Car or motorbike loan

It is a loan designed to finance the purchase of a car or motorbike. 

You can apply for it 100 % online and with no opening fee.

With this loan, you can request from € 600 to € 30,000.

No. Approval of the loan depends on the analysis of your credit rating and repayment capacity in accordance with CaixaBank's risk policies. This means that before approving the loan, the bank will review your financial situation to make sure you can repay it.

The repayment period for CaixaBank's car or motorbike loan can be up to 96 months. This means you can spread paying back the loan over a longer period of time to suit your financial needs.

If you need money to cover a one-time expense, such as buying a washing machine, a car or to go on a trip, then a loan is the right financing product for you. This way, you don’t spend all the money you need for that purchase at once from your savings, and you repay it gradually, usually in exchange for paying interest.

However, if you need financing on a recurrent or regular basis, the loan is not the product that best suits your needs, since it is designed to meet a one-time expense. For example, if you need financing to manage day-to-day payments or to cover unforeseen events, a credit card can be more useful, since it allows you to have the money available when you need it, within your set credit limit.

You can find more information on our credit cards and how they work in the card information section of the CaixaBankNow website. In any case, we recommend that you consult your adviser on the best financing option for you.

To apply for a car or motorbike loan it is necessary:

1. That you need it.
2. That you are of legal age.
3. That you have a stable income that guarantees your creditworthiness and repayment capacity both to repay the loan and to be able to continue to meet the rest of your living expenses. 

We may ask you to provide us with documentation that proves this creditworthiness and ability to pay. We usually ask for proof of income (e.g., of your salary or pension) and your income tax return (IRPF). However, we may ask you for additional documents if we need them to determine whether or not we can give you the loan.

We analyse your financial and personal situation to make sure you can repay the loan and that the payment lets you continue to meet your normal living expenses. 

If your monthly repayments do not allow you to meet your ordinary living expenses without difficulty, we can refuse you the loan.

It is important for you to know that, in order to obtain certain information about your creditworthiness and payment capacity, it is necessary for us to consult external credit information databases (CIRBE) and non-payment databases, such as ASNEF, EQUIFAX or BADEXCUG (among others).

We differentiate between two types of analysis depending on whether or not we already have the information we need to assess your creditworthiness.

We calculate the amount of the available loans as follows:

• We determine the maximum monthly payment you could afford based on your income, your average account and deposit balances, and your credit history.
• We adjust that maximum amount, subtracting your expenses and other financial obligations you may have, to calculate the instalment you could really afford without compromising your financial stability, and the amount you need each month to cover your family's living expenses without any problems. In other words, we will calculate the available instalment.
• To make the adjustment and match the amount of the available contribution to your personal circumstances, we take into account specific parameters such as your age and place of residence.
• We apply an interest rate and an average term to the available instalment, which allows us to calculate the final loan amount.

Important:

• The fact that we inform you that you have a loan available for a certain amount does not imply that you have already been approved. If you apply for a loan, we will do a final check to ensure that your financial and personal situation remains the same and that granting it is appropriate.
• Therefore, your personal or financial situation could change compared with the initial one we took into account when carrying out the initial analysis, and the final amount of the available loan could be different, or you might no longer have any amount available.
• If you do not have regular income, we assess your creditworthiness using other data, such as account balances. In this case, if we offer you the possibility of taking out a loan, you are the one who best knows whether you can use those account balances to repay it or not. Consider this before you go into debt, because unless you tell us otherwise, we will assume that you can.

We will assess your creditworthiness when you apply for the loan, at which time we will ask you about your personal and financial situation. This assessment will let us know whether we can grant you a loan for the amount you have requested and on what terms.

Below, we explain the steps we take to assess your creditworthiness from the time you apply for a loan until we inform you of our decision regarding approval:

• We determine whether you have the capacity to repay the loan based on your annual net recurring income. We do this by calculating what percentage of your income you spend on your annual payment and financial commitments, including the payment of the loan you have applied for. The purpose of this calculation is to make sure that the new operation will not put you in a situation of over-indebtedness.
• In addition, in order for us to be able to grant you the loan, we will check whether assuming the repayment of the requested loan leaves you the necessary amount to cover your family's living expenses without difficulty. In other words, we will check that the amount you have available after paying your payment and financial commitments is sufficient for you to meet your monthly living expenses, calculated according to your personal circumstances.
• In order to determine the amount of family living expenses adjusted to your personal circumstances, we take into account specific parameters such as your age, your place of residence and the number of members in your household, so that the amount of the loan payment is tailored to your personal circumstances.
• If you do not have regular income, we assess your creditworthiness using other data, such as account balances. In this case, you know best if you can use these account balances to repay the loan or not. Consider this before you go into debt, because unless you tell us otherwise, we will assume that you can.