Planning to take a car loan? Learn more about the recommended loan amount to take into account the costs associated with purchasing a car.
10.03.2022
More and more people are choosing flexible car loans to acquire their coveted vehicle. The main advantage of a car loan over car leasing offered by banks is the fact that the vehicle immediately belongs to the car buyer. A car loan provides an opportunity to quickly and conveniently purchase any motor vehicle without a down payment and mandatory comprehensive insurance. If you have decided to buy your new car with a car loan, it is wise to include in the loan amount the additional costs associated with buying the car. In our practice, we have seen that customers usually take out a loan for exactly the amount that the purchased vehicle costs and do not take into account the associated expenses. In the following table, we outline the general expenditures to consider before buying a car and deciding on the loan amount.
Car from Estonia
Example:
- Loan Amount: €10 000
- Car Ownership Transfer Fee: €40
- Tires + Change: €300
- Repairs: €300
- Inspection: €40
- For Unexpected Expenses: €200
- Maximum Car Price: €9 120
Car from Abroad
Example:
- Loan Amount: €10 000
- Car Registration Fee: €200
- Tires + Change: €300
- Repairs: €300
- Inspection: €40
- For Unexpected Expenses: €200
- Maximum Car Price: €8 960
If you want to know how much Mogo can finance your new vehicle purchase along with associated costs, fill out the application. Submitting an application only takes a few minutes and does not oblige you to anything!