Business Banking

Used Car Loan for Business

We help you finance your next used vehicle for company use quickly and efficiently, so you and your employees can get on the road in no time.

LOAN AMOUNT

Up to €50,000

For larger amounts please contact one of our Banking Centres

INTEREST RATE

5.12%

  • Interest rates on loans vary according to the contribution
  • Applicable for amounts up to €50,000
  • View interest rates

APR

5.72%

APR is calculated based on the representative example shown below

LOAN TERM

1 – 7 years

Flexibility options:

$
The Used Car Loan is available only for used vehicles
$

You can choose to repay your loan earlier than your agreed repayment schedule, partially or fully

*In case of early loan repayments, there is the possibility of a prepayment fee. See the relevant formula in our Commissions and Charges table

What securities are requested for a Used Car Loan?

$
The purchased vehicle
$

Insurance for the used car

$
Any other security or guarantee as required by the Bank

Additional information:

$

Initial charges:

  • A processing fee of 1% of the amount of the facility, with a minimum fee of €150, will be charged at the opening of the facility
  • Documentation fees of €100 are applicable to all facilities (Micro, SMEs, Corporate)
  • For more information about our charges, you can view our Commissions and Charges table
$

You can view all rates here

Representative example:

At Ancoria Bank, we want to make sure you have all the information you need at all times. We’ve provided a representative example, that you can use as a guide.

CONTRIBUTION

>40%

LOAN AMOUNT

€20,000

PRICING

5.12%

APR*

5.72%

LOAN TERM

7 YEARS

INITIAL CHARGES

€300

MONTHLY INSTALLMENT

€284

TOTAL AMOUNT PAYABLE

€24,142

IMPORTANT INFORMATION

* APR (Annual Percentage Rate) has been calculated on 09/03/2020 and is based on the following:

  • Interest Rate: Euribor 6m as at 09/03/2020 was -0.427% but as per the Bank’s pricing policy Euribor interest rates are floored to 0.00%, so calculations have been made based on Euribor 6m at 0.00% + margin 5.12%
  • Initial charges: Processing fees of 1% charged on facility amount (€200) and documentation fees of €100
  • Loan amount of €20,000
  • Loan term of 7 years

Disclaimer: Ancoria Bank Ltd reserves the right to decline an application/business relationship for legal, regulatory or any other reason and withdraw any plan, at any time.
Warning: If you fail to meet your loan repayment plan secured by mortgage, your home/property may be repossessed.
Warning: There are charges for early loan repayment (Find out more at the links: Commissions and charges & Prepayment penalty for fixed rate loans).
Warning: In case of variable interest rates, the installment amount and total cost of the facility may increase or decrease depending on variations in the base rate.

Get Started

Submit your details for an appointment either via video call or via phone, and we’ll be delighted to help get you started.

Make an appointment

What you need to have

Required documentation:

CYPRIOT RESIDENTS

  • Passport or National Identity card
  • Original recent utility bill (less than 6 months old) / OR statement of EEA bank / OR local authority tax bill / OR house insurance

NON-CYPRIOT RESIDENTS

  • Copy of a valid ID / Passport certified as a true copy by a state authority
  • If you are temporarily residing in Cyprus and are a non-EU national, please supply a copy of your Temporary Residence Permit
Banking made simple

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If you have any questions, or simply need some help to get started

Call us on 8000 0050 or +357 22849000