A car loan is a financial product created for customers who are looking for money for a specific purpose. That is, to buy a new or used car. This type of loan is very popular among customers due to its advantages, such as flexible repayment and favorable interest rates. Banks are increasingly offering their customers fast car loans.
Before making a final decision about applying for a given car loan, it is worth getting acquainted with the offer and analyzing all its advantages and disadvantages. It is good to know what to look for so as not to get caught up in the unfavorable offer that involves paying large monthly installments.
Check how to get a car loan in a car showroom.
A car loan can be used to buy new or used passenger vehicles and more. With this loan, you can finance the purchase of a new or used truck, new or used motorcycle or quad bike, as well as other new or used vehicles such as mopeds, scooters, motorboats and even ships.
Adult customers who have adequate creditworthiness and a positive credit history can apply for quick car loans. This means that the bank checks the client’s history in the Credit Information Bureau database and requires the presentation of a earnings certificate.
There are also non-bank companies that grant loans without checking BIK and KRD. For more information on this topic, see What banks grant a loan without a BIK in the form of a car loan.
Even in the case of very thorough verification and very good creditworthiness of the customer, the bank requires establishing collateral on the vehicle whose purchase is financed under the loan. The bank acquires the right to AC insurance, which is mandatory for such a financial product. In addition, the banking institution is entitled to take over the vehicle if the loan is not repaid.
There are many banking institutions in Poland that offer their clients access to attractive loans. The competition is so high that banks are outdoing themselves in proposing increasingly attractive terms.
They include not only interest and costs, but also time to complete formalities. There are many rankings on the network that allow you to compare loans in terms of the waiting time from submitting an application to receiving funding. Finding such online rankings and comparison websites is not a major problem for anyone.
See also what to look for when comparing car loans.