The new Palebank proposition is a loan for a used car that we can get completely online and the loan amount can reach up to PLN 50,000.
Such a product has not been introduced so far by any other bank in Poland. Palebank was the first in Poland to introduce a loan for a used car available entirely via the Internet. All formalities related to the loan for the purchase of a car are dealt with via the Internet.
Palebank is a new bank in our domestic financial market. Each product that is available in the bank’s offer is available online. No wonder that the new proposal of this bank, that is a car loan, is also available online. I had the opportunity to write a few words about Palebank’s business, describing the internet loan available in their offer. Today I will have the opportunity to check the car loan that we can use to buy a used car.
Car loan used in Palebank completely online
The car loan which is in Palebank’s offer is not a typical car loan, which can also be found in other banks. The maximum loan amount is here up to PLN 50,000, so it is mainly targeted at people who care about purchasing a used car. Admittedly, we will find new cars on the market, the value of which does not exceed this amount, but unfortunately the choice in this respect will not be too wide. On the market for used cars, there is nowhere to choose. Both if we are interested in a several-year-old middle class car such as Peugeot or Renualt. As well as if you are interested in buying slightly older premium cars such as Audi or BMW.
Maximum age of the car – in the case of car loans, banks often set the maximum age that a car can have, e.g. a car can be up to 7 or 8 years old. In Palebank there are no such restrictions, so we can get a loan for a used car even for cars older than 10 years. Such a possibility will certainly please those who want to buy a car from the upper shelf. However, one must remember that the repayment period of such a loan is limited and it can not be longer than 60 months, ie 5 years. We will be able to get acquainted with the exact cost of the car loan before applying for a loan.
Step by step – we take a loan for a car used in Palebank
First of all, we should find a car that we are interested in buying. Once we have an eye on a specific car, we can apply for a car loan via the Palebank website. In this application we will have to indicate what amount of credit we are interested in and in what period we will want to repay this loan. It is worth noting here that we can apply for a loan larger than the value of the vehicle. We will be able to spend the surplus of the loan on car insurance, purchase of new tires or additional parts. If our loan application is accepted, the full amount of the loan will be credited to our bank account.
Buying a car – once we have cash, we will be able to finalize transactions at this point. After completing all the required formalities, the next step will be to send the required documents to Palebank. Among them there will be a copy of the VAT invoice confirming the purchase of the vehicle or a copy of the vehicle sale agreement along with a copy of the proof of payment of the tax on civil law transactions. We will have to remember that these documents should be delivered to Palebank within 30 days from the conclusion of the loan agreement. If we fail to do so, the commission on the granted loan will be increased by 4 percentage points.
Providing these documents to the bank is basically the end of the formalities related to the loan. We have nothing left but to enjoy the vehicle we have purchased and pay back the loan installments on time.