We'll help you find the most favorable financial solution so you can quickly and easily buy your dream car.
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Car loan (Billån) or personal loan (Forbrukslån)? What to choose?
The decision about how to finance your car depends on the vehicle's price and your expectations. Check out the differences between the two types of loans:
Car Loan (Billån)
Lower interest rate, usually in the range of 4-6%, thanks to the vehicle as collateral.
Possibility of repayment for up to 10 years, which means lower monthly installments.
Allows for the financing of more expensive and newer cars.
Requires the purchase of KASKO insurance, which can be a significant additional cost.
The procedure is more formal – it requires a lien to be placed on the car and sometimes a down payment.
Personal Loan (Forbrukslån)
No obligation to purchase expensive KASKO insurance.
Minimum formalities and quick decisions – usually within 1-2 days.
The car is not encumbered with a loan, so you can freely sell it at any time.
The interest rate is higher, most often in the range of 10-15%, which increases the total cost of the loan.
The repayment period is shorter, usually up to 5 years, which means higher monthly installments.
How can we help you? Key requirements
Norwegian national identity number
You need a permanent **personnummer** – a **D-nummer** is usually not sufficient.
Stable source of income
A regular and documented income in Norway is required, most often a minimum of 250,000 NOK per year.
Good credit history
No active debt collection procedures or negative entries is a basic requirement.
Minimum age
Most banks require you to be at least 20 years old.
Length of stay in Norway
Banks often expect that you have lived and worked in Norway for at least 1 to 3 years.
Down payment
In some cases, it is necessary to have your own funds, usually 10-20% of the car's value, although offers without a down payment also exist.
Do I need a down payment?
Many loan offers require a down payment, typically from 10% to 20% of the car's value. However, some financial institutions offer loans for 100% of the car's price. It's worth comparing the available options to choose the best one for you.
Can I get a loan for a car from a private seller?
Getting a loan for a car from a private seller is not a typical form of financing and is difficult to obtain. The safest and most convenient way is to use offers from banks or loan companies that provide formal and secured loans.
How old can the car be for financing?
Most financial institutions have restrictions on the age of the vehicle. Typically, cars up to 8-12 years old are financed, although policies can vary between institutions. It's best to ask directly about the specific limits.
What is leasing and is it a good option?
Leasing is a form of financing where the user gets to use a car for a specified period, paying monthly installments, but does not formally become its owner. Leasing can be beneficial if you frequently change cars or want lower monthly costs. However, at the end of the contract, the car usually needs to be returned or purchased at a pre-agreed price.