Are Bank Car Credit Rates Attractive?

The Bank car loan allows you to finance any new or used vehicle (motorbike, motorhome, etc.). This personal car / motorcycle loan can be obtained with or without proof, the rate being slightly more advantageous when an order form is presented. Let us detail the conditions of the car loan from the Auchan group subsidiary. We can then compare the APR rates offered with those of other major credit organizations.

Bank car loan in detail

Bank car loan in detail

The Bank car loan is a loan used to finance any new or used vehicle. We can indeed apply for it as a motorhome loan, or to finance a new motorcycle. Financing can be obtained at more advantageous rates by providing an order form, provided that it covers at least 70% of the amount requested.

The conditions of the Bank car loan:

  • New or used car loan 
  • Amount: $ 1,000 to $ 35,000 with proof *, up to 21,500 without
  • Repayment period: 12 to 84 months with proof, 60 months without
  • Fixed APR rate
  • Booking fees offered
  • Immediate response in principle and study of the file within 48 hours
  • Possibility of taking breaks – up to two per year – in reimbursement

* The Bank auto credit voucher is an order form provided by a professional or agent. It must cover at least 70% of the amount requested to be accepted by the organization.

Bank New Auto Credit Rate Comparison

Bank New Auto Credit Rate Comparison

Let’s use our credit comparison tool to place the best new auto credit rates online next to those offered by Bank. Remember that you must always provide proof of purchase (purchase order) of the vehicle to benefit from the new car loan. Our simulation is carried out on a new car loan of $ 15,000 over 72 months.

Personal loan simulation $ 15,000 over 60 months Fixed APR rate Monthly fees Total cost of credit
Bank Bank offer 3.90% 233.53 $ 1814.16 $
Best organization in our Bank comparator 3.30% 229.59 $ 2393.00 $$
Average of the rates found on our comparator 5.12% 241.57 $ 2393.00 $$

The rate of Bank car credit for a new car of $ 15,000 to be reimbursed in 72 monthly payments is roughly the same as that of the best credit institution in our comparator. You could say that Bank auto credit, without being the best, is very competitive. The observation was the same during our different simulations over several amounts and durations. Among other online auto credit specialists, we can cite the Astro Finance, bankate, Viloan auto loan or even the Franfinance auto loan.

The dealer offers me a loan, how can I compare?

Online car loan formulas are more generally more attractive than those offered by dealers, conventional banks or insurers. Above all, you must have significant financial guarantees to hope to benefit from an attractive rate with your bank or car dealership. The best way to get good auto credit is to get a good first response online. The APR rate indicated on the credit offer represents an ideal basis for comparison.

You should also be wary of financing solutions via LOA. Renting with an option to buy is very attractive on paper, but the addition is generally salty at the time of the accounts. A classic car loan is on average cheaper than financing obtained in LOA.

Bank used car credit

Bank used car credit

The used Bank car loan corresponds to a loan without proof of purchase of the classic personal loan type. The rates of used car loan posted by Bank are effectively identical to those of an all projects loan formula.

The used car loan, without proof, is perfectly suited to finance a car or motorcycle sold by an individual. Most used vehicles are sold between individuals. The rates of second-hand car loans are slightly less attractive than in the case of a car loan with proof. Again, our various simulations have placed the used Bank auto credit at a good level.

How to Apply for Bank Car Credit?

How to Apply for Bank Car Credit?

  1. On the site, indicate the “Auto / Moto Neuve” or “Auto / Moto Occasion” project.
  2. Answer the questions “am I a customer?” »* And« can I present proof? », Before indicating the desired amount and duration of repayment.
  3. Bank directly displays the basic fixed APR rate corresponding to the request.
  4. By clicking on “I go”, the borrower accesses the summary of Bank auto credit conditions. It is then possible to add a co-borrower to the request.
  5. Once the form has been entered and the Bank auto loan application has been made, the organization provides an immediate response in principle.
  6. The electronic signature allows existing customers to instantly sign the contract and send supporting documents online. However, non-customers must print the contract or request that it be sent, before returning it by post.
  7. Bank finally undertakes to provide a final response within 48 hours from the date of receipt of the signed contract.

* A customer is a person who already has an Bank credit contract, whether or not it is linked to a credit card.

Bank car loan: the supporting documents requested

It must be recognized that Bank communicates transparently on the list of supporting documents requested to obtain a credit for car or motorcycle. Here are the documents you need to gather to complete your car credit report:

  • A rib
  • A front / back ID
  • A vehicle order form covering at least 70% of the amount (new Bank car credit only)
  • Copy of the last salary slip (for employees)
  • Copy of the last tax notice for retirees or self-employed
  • A copy of the last bank statement including a full month
  • A certificate of accommodation dated and signed by the host as well as his identity document