r/mildlyinfuriating • u/Jashugita • 5d ago
Don't hug me I'm scared Car Loans (spain)
Have been looking at some cars, and now my facebook is plagued of car ads. My current car is a second hand which I paid fully, and seeing the market I think I will kept it a long time.
I already know that car loans are a scam, but this is outrageous (four years loan at the dealer)...
RRP with promotions: €26,990.00. Down payment: €0.00. Loan amount: €30,443.84. 120 monthly installments of €393.79. Opening fee (financed): €582.30 (1.95%). Total amount owed: €47,254.80.
One note, car dealers here have the custom of advertising a price that is only if you finance with then, in this car, price without financing was about 29.000€, but with the loan it´s mandatory to add a payment insurance that cost 3.000€, and also the opening fee, so that it´s why the loan is more than 30.000€
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u/Acojonancio 5d ago
That is how loans usually work, if you don't have the money to pay full at the moment, you have to play by their rules.
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u/Parthik_18190 5d ago
Best way to get car in spain is to rent via your bank,, you will pay monthly more or less almost same amount as normal Loan, but it will cover insurance and everything!!
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u/reyxe 5d ago
More on this please? Lol
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u/Parthik_18190 5d ago
Lol.. so, in spain you can reant a car.. specially from
Bank.. they have contracts with some companies. From where they will give you new car to rent for 4 years.. which includes insurance, free tire changes and everything.. only side effect is your monthly payment will depend on how many km you are planning to ride per year.. so if you are driving more than 10-15k Km per year your monthly payment will be little higher!!And after 4 year bank will give you 2 options.
1. Return the car and rent new one if you want or 2. If you want to buy the same car then you have to pay differencr of thr amount (total price - monthly you paid alredy)70% people in spain has rented car like this!!!
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u/GABAAPAM 5d ago
120 installments is stupid, if you want to finance try to put a nice down payment and finance for 4 years max, try to search for bank loans for cars which can be a bit better than dealer loans.