Bankate car loan: what solutions to finance your vehicle?

Auto credit Bankate is one of the solutions offered by the consumer credit giant. At Bankate, the car loan takes the form of a personal loan. Let’s take a look at the competitiveness of the rates posted by the organization on its car loan formulas.

Bankate car loan decrypted

Bankate car loan decrypted

The Bankate car loan is actually a personal loan. The organization has taken the credit not allocated to the purchase of a vehicle for its auto loan formula. Clearly, the borrower has no obligation to provide proof of purchase of his vehicle when building his file. Freedom that comes at a cost. The Bankate car loan is on average more expensive than that of its competitors which require them to provide proof of purchase of the car.

Bankate car loan goes to revealer

Bankate car loan goes to revealer

We have previously seen that Bankate car credit has all the attributes of a conventional personal loan. But how much does Bankate car loan cost? This is the question that every borrower should ask himself before considering a new or used car loan. We have placed the indicative rates displayed by Bankate on the scale.

For a new car loan of USD 10,000 over 60 months Fixed APR rate Total cost of credit
Organization n ° 1 3.35% 861.20 USD
Organization 2 4.90% 1266.20 USD
Organization n ° 3 5.77% 1484.80 USD
Bankate 5.87% 1521.20 USD
Organization n ° 5 5.88% 1523.60 USD

 

The Bankate car loan is not the best but is positioned in the middle. A positioning likely to change according to offers or other promotional rates. We can thus find Bankate second or even leader on specific durations and amounts. Performing several simulations by playing on these two criteria allows you to get a good idea of ​​the positioning of each specialist.

Bankate car credit compared to that of banks

The personal loan of the best credit specialists is most of the time more advantageous than that of the banks. Our comparative studies of car loans (see car loan) between organizations and those of banking establishments do not leave room for doubt on this subject. Above all, banks generally require the applicant to open an account to qualify for a car loan. Banks are behind on all the key criteria in the process of obtaining a car loan (deadlines, ease of obtaining, rates, etc.). However, nothing prevents you from presenting a pre-accepted contract online to your bank. Our experience proves that it can only very rarely align.

The conditions of the Bankate car loan

The conditions of the Bankate car loan

The organization undertakes on several criteria, guaranteeing to all individuals total transparency on its financing offer. Let’s review the main characteristics of Bankate car credit.

  • The Bankate car loan concerns amounts between USD 500 and USD 35,000. 
  • The personal loan does not require proof of use of funds, unlike the credit assigned.
  • A Bankate car loan can be repaid over 12 to 84 months.
  • The organization guarantees an immediate response in principle.
  • Application fees are offered.

The terms of the Bankate auto loan are subject to acceptance of the loan dossier by the organization. The conditions for obtaining a credit are specific to each specialist, although there are certain generalities. The borrower is in particular required to prove his identity, before providing several guarantees concerning his situation (see the non-exhaustive list of credit documents). If the personal loan is a credit without proof of use of funds, it is far from representing a solution involving no right of inspection over the creditworthiness of the applicant.

The Accessio Bankate offer, for a small car loan

The Accessio Bankate offer, for a small car loan

The Accessio offer offered by Bankate is the formula dedicated to revolving credit. Like the personal loan, it is governed by the law surrounding revolving credit. Any request between 500 USD and 6000 USD can enter a revolving credit formula. A small amount that matches well with used car credit. Let’s look at the conditions of this type of Bankate car loan.

  • Bankate car credit via the “Accessio” formula is available from USD 500 to USD 6000.
  • You can select three reimbursement speeds: from the comfort formula to the express.
  • It is possible to reimburse over 16 to 41 months, depending on the amounts and the formula.
  • The Accessio formula allows early repayment.
  • Bankate ensures that booking fees are free.

 This flexible formula allows you to reuse your available money as reimbursements are made. It can therefore be practical to build up a directly available reserve of money (without going through a new agreement). For example, you can leave your revolving credit portfolio aside and decide to only touch it to make repairs to your vehicle. They are generally more common when choosing a used vehicle. In addition to the used Bankate car credit option, this Accessio offer also goes well with a scooter credit, or any other vehicle whose cost is less than USD 6,000.

Our opinion on Bankate car credit

Our opinion on Bankate car credit

We have seen previously that the Bankate car loan is actually a personal loan. If it is regrettable that the organization does not offer any car loan formula allocated to the purchase of a vehicle, it is doing rather well in the game of comparisons. The APR rates for the Bankate personal loan are average. Performing several comparisons before purchasing will undoubtedly benefit from an advantageous offer. The revolving credit “Accessio” is interesting to consider the purchase of a used car. If it clearly does not represent the cheapest car loan (12.41% for 6000 USD over 41 months), the possibility of opting for a “comfort” repayment speed allows you to spread the maximum amount over more than four years.

Bankate is not stingy with promotions and special offers on its personal loan formula. It is important to find out about possible low APR rates on specific durations or amounts before comparing the offers.

Whatever the solution envisaged, it is important to carry out several simulations before deciding to take out a Bankate car loan. Finding a car loan at the best rate represents a huge financial challenge, even more when the amount is around USD 10,000. The total cost of the best credit is often two to three times cheaper than that of the least advantageous. Our comparator connected to consumer credit specialists allows you to identify your project (credit allocated to a new or used car, personal loan) but above all to target the best rates, before obtaining up to three answers in principle..

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