Again! The car doesn’t start. Enough, it’s time to change it! You have decided, after hundreds of thousands of km the time has come to definitively retire your old car, but what to do if you do not have enough cash to buy a good used car or better yet a brand new car?
The first thing that came to your mind is to search the internet, you immediately ran to the PC and you typed the two magic words on the search engine, namely “car financing”. A world has opened! Scrolling through the various links offered, you saw this article entitled Loan Bankate Auto, a review dedicated to the financing offered by Poste Italiane to its account holders and you decided to read it to find out more. Ready to read? Well, let’s proceed!
Bankate Auto loan: summary of the general characteristics
The Bankate Auto loan is dedicated to those who want to obtain financing for the purchase of a new or used car.
The general characteristics of the loan include:
- Amounts payable: from 10 to 30 thousand USD
- Loan duration: 84 months
- Refund method: monthly installments
- Insurance: it is possible to take out an optional policy to protect the loan
Review and opinions on the Bankate Auto loan
Opinions about the Bankate Auto loan are mostly positive. Indeed, this presents several points in its favor. The first is that of being able to be used for the purchase of both a used and new car with favorable interest rates for the applicant. The second advantage lies in the possibility of obtaining a loan that can finance up to thirty thousand USD.
On the other hand, there is the need to open a Bankate account or a postal pass to apply. So if you don’t have an account issued by Poste Italiane, you will need to open it before applying for the loan.
Another small flaw of this form of financing aimed at purchasing, is given by the fact that it is necessary to contact a post office for the request and it cannot be formulated online. Apart from this aspect, we can definitively say that the loan for the purchase of the car is highly appreciated and a good alternative to the credit lines proposed by the dealer.
The Bankate Auto loan allows you to finance the purchase of a new or used car, and the application to obtain it can be made in all the post offices in Italy. Furthermore, it is possible to make an appointment by phone or online if you have particular time requirements due to work or family commitments.
Let’s see together what are the complete characteristics of the proposed product.
Who can apply for the Bankate Auto loan:
- Residents of Italy
- Public or private employees with permanent contracts
- Those who do not present previous protests, foreclosures or reports to the CRIF
Documents required: at the time of the request, it is necessary to go to the Post Office and bring the necessary documents to evaluate the application.
- Valid identity card
- Last two payslips
- Last tax return
- Estimate to purchase a new or used car
- Health insurance card
- For residents in Italy, but with non-EU citizenship, it will also be necessary to bring a permanent residence permit.
Amount that can be requested: since it is a loan for the purchase of the car, the minimum amount that can be requested is 10 thousand USD and it is possible to reach a maximum of 30 thousand. The amount financed will in any case be in line with the estimate issued by the dealership. So if the machine has a price of 16 thousand USD, it will be possible to request this precise sum for a lower amount.
Duration of the loan: the duration starts from a minimum of 30 months up to a maximum of 7 years.
Insurance: insurance coverage is not mandatory, but optional. This is used to protect the financing during its entire duration.
Bankate Auto loan: interest rates and duration
Here we can see some examples of financing based on the amount requested and depending on whether you have a Bankate account or an ordinary registered passbook. A recommendation: as the reference interest rate, use the APR, this is the rate that includes costs and expenses and is the most truthful. Remember also that when the insurance is optional, its incidence is usually not calculated in the APR, since, being optional, it is put only afterwards. No problem, but keep this in mind when comparing with other financing offers.
Example of Bankate Auto loan 14,000 thousand USD
- Duration: 72 months
- Monthly rate: 240.37 USD
- Interest rates: fixed Tan 7.25% and APR 7.64%
Example of Bankate Auto loan $ 15 thousand
- Duration: 72 months
- Monthly payment : 269.62 USD
- Interest rates: Fixed Tan 8.90% and APR 9.33%
Example of Bankate Auto loan 24,000 thousand USD
- Loan term: 78 months
- Monthly payment : 378.00 USD
- Interest Rates : Fixed Tan 6.50% and APR 6.79%
Payment and method of repayment of the installments
After approval, the Bankate Auto loan is paid directly to the Bankate account. For holders of the Postal Savings Book, the amount can be withdrawn up to $ 10,000 in cash, for higher amounts a non-transferable cashier’s check is given.
The refund is made by direct debit from the Bankate bank account. For holders of a registered postal passbook, the amount must be paid with the payment of monthly postal slips. The cost of the bulletin is charged to the customer.