Do you want to get a BAR list and get a car loan? Buying or Used New Car? Maybe an engine or a truck? There are several options available if you would like to apply for a vehicle loan. But remember, since 2014, Hungary’s special purpose vehicle loans have been discontinued.
You can finance the purchase of a vehicle with another type of loan
The orthodox solution for both BAR-listers and “innocents” is vehicle leasing. It was also the intention of the legislature in 2013 to direct buyers from loans to leasing. However, this intention is circumvented because mortgage-based, free-use loans are available to everyone and can be used to purchase vehicles. The question arises: which one is better? With leasing or credit? What is the difference between them? And how do you get a loan as a BAR list?
Let’s face it: After looking at the credit market
We find that car leasing is cheaper than mortgage borrowing as a quasi car loan. Unfortunately, interest rates on overdue mortgages are around 8-9% and leasing is less. This may be due to their residual value at the end of the lease, thus reducing the amount of the repayment.
However, the most important difference between a vehicle loan and a lease is not the interest rate but the owner of the vehicle. If you were to take out a car loan as a BAR listing, the car would become your property at the time of purchase and the bank would only finance the purchase. In the case of leasing, however, the bank will own the vehicle, you are the only user.
From a practical point of view, it makes no difference, but the car can be taken back more easily by the bank – basically you don’t have to take it back as it is his.