June 8, 2023

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Buying a car with a loan: which bank offers the lowest interest? What are the discounts on electric cars? | MyGuide

Spaargids.beBanks are encouraged to direct their loans towards environmentally friendly investments. So they make it somewhat cheaper to borrow to buy an electric car than to finance a car with a combustion engine (gasoline or diesel). Buyer benefits. Spaargids.be floods.

By Johan Van Geyte, in association with Spaargids.be

Last updated:


Tangible discounts and savings

The discount that a buyer of a new, less polluting car or a recent used car gets if they want to get financing for their purchase is usually around 0.10 to 0.20%, although the spread can sometimes be higher.

Let’s take the situation in the four largest banks in our country * as an example:

• bee BNP Paribas Fortis You can borrow at 3.75% for an electric car or plug-in hybrid car with a maximum CO2 emissions limit of 50 grams per kilometre. For a car with a classic combustion engine, it is 3.95%.

• bee Belvius It is the greenest vehicle installment loan at 3.89% in the list price; For other cars it is 4.09%.

• bee KBC The interest rate for an environmentally friendly car is 3.99%; for other vehicles 4.19%.

• However a job You’d cough up 4.34% for an eco car, where it’s 4.74% for a car with a classic combustion engine.

*These figures are based on the situation at the beginning of May 2023.

What does this mean in cents?

For a €20,000 loan that you pay back in five years, you have to pay €367.25 each time at an interest rate of 3.95% for a period of 60 months. Thereafter, you will receive interest of up to €2,035.00 plus €20,000 of paid-in principal.

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If the interest rate drops to 3.75%, the monthly installment drops to 365.51€ and the total interest bill drops to 1,930.60€. That’s a difference of just over 100 euros. This difference is higher in some banks.

Which of the three?
Classic financing in the bank, a loan via the car manufacturer, or a “private lease”: List the advantages and disadvantages.

Also fund the charging station

Anyone buying a new electric car usually has the option of co-financing their own charging station at the same rate as the car loan.

For example, you can borrow up to 110% of a car’s value from KBC. At BNP Paribas Fortis and Belfius it reaches 120%. You can also finance your electric car charging station at ING.

The cheapest offer

If you want to get the most out of it, it’s a good idea – as always – to make enough comparisons, both in big and small banks. After all, the latter also presents blunt(er) conditions on a regular basis.

Therefore, Spaargids.be always keeps an updated overview of the cheapest car loans. You can refer to this – free of charge and without obligation – via the box below.

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This article was brought to you by our partner Spaargids.be.
Spaargids.be is an independent comparator of bank products and looks for competitive pricing and better interest rates.