Major Spanish financial institutions are generous in financing the purchase of ecological cars (electric or hybrid); such that their cost is much higher than the average mortgage price and no less than consumer loans. Thus, two of the country’s largest banks offer very competitive prices for the purchase of this type of vehicle. This situation BBVAUntil September 30, their conditions range from 4.8% TIN (nominal interest rate) increases to 5.08% APR (annual effective rate) if the client’s payroll is resident, otherwise 5.8% (6.13% APR). The amount ranges from 3,000 to 75,000 euros and takes between 2 and 8 years to return.
Although a little more burdensome, it is not far behind Banco Santander. in your case, TIN of the loan increased to a constant 5.75%However, the APR increases to 7.15% if the payroll is not a place of residence, and falls to 6.38% if it is a place of residence. The amount reaches 80,000 euros, there is an opening commission of 1.5% and the payback period is seven years. The HelpMyCash portal adds two more organizations to the cheapest loans in this context: KutxaBank takes place with 5% TIN and Cetelem with 5.99%. Cajamar, which has a large presence in the Valencian Community through its cooperative group, achieves tax revenues of 6.95% according to its website, with APR hovering between 7.77% and 8.30%. CaixaBank, on the other hand, reports an Auto Eco loan with 10.3% APR and 9.90% TIN on its portal.
mortgages
Interest rates charged by institutions like BBVA, KutxaBank and even Santander are very close to the cost of floating rate mortgages, especially considering that Euribor closed at 4.1% last Tuesday, which should have been 4.1 percent. added the difference applied by all financial institutions and this is a minimum of 0.5% but may exceed 1.6%.
Consumer loans, on average, are higher than the amount of loans given by banks to purchase electric cars. According to the latest data from the Bank of Spain, in the case of new operations, this ratio stood at 7.86% last June. One of the least burdensome is from BBVA with a TIN of 5.5% for new customers only. KutxaBank has a TIN of 5.99% and Santander has a TIN of 5.45%. Unlike the previous one, the cheapest type of personal loan in these last two cases is slightly above electric cars.