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Car Loans

Compare loans for new or used vehicles and find the lowest E.A. rate, with full-coverage insurance already in the math.

Indicative rates from each institution's public rate sheet · confirm before signing

Car loans: what's different from a personal loan

The car is pledged to the bank. Two consequences: the rate drops several points below a personal loan (vehicle credit runs 16–18% E.A. at banks), and you must carry full-coverage insurance for the life of the loan — an annual cost of 3–6% of the car's value to budget from day one.

The down payment matters more than it looks. Banks typically finance 70–80% of the value; arriving with 30% down instead of 20% doesn't just lower the instalment — it improves the rate offered, because the bank sees less risk. Banco Finandina lives off this product and usually sharpens pricing better than a generalist bank; Occidente fights for the segment under its Occiauto brand.

  • ✓New or used (age limit varies by bank)
  • ✓Typical down payment: 20–30% of value
  • ✓Usual rate: 16–18% E.A. at banks
  • ✓Terms: 24 to 84 months

Frequently asked questions

How much down payment do I need?+

Standard programs ask for at least 20%. With 30% you get a better rate. 100% financing exists in one-off dealership campaigns, almost always at a higher rate that eats the «benefit».

Do banks finance used cars?+

Almost all of them, with an age cap — usually vehicles up to 8 or 10 years old at the end of the term. Used-car rates run one or two points above new.

Is full-coverage insurance mandatory?+

While the car is pledged, yes. You can buy it from any insurer — you're not required to take the bank's, even if it's offered in the same package. Quote outside before accepting.

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