Finalized loans for cars and motorcycles

Italians are asking for loans aimed especially at buying new or second-hand cars and motorcycles : in 2016, in fact, almost 80% of all requested targeted loans were used to buy four or two-wheeled vehicles, with an increase of + 21.8% compared to the previous year. This growth goes hand in hand with the number of registrations, which have risen by + 16% in the last two years.

Car loans: get up to € 60,000

Car loans: get up to € 60,000

According to data pitted by Car Lenders, last year half of new car purchases were supported by a loan: 47.2% of the total against 42% in 2015, while the share of credit disbursed for the purchase of cars new has reached 80.3%, a percentage that rises even up to 91.9% considering also the so-called “captive” (the financial subordinated to car manufacturers). This means that in the vast majority of cases, those who pay in installments on a loan do so for a new car and sign the loan cards for car purchase in the dealership, attracted by often advantageous rates and offers. In the event of the purchase of a second-hand or third-hand vehicle by private individuals, buying and selling which involves the investment of significantly less expensive amounts, one can instead resort to fast loans , useful also to cover the deposit only. Not to be neglected are also the motorbike financing without payroll.

As regards the average amount of loans for cars and motorcycles, in 2016 it was between 10 and 15 thousand euros for cars and between 5 and 10 thousand for two-wheelers. The duration of the loans was 37/48 months in the case of money disbursed by the financial companies, and 49/60 months in other cases. The age bracket that saw the largest number of loan applications departed was that between 45 and 54 years with 26.9% of the total. 

Loan estimate of 10000 euros

Loan estimate of 10000 euros

Financial: Simple Loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.33%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.117

Monthly installment € 185

Monthly installment € 185

Financial: Loan
Product: Credit
TAN Fixed: 6.01%
APR: 6.18%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.602

Monthly installment € 193

Monthly installment € 193

Financial: Loan
Product: Personal Loan
TAN Fixed: 6.50%
APR: 6.80%
Loan duration: 60 months
Amount Financed: € 10,000
Total due: € 11.764

 

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