The second ranking was followed by E-Money and Good Credit. They offer a loan with a nominal interest rate and commission of 6.74% and 3.00%, respectively.

The third in the list of Good Lender Bank Polska, collecting the lowest commission among banks analyzed, presents a proposal with a monthly installment of USD 890.21. This is not much less than the fourth in the Good Finance Polbank ranking, which nevertheless managed to overtake the closing list of Credit E-cash Bank Polska. Interestingly, only in his case the loan installment exceeded USD 900.00.

Loan for the purchase of a used car

Loan for the purchase of a used car

For the analysis of bank proposals in the segment of loans for used cars, we assumed that our example borrower is interested in buying a car from the year 2009. Its price is USD 15,000. However – as in the case of a loan for the purchase of a new car – the loan will be taken only for part of the purchase costs. Specifically for USD 12,000. Therefore, the remaining USD 3,000 are own contribution.

In case of such assumptions, also here the best proposal belongs to Good Finance Consumer Bank. Taking into account the amount of the monthly installment, however, it is only a few dozen groszy lower than the one they charge, taking second place E-Money and Good Credit. In both banks, the installment will amount to USD 306.06.

The last place on the podium is occupied by Good Finance Bank Polska, which offers an installment of USD 309.56. Good Lender Bank Polska and Bank Credit E-cash occupy the fourth and fifth place in the ranking. Sixth and last place went to Good Finance Polbank, which offers a loan with the highest installment, i.e. USD 331.35.

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