Question 1

1. What does a personal loan for a car entail?

Accepted Answer

If a car – new or second-hand, electric or petrol – has caught your eye, you can borrow money to finance it. Apply for a personal loan and select ‘car’ as your borrowing goal.

A personal loan with ‘car’ as its borrowing goal is a car loan for which you will receive a one-time sum of money in your ING current account.
You'll repay what you've borrowed in instalments over a selected period of time – the loan term.
A personal loan is ideal if you know how much you'll need to borrow beforehand, and if you'd like to find out how much you'll need to repay.

Question 2

2. How can I use an ING personal loan to finance a car?

Accepted Answer

We understand you'd like to have the full financial picture before you go look at cars. Within 2 days, the total amount you've borrowed will be deposited into your account all at once. You can immediately use this money to buy your car.

You'll pay a fixed amount each month consisting of a repayment and interest until you've repaid your loan in full. This way, you'll know exactly what to expect.
You can always repay extra without penalty fees. This decreases the loan term and the total interest.

Question 3

3. Can I apply for a loan for a second-hand or electric car?

Accepted Answer

Yes! You can apply for a loan no matter the type of car you'd like to use it for – new, second-hand, electric, you name it. All we'll determine is the amount you'll borrow, the loan term and the current interest rate. You can then use your loan to partly or fully finance your new car.

Question 4

4. What are the pros and cons of taking out a personal loan for a car?

Accepted Answer

Here are the pros of taking out a personal loan for a car:

The money will be deposited into your account all at once. You can immediately use it to pay for your new car.
Fixed interest rate and monthly expenses. You'll know exactly what to expect.
You can always repay extra, at no additional cost. This will decrease your expenses and loan term.

And here are the cons of taking out a personal loan for a car:

You'll pay interest over the total amount of money you've borrowed. Using a loan to finance a car will cost you extra.
You'll immediately start making your monthly repayments, so keep that in mind.
It may take a while before you've completely paid off your car loan. Your financial situation may change during the loan term, so try to borrow as little as you can.

Question 5

5. Can I take out a car loan if I'm registered with the Central Credit Registration Office (BKR)?

Accepted Answer

You can apply for a car loan even if you have a BKR registration. We'll use your registration data to make sure your new loan is appropriate for your financial situation.

Question 6

6. Can I take out a car loan if I receive benefits?

Accepted Answer

If you receive a social assistance or unemployment benefit, you won't be able to take out a loan with us. But you will be able to apply for a loan if you receive a different type of benefit. You'll need to be able to prove that you'll be receiving this benefit throughout the loan term.

Question 7

7. What are the requirements for a car loan?

Accepted Answer

Here's what we expect:

You're between 18 and 70 years old.
You've held an ING current account for at least 4 months and live in the Netherlands.
Your have enough income to make the repayments.
You cannot apply for a loan if you receive a social assistance or unemployment benefit.

Personal loan terms & conditions